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Daily Forex Analysis – March 29, 2010

GBPUSD Analysis.
Being contained by 1.4784 previous low support, GBPUSD bounced from 1.4798. suggesting range trading between 1.4784 and 1.5001 is underway. However, the price action in the trading range is more likely consolidation of downtrend from 1.5382, another fall towards 1.4500 is possible after consolidation. On the other side, above 1.5001 resistance may suggest that a cycle bottom has been formed on 4-hour chart, then further rally could be seen to 1.5080 or even higher.

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USDJPY Analysis.
USDJPY remains in uptrend from 89.76 and the fall from 92.95 is more likely consolidation of uptrend. Support is now at 92.25 followed 91.76, as long as these levels hold, another rise to test 92.75 January high is possible.

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EURUSD Analysis.
EURUSD breaks above the falling trend line on 4-hour chart, suggesting that a cycle bottom has been formed at 1.3267 level. Range trading between 1.3267 and 1.3550 is expected in a couple of days. However, the price action from 1.3267 is treated as consolidation of downtrend from 1.3817, another fall towards 1.3000 is still possible after consolidation.

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USDCHF Analysis.
USDCHF dropped sharply from 1.0750, suggesting that a cycle top has been formed on 4-hour chart. Range trading between 1.0550 and 1.0750 is expected in a couple of days. As long as 1.0506 key support holds, the fall from 1.0750 is treated as consolidation of uptrend from 1.0506, another rise towards 1.0898 is still possible after consolidation.

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AUDUSD Analysis.
As expected, AUDUSD has dropped to 0.9000 area. Bounced back to test the resistance of the falling trend line would more likely be seen, a clear break above the trend line resistance will indicate that the fall from 0.9250 has completed at 0.9001 already. However, as long as the trend line resistance holds, the bounce is treated as consolidation of downtrend from 0.9250, another fall is still possible after consolidation.

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USDCAD Analysis.
USDCAD’s bounce from 1.0061 extended further to as high as 1.0302. Further rally is still possible later today, and next target would be at 1.0370 area. Support is now located at the lower border of the price channel on 4-hour chart, only a clear break below the channel support could indicate that the bounce from 1.0061 has completed.

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