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Daily Forex Analysis – August 30, 2010

EURUSD Analysis.
EURUSD remains in downtrend from 1.3333, and the bounce from 1.2587 is treated as consolidation of downtrend. Resistance is at the upper border of the falling price channel, as long as the channel resistance holds, downtrend is expected to continue and next target would be at 1.2500 area. However, a clear break above the channel resistance will indicate that a cycle bottom is being formed on 4-hour chart, then further rise towards 1.2921 key resistance could be seen.

20100830_eurusd_1

USDCAD Analysis.
USDCAD formed a cycle top at 1.0666 level on 4-hour chart. Pullback to 1.0400 is expected in a couple of days. As long as 1.2400 support holds, the fall from 1.0666 could be treated as consolidation of uptrend from 1.0107, one more rise to 1.0750 is still possible, however, below 1.0400 will indicate that the rise from 1.0107 has completed at 1.0666 already, then deeper decline could be seen to 1.0200 zone.

20100830_usdcad_1

USDCHF Analysis.
USDCHF stays below the falling trend line from 1.0624 to 1.0450 and remains in downtrend. As long as the trend line resistance holds, downtrend is expected to continue and next target would be at 1.0100 area.

20100830_usdchf_1

AUDUSD Analysis.
AUDUSD formed a cycle bottom at 0.8771 level on 4-hour chart. Now  the bounce from 0.8771 is treated as resumption of uptrend from 0.8066 (May 25 low). Further rise is still possible in a couple of days and next target is at 0.9100-0.9120 area.

20100830_audusd_1

GBPUSD Analysis.
GBPUSD remains in downtrend from 1.5997. Initial resistance is at 1.5597, as long as this level holds, downtrend is expected to continue and next target would be at 1.5300 area. However, a break above 1.5597 will suggest that a cycle bottom is being formed on 4-hour chart, then further rise to test 1.5712 key resistance could be seen.

20100830_gbpusd_1

USDJPY Analysis.
USDJPY broke above 84.88 key resistance, suggesting that a cycle bottom has been formed at 83.62 level on 4-hour chart. Further rise towards 86.37 resistance is expected later today, a break above this level will indicate that the fall from 89.15 (Jul 12 high) has completed at 83.62 already.

20100830_usdjpy_1

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