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Daily Forex Analysis – March 23, 2011

EURUSD Analysis.
Being contained by 1.4281 (Nov 4, 2010 high) resistance, EURUSD pulled back from 1.4248, suggesting that a cycle top is being formed on 4-hour chart. Range trading between 1.4100 and 1.4248 is expected in a couple of days. However, the fall from 1.4248 is treated as consolidation of uptrend from 1.3752, another rise towards 1.4500 is still possible after consolidation, and a break above 1.4248 could signal resumption of uptrend.

20110323_eurusd_1

USDCAD Analysis.
USDCAD had formed a cycle bottom at 0.9746 level on 4-hour chart. The bounce is treated as consolidation of downtrend from 0.9973. Range trading between 0.9746 and 0.9865 is expected in a couple of days. Support is at 0.9746, a breakdown below this level could indicate that the downtrend from 0.9973 has resumed, then another fall towards 0.9667 previous low could be seen.

20110323_usdcad_1

GBPUSD Analysis.
GBPUSD broke above 1.6343 resistance, suggesting that the longer term uptrend from 1.5344 (Dec 28, 2010 low) has resumed. Further rise is expected after a minor consolidation, and next target would be at 1.6500 area. Support is at 1.6285, as long as this level holds, uptrend will continue.

20110323_gbpusd_1

USDJPY Analysis.
USDJPY traded in a narrow range between 80.51 and 81.31. The price action in the range is likely consolidation of downtrend from 81.96. Another fall to 79.50-80.00 area would likely be seen later today. Resistance is at 81.31 followed by 81.96, only break above these levels could trigger another rise to 83.00 zone.

20110323_usdjpy_1

USDCHF Analysis.
USDCHF consolidated in a narrow range between 0.8922 and 0.9090 for several days. As long as 0.9150 resistance holds, downtrend could be expected to resume, and another fall towards 0.8700 is still possible.

20110323_usdchf_1

AUDUSD Analysis.
AUDUSD remains in uptrend from 0.9704, the pullback from 1.0128 is treated as consolidation of uptrend. One more rise towards 1.0150-1.0200 is still possible later today. Support is at 1.0025, only break below this level will indicate that a cycle top is being formed on 4-hour chart.

20110323_audusd_1

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