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Daily Forex Analysis – April 29, 2011

USDCAD Analysis.
Being supported by 0.9453 previous low, USDCAD rebounded from 0.9463, suggesting that lengthier consolidation in a range between  0.9453 and 0.9575 is underway, and another rise to 0.9650 to reach next cycle top on 4-hour chart is still possible. Key support is at 0.9453, a break below this level will indicate that the downtrend from 0.9973 has resumed, then further decline could be seen to 0.9300-0.9400 area.

20110429_usdcad_1

USDJPY Analysis.
USDJPY is facing 81.26 support. As long as this level holds, another rise to 83.50 to reach next cycle top on 4-hour chart is possible. However, a breakdown below 81.26 will indicate that the downtrend from 85.51 has resumed, then next target would be at 80.50 zone.

20110429_usdjpy_1

USDCHF Analysis.
USDCHF may be forming a cycle bottom at 0.8670 on 4-hour chart. Range trading between 0.8670 and 0.8832 would likely be seen in a couple of days. As long as 0.8832 resistance holds, we’d expect downtrend to resume, and another fall towards 0.8500 is still possible after consolidation.

20110429_usdchf_1

AUDUSD Analysis.
AUDUSD stays above a rising trend line on 4-hour chart, and remains in uptrend from 0.9704. As long as the trend line support holds, uptrend could be expected to continue and next target would be at 1.1000 area.

20110429_audusd_1

GBPUSD Analysis.
GBPUSD remains in uptrend from 1.5936, the fall from 1.6745 is treated as consolidation of uptrend. Range trading between 1.6550 and 1.6745 would likely be seen in a couple of days. As long as 0.6550 support holds, uptrend could be expected to resume, and another rise towards 1.7000 is still possible.

20110429_gbpusd_1

EURUSD Analysis.
EURUSD stays above a rising trend line on 4-hour chart, and remains in uptrend from 1.4157. As long as the trend line support holds, uptrend could be expected to continue, and next target would be at 1.5000 area.

20110429_eurusd_1

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