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.

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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.

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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.

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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.

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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.

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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.

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