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Daily Forex Analysis – May 24, 2011

AUDUSD Analysis.
AUDUSD broke below 1.0505 support and reached as low as 1.0478, suggesting that the downtrend from 1.1011 has resumed. Further fall could be seen in next several days, and next target would be at 1.0300 area. Resistance remains at the downtrend line from 1.1011 to 1.0888, only break above the trend line resistance could indicate that the fall from 1.1011 is complete.

20110524_audusd_1

GBPUSD Analysis.
After consolidation, GBPUSD continued its downward movement from 1.6745 and reached as low as 1.6059. Resistance is now at the downtrend line from 1.6516 to 1.6302, as long as the trend line resistance holds, downtrend could be expected to continue, and next target would be at 1.6000 area.

20110524_gbpusd_1

EURUSD Analysis.
EURUSD broke below 1.4048 support, suggesting that the downtrend from 1.4939 has resumed. Deeper decline would likely be seen in a couple of days, and next target would be at 1.3700-1.3850 area. Key resistance is at 1.4345, only break above this level could indicate that the downtrend from 1.4939 is complete.

20110524_eurusd_1

USDCHF Analysis.
USDCHF broke above the downtrend line on 4-hour chart, suggesting that a cycle bottom has been formed at 0.8747. Further rise towards 1.8945 previous high is still possible later today, a break above this level will indicate that the uptrend from 0.8553 has resumed, then next target would be at 0.9100 zone.

20110524_usdchf_1

USDJPY Analysis.
No changed in our view, USDJPY stays above the trend line from 79.58 to 80.36, and remains in uptrend from 79.58. As long as the trend line support holds, uptrend could be expected to continue and next target would be at 83.00 area. Only a clear break below the trend line support will indicate that the uptrend from 79.58 is complete, then the following downward move could bring price to 78.00 zone.

20110524_usdjpy_1

USDCAD Analysis.
USDCAD’s upward move extended further to as high as 0.9809. Support is at the uptrend line on 4-hour chart, as long as the trend line support holds, uptrend could be expected to continue and next target would be at 0.9900 area.

20110524_usdcad_1

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