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Daily Forex Analysis – May 30, 2011

USDCAD Analysis.
USDCAD traded in a narrow range between 0.9743 and 0.9816. As long as 1.9743 support holds, the price action in the range is treated as consolidation of uptrend from 0.9444, and another rise towards 0.9900 is still possible after consolidation. However, a breakdown below 0.9743 will indicate that lengthier consolidation of uptrend is underway, then pullback to 0.9650-0.9700 area could be seen.

20110530_usdcad_1

GBPUSD Analysis.
GBPUSD rose strongly to as high as 1.6512. Support levels are at 1.6455 and 1.6400, as long as these levels hold, uptrend from 1.6059 could be expected to continue, and next target would be at 1.6600 area.

20110530_gbpusd_1

USDCHF Analysis.
USDCHF’s downward movement from 0.8945 extended to as low as 0.8465. Resistance is now at 0.8555 followed by 0.8595, as long as these levels hold, downtrend could be expected to continue, and next target would be at 0.8350 zone.

20110530_usdchf_1

AUDUSD Analysis.
AUDUSD remains in downtrend from 1.1011, the price action from 1.0536 is treated as consolidation of downtrend. Further rise could be expected later today, and target would be at the upper border of the price channel on 4-hour chart. Downtrend could be expected to resume after touching the channel resistance, and another fall towards 1.0000 is still possible.

20110530_audusd_1

EURUSD Analysis.
EURUSD is facing 1.4345 resistance, downtrend could be expected to resume before breaking above this level, however, a break above this level will indicate that lengthier consolidation of downtrend from 1.4939 is underway, then further rally could be seen to 1.4500 area.

20110530_eurusd_1

USDJPY Analysis.
USDJPY is now in downtrend from 82.22. Further fall towards 79.58 support would likely be seen in a couple of days, a breakdown below this level will indicate that the longer term downtrend from 85.51 has resumed, then next target would be at 78.00 zone.

20110530_usdjpy_1

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