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Daily Forex Analysis – July 22, 2011

AUDUSD Analysis.
AUDUSD broke off the trading range between 1.0525 and 1.0798, and reached as high as 1.0856, suggesting that the sideways move has completed and the uptrend from 1.0390 has resumed. Further rise towards 1.1011 previous high could be seen in a couple of days. Support is now at 1.0790, as long as this level holds, uptrend will continue.

20110722_audusd_1

USDCAD Analysis.
USDCAD broke below 0.9444 previous low and reached as low as 0.9423. Resistance remains at the downtrend line on 4-hour chart, as long as the trend line resistance hods, downtrend could be expected to continue and next target would be at 0.9350-0.9400 area.

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USDCHF Analysis.
USDCHF had formed a cycle top at 0.8276 on 4-hour chart. Sideways consolidation between 0.8082 and 0.8276 could be seen in a couple of days, and one more rise to 0.8400-0.8450 area would likely be seen after consolidation.

20110722_usdchf_1

USDJPY Analysis.
USDJPY broke below 78.46 support and reached as low as 78.22, suggesting that the downtrend from 81.47 has resumed. Deeper decline would likely be seen and next target is at 78.00 area. Resistance is at 79.00, only break above this level could indicate that lengthier consolidation of downtrend is underway.

20110722_usdjpy_1

EURUSD Analysis.
EURUSD broke above 1.4281 resistance and reached as high as 1.4438. Further rise is still possible after minor consolidation, and next target would be at 1.4550 area. Support is now at 1.4325, as long as this level holds, uptrend from 1.4014 will continue.

20110722_eurusd_1

GBPUSD Analysis.
After consolidation, GBPUSD broke above 1.6193 resistance and reached as high as 1.6338. Further rise could be expected in a couple of days, and next target would be at 1.6450-1.6500 area. Support is at 1.6250, as long as this level holds, uptrend will continue.

20110722_gbpusd_1

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