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Daily Forex Analysis – August 18, 2011

EURUSD Analysis.
Being contained by 1.4535 resistance, EURUSD pulled back from 1.4517, suggesting that a cycle top is being formed on 4-hour chart. Pullback to test 1.4325 key support would likely be seen later today, a breakdown below this level will confirm that cycle top, and indicate that the rise from 1.4055 has completed, then another fall towards 1.3900 could be seen to follow. On the upside, a break above 1.4535 resistance will signal resumption of the longer term uptrend from 1.3837, then next target would be at 1.4700-1.4800 area.

20110818_eurusd_1

USDJPY Analysis.
USDJPY continued its sideways move in a narrow range between 76.29 and 77.19. One more fall to test 76.29 support is still possible, a breakdown below this level could signal resumption of the long term downtrend. Key resistance located at 77.19, above this level could indicate that a cycle bottom has been formed at 76.30 on 4-hour chart, and the fall from 80.23 has completed, then the following upward move could bring price back to 79.00-79.50 area.

20110818_usdjpy_1

GBPUSD Analysis.
GBPUSD broke above 1.6476 resistance and reached as high as 1.6590. Further rise towards 1.6745 previous high is still possible in a couple of days. Support is now at 1.6370, as long as this level holds, uptrend from 1.6110 will continue.

20110818_gbpusd_1

USDCAD Analysis.
USDCAD is facing 0.9765 key support, a breakdown below this level will confirm that the rise from 0.9406 had completed at 1.0009 already, then deeper decline towards 0.9406 previous low could be seen. Resistance is at 0.9870, only break above this level could indicate that lengthier sideways movement is underway.

20110818_usdcad_1

USDCHF Analysis.
USDCHF’s rise from 0.7067 extended to as high as 0.8014. Support is at 0.7769, as long as this level holds, uptrend could be expected to continue, and next target would be at 0.8250 area. However, a breakdown below 0.7769 will indicate that a cycle top has been formed at 0.8014 on 4-hour chart, and the uptrend from 0.7067 has completed.

20110818_usdchf_1

AUDUSD Analysis.
AUDUSD continued its upward move from 0.9927, and the rise extended to as high as 1.0601. Support is now at 1.0405, only breakdown below this level could indicate that the uptrend from 0.9927 is complete.

20110818_audusd_1

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