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Daily Forex Analysis – November 24, 2011

AUDUSD Analysis.
AUDUSD continued its downward move yesterday, and the fall extended to as low as 0.9663. Resistance remains at he downward trend line on 4-hour chart, as long as the trend line resistance holds, downtrend could be expected to continue after a minor consolidation, and next target would be at 0.9600 area, only a clear break above the trend line could indicate that the fall is complete.

20111124_audusd_1

GBPUSD Analysis.
GBPUSD’s downward movement extended to as low as 1.5494. Further fall could be expected after a minor consolidation, and next target would be at 1.5400 area. Resistance is located at the upper line of the price channel on 4-hour chart, as long as the channel resistance holds, downtrend will continue.

20111124_gbpusd_1

USDCHF Analysis.
USDCHF stays in a range between 0.9085 and 0.9234. As long as 0.9085 key support holds, the price action in the range is treated as consolidation of uptrend from 0.8569, and one more rise to test 0.9314 previous high resistance is still possible. On the downside, a breakdown below 0.9085 will indicate that the upward move has completed at 0.9234 already, then the following downtrend could bring price to 0.8000 zone.

20111124_usdchf_1

USDCAD Analysis.
USDCAD’s upward movement extended to as high as 1.0497. Further rise is still possible after consolidation, and next target would be at 1.0600 area. Initial support is now at 1.0390, as long as this level holds, uptrend will continue.

20111124_usdcad_1

EURUSD Analysis.
EURUSD broke below 1.3421 support and reached as low as 1.3320. Further fall is expected after a minor consolidation, and next target would be at 1.3250 area. Key resistance is at 1.3614, only break above this level could indicate that the fall is complete.

20111124_eurusd_1

USDJPY Analysis.
USDJPY broke above 77.41 resistance and reached as high as 77.57. The rise from 76.56 is likely consolidation of downtrend from 79.52, another fall towards 75.57 previous low is still possible after consolidation.

20111124_usdjpy_1

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