Daily Forex Analysis - May 6, 2008
USDCAD Analysis.
USDCAD traded in a range between 0.9987 (Apr 17 low) and 1.0326 (Apr 1 high). Fall below 0.9987 is still in favor. Key resistance is located at 1.0326, a break of this level will signal resumption of the long term up trend.
AUDUSD Analysis.
AUDUSD rebounded sharply from 0.9275 and formed a short term cycle bottom. Further rise to test 0.9541 previous high resistance is still possible in a couple of days, and a break of this level will signal the resumption of the long term up trend.
EURUSD Analysis.
Being contained by the previous low support at 1.5342 (Mar 24 low), EURUSD rebounded from 1.5360. Further rise to test 1.5643 is possible in a couple of days. As long as 1.5643 resistance holds, we’d expect down trend to resume, and fall towards 1.5000 area is in favor after consolidation.
USDCHF Analysis.
USDCHF formed a short term cycle top at 1.0606 on 4-hour chart. Pullback to 1.0400 area to reach the next cycle bottom is possible in a couple of days. As long as 1.0298 support holds, we’d expect up trend to resume and further rise to 1.0800 area is in favor after consolidation.
GBPUSD Analysis.
GBPUSD traded in range between 1.9599 (Apr 15 low) and 2.0029 (Apr 21 high) for 3 weeks. Break above this range to reach the next short term cycle top on 4-hour chart is now in favor. Initial support is located at 1.9599, a break of this level will turn price back to 1.9400 area.
USDJPY Analysis.
USDJPY is forming a short term cycle top at 105.70 on 4-hour chart. Pullback to test the up trend line support is possible in a couple of days. As long as the trend line support holds, we’d expected uptrend to resume and further rise to 107.00 area is still in favor after consolidation.
More long term forex analysis.
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