Daily Forex Analysis - May 8, 2008
EURUSD Analysis.
EURUSD breaks below long term key support at 1.5342 (Mar 24 low) and is now in long term down trend, the long term target would be at 1.5000 area. For short term analysis, the pair formed a short term cycle top at 1.5594 level on 4-hour chart. Deeper decline to 1.5100 area to reach the next cycle bottom is expected. Key resistance is now located at 1.5594, only break of this level will signal reversal to the down trend.
USDJPY Analysis.
USDJPY traded in range between 104.02 and 105.70 and is in consolidation to the up trend. As long as 104.02 support holds, we’d expect up trend to resume and rise to 108.00 area is in favor. Only break of 104.02 will indicate lengthier correction is underway and delay the resumption of the up trend.
USDCAD Analysis.
Being contained by previous low support at 0.9987, USDCAD rebounded from 0.9998. The rise from 0.9998 is treated as consolidation to the down trend. Deeper decline to 0.9800 is still in favor after consolidation. Key resistance is located at 1.0326, a break of this level will signal resumption of the long term up trend.
AUDUSD Analysis.
AUDUSD failed to test 0.9541 resistance and pulled back from 0.9505. Sideways consolidation may be expected in the next few days. A break of 0.9541 key resistance will signal the resumption of the long term up trend. However, pullback below 0.9275 would more likely be seen and deeper decline to 0.9100 area is still possible.
USDCHF Analysis.
USDCHF breaks above 1.0606 previous high and reaches as high as 1.0623 so far. Further rally to 1.0700 area is still possible in the next few days. Key support is now located at 1.0425, only break of this level will signal reversal to the up trend.
GBPUSD Analysis.
GBPUSD broke below 1.9599 key support and reached as low as 1.9502. Deeper decline to retest 1.9337 (Jan 22 low) long term key support is now in favor. Initial resistance is at 1.9772, as long as this resistance holds, down trend will continue.
More long term forex analysis.
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