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Daily Forex Analysis – February 21, 2012

AUDUSD Analysis.
AUDUSD continues its sideways movement between 1.0628 and 1.0844. As long as 1.0628 key support holds, the price action in the range is treated as consolidation of the uptrend from 0.9861 (Dec 15, 2011 low), and one more rise to 1.0900 is still possible after consolidation. On the downside, a breakdown below 1.0628 will indicate that the uptrend from 0.9861 has completed at 1.0844 already, then the following downward movement could bring price back to 1.0400 zone.

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USDCAD Analysis.
USDCAD broke below 0.9925 and reached as low as 0.9905. Further decline is still possible later today, and next target would be at 0.9850 area. Resistance is at 0.9985, as long as this level holds, downtrend will continue.

20120221_usdcad_1

USDCHF Analysis.
USDCHF is facing 0.9088 support, below this level will signal resumption of the downtrend from 0.9594, then deeper decline to 0.9000 could be seen. Resistance is at 0.9175, above this level will indicate that lengthier sideways consolidation is underway, and the trading range would be between 0.9088 and 0.9300.

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EURUSD Analysis.
EURUSD’s rise from 1.2975 extended to as high as 1.3276. Further rise to test 1.3320 would likely be seen later today, as long as this level holds, the rise is treated as correction of the downtrend from 1.3320, and another fall towards 1.2800 is expected, only break above 1.3320 could trigger another rise to 1.3500 zone.

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USDJPY Analysis.
USDJPY remains in uptrend from 76.02, the pullback from 79.88 is treated as consolidation of the uptrend. Support is at the lower line of the price channel, as long as the channel support holds, uptrend will continue.

20120221_usdjpy_1

GBPUSD Analysis.
GBPUSD’s rise from 1.5645 extended to as high as 1.5879. One more rise to test 1.5928 is possible later today, as long as this level holds, the rise is treated as correction of the downtrend from 1.5928, downtrend could be expected to resume before break above this level.

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