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Daily Forex Analysis – February 27, 2012

USDCAD Analysis.
USDCAD is in consolidation of the downtrend from 1.0318. Lengthier sideways movement in a range  between 0.9905 and 1.0050 would likely be seen in a couple of days. Key resistance remains at 1.0050, as long as this level holds, we’d expect downtrend to resume, and one more fall towards 0.9800 is possible. On the upside, a break above 1.0050 will indicate that the downward movement from 1.0318 has completed, then the following uptrend could bring price back to 1.0400 area.

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EURUSD Analysis.
EURUSD’s upward movement from 1.2975 extends to as high 1.3486. Further rise is still possible after a minor consolidation, and next target would be at 1.3550 area. Support is now at 1.3350, as long as this level holds, uptrend will continue.

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AUDUSD Analysis.
AUDUSD remains in uptrend from 0.9861, the fall from 1.0844 is likely consolidation of the uptrend. Another rise to test 1.0844 resistance is possible, a break above this level will signal resumption of the uptrend. Key support is now at 1.0596, only break below this level could signal completion of the uptrend.

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USDCHF Analysis.
USDCHF’s downward movement extends to as low as 0.8931. Further decline could be expected after a minor consolidation, and next target would be at 0.9030, as long as this level holds, the downtrend will continue.

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USDJPY Analysis.
USDJPY breaks above the upper line of the price channel on 4-hour chart, then pulls back from 81.65, suggesting that a cycle top is being formed. Consolidation of the uptrend from 76.02 could be seen in a couple of days. Support remains at the lower border of the price channel, only a clear break below the channel could signal completion of the uptrend.

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GBPUSD Analysis.
GBPUSD is facing 1.5928 resistance, a break above this level will signal resumption of the uptrend from 1.5236, then next target would be at 1.6000 area.

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