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Daily Forex Analysis – March 22, 2012

USDJPY Analysis.
USDJPY moves sideways below 84.17. The sideways movement is likely consolidation of the uptrend from 76.02. Support is at the lower line of the price channel on 4-hour chart, as long as the channel support holds, we’d expect uptrend to resume, and another rise towards 85.00 is still possible. On the downside, a clear break below the channel support will indicate that lengthier consolidation of the uptrend is underway, then the pair will find support around 82.50.

20120322_usdjpy_1

GBPUSD Analysis.
GBPUSD’s upward movement from 1.5602 extends to as high as 1.5922. Another rise to test 1.5991 previous high resistance is still possible later today. Support is at 1.5800, only break below this level could signal completion of the upward move.

20120322_gbpusd_1

AUDUSD Analysis.
AUDUSD is facing 1.0421 support, a breakdown below this level could signal resumption of the downtrend from 1.0855, then further decline towards 1.0200 could be seen. Resistance is at 1.0530, only break above this level will indicate that lengthier consolidation of the downtrend is underway, then range trading between 1.0421 and 1.0668 is possible.

20120322_audusd_1

USDCAD Analysis.
USDCAD had formed a cycle bottom at 0.9859 on 4-hour chart. Another rise to test 1.0050 key resistance would likely be seen over the next several days, as long as this level holds, the price action in the range between 0.9841 and 1.0050 is treated as consolidation of the downtrend from 1.0422 (Dec 14, 2011 high), one more fall to 0.9700-0.9800 area is still possible, only break above 1.0050 resistance could signal completion of the downtrend.

20120322_usdcad_1

USDCHF Analysis.
USDCHF remains in the downward movement from 0.9333. Deeper decline is still possible later today, and next target would be at 0.9000-0.9050 area. Resistance is at 0.9160, only break above this level could signal completion of the downward move.

20120322_usdchf_1

EURUSD Analysis.
EURUSD is facing 1.3290 resistance, a break above this level will indicate that the fall from 1.3486 had completed at 1.3003, then the following upward movement could bring price to test 1.3486 previous high resistance. On the other side, downtrend could be expected to resume before breaking above 1.3290 resistance, a breakdown below 1.3140 could signal resumption of the downtrend.

20120322_eurusd_1

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