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Daily Forex Analysis – March 26, 2012

GBPUSD Analysis.
GBPUSD’s upward movement had completed at 1.5922. Another fall would likely be seen later today. Support is at 1.5770, a breakdown below this level could signal resumption of the longer term downtrend from 1.5991, then further decline to test 1.5602 could be expected. On the other side, a break above 1.5922 will indicate that the pair remains in uptrend from 1.5602, then further rise towards 1.5991 previous high could be seen.

20120326_gbpusd_1

EURUSD Analysis.
EURUSD broke above 1.3290 last Friday, suggesting that lengthier correction of the downtrend from 1.3486 is underway. Further rise could be seen later today, and next target would be at 1.3350-1.3400 area. Support is at the upward trend line on 4-hour chart, only a clear break below the trend line could signal completion of the upward move from 1.3003.

20120326_eurusd_1

USDJPY Analysis.
USDJPY may be forming a cycle bottom at 81.98 on 4-hour chart. Resistance is at 82.95, a break above this level will confirm the cycle bottom, then further rise to 83.50 area could be seen. Support is at 81.98, only break below this level could trigger another fall to 81.50 zone.

20120326_usdjpy_1

AUDUSD Analysis.
AUDUSD is forming a cycle bottom at 1.0336 on 4-hour chart. Now the bounce from 1.0336 is treated as consolidation of the downtrend from 1.0855. Sideways movement in a range between 1.0336 and 1.0550 is expected in a couple of days. As long as 1.0550 resistance holds, another fall is possible after consolidation, and a breakdown below 1.0336 could signal resumption of the downtrend.

20120326_audusd_1

USDCAD Analysis.
Being contained by 1.0050 resistance, USDCAD pulled back from 1.0033, suggesting that lengthier sideways movement in the range between 0.9841 and 1.0050 is underway. Another fall towards 0.9841 is expected in a couple of days. As long as 1.0050 key resistance holds, the price action in the range is treated as consolidation of the downtrend from 1.0422 (Dec 14, 2011 high), only break above this level could signal completion of the downtrend.

20120326_usdcad_1

USDCHF Analysis.
USDCHF continues its downward movement from 0.9333, and the fall has reaches as low as 0.9067. Further decline would likely be seen later today, and next target would be at 0.9000 area. Resistance is at the downward trend line on 4-hour chart, only break above the trend line could signal completion of the downward movement.

20120326_usdchf_1

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