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Daily Forex Analysis – March 28, 2012

USDCAD Analysis.
USDCAD stays in a trading range between 0.9841 and 1.0050. 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). Another fall to test 0.9841 would likely be seen, a breakdown below this level could signal resumption of the downtrend. However, a break above 1.0050 will indicate that the fall from 1.0422 had completed at 0.9841 already, then the following upward movement could bring price back to 1.0400 zone.

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AUDUSD Analysis.
After touching the downward trend line on 4-hour chart, AUDUSD drops from 1.0556. The fall would possibly be resumption of the downtrend from 1.0855. Further decline is expected in a couple of days, and next target would be at 1.0350 area. Resistance is now at 1.0556, only break above this level could signal completion of the downtrend.

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GBPUSD Analysis.
GBPUSD breaks above 1.5991 previous high resistance, and reaches as high as 1.6000. Further rise is possible after a minor consolidation, and next target would be at 1.6100 area. Support is now located at the upward trend line on 4-hour chart, only a clear break below the trend line could signal completion of the uptrend.

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EURUSD Analysis.
EURUSD’s upward movement from 1.3003 extends to as high as 1.3385. Further rise could be expected after a minor consolidation, and next target would be at 1.3450 area. Support remains at the upward trend line on 4-hour chart, only a clear break below the trend line could signal completion of the upward movement.

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USDJPY Analysis.
USDJPY’s bounce from 81.98 extends to as high as 83.38. Further rise is possible after a minor consolidation, and next target would be at 83.75 area. Support is at 82.60, only break below this level could indicate that a cycle top is being formed on 4-hour chart, then another fall towards 81.00 could be seen.

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USDCHF Analysis.
USDCHF stays below a downward trend line on 4-hour chart, as long as the trend line resistance holds, the downward move from 0.9333 could be expected to continue, and next target would be at 0.9000, only a clear break above the trend line could signal completion of the downtrend.

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