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Daily Forex Analysis – March 30, 2012

AUDUSD Analysis.
AUDUSD stays below a downward trend line on 4-hour chart, and remains in downtrend from 1.0855, the rise from 1.0304 is treated as consolidation of the downtrend. Resistance is at the trend line, as long as the trend line resistance holds, downtrend could be expected to resume, and another fall towards 1.0200 is possible, only a clear break above the trend line could signal completion of the downtrend.

20120330_audusd_1

GBPUSD Analysis.
GBPUSD stays in a upward price channel on 4-hour chart, and remains in uptrend from 1.5602. Support is at the lower line of the channel, as long as the channel support holds, uptrend could be expected to continue, and next target would be at 1.6100 area, only a clear break below the channel support could signal completion of the uptrend.

20120330_gbpusd_1

USDCAD Analysis.
USDCAD moves sideways without trend in a range between 0.9841 and 1.0050. Lengthier consolidation in the range would likely be seen over the next several days. Key resistance is at 1.0050, as long as this level holds, downtrend could be expected to resume, and one more fall to 0.9600-0.9700 area is possible. On the upside, a break above 1.0050 will indicate that the fall from 1.0422 (Dec 14, 2011 high) had completed at 0.9841 already, then the following upward move could bring price back to 1.0400 zone.

20120330_usdcad_1

EURUSD Analysis.
After touching the upward trend line on 4-hour channel, EURUSD rebounds from 1.3252. The bounce would possibly be resumption of the uptrend from 1.3003. Further rise could be expected later today, and next target would be at 1.3450 area. Key support is now at 1.3252, only break below this level could signal completion of the uptrend.

20120330_eurusd_1

USDJPY Analysis.
As expected, USDJPY formed a cycle top at 83.38 on 4-hour chart, and the support of 81.98 has been broken below, suggesting that the downtrend from 84.17 has resumed. Further fall could be seen in a couple of days, and the target would be at 81.00 area.

20120330_usdjpy_1

USDCHF Analysis.
USDCHF remains in downtrend from 0.9333, the rise from 0.9015 is treated as consolidation of the downtrend. Another fall could be expected later today, and next target would be at 0.8970 area. Resistance is at 0.9100, as long as this level holds, downtrend will continue.

20120330_usdchf_1

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