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Daily Forex Analysis – April 13, 2012

EURUSD Analysis.
EURUSD’s bounce from 1.3033 extends to as high as 1.3212. However, the rise is treated as correction of the downtrend from 1.3385, another fall to re-test 1.3003 support would likely be seen after correction, a breakdown below this level will signal resumption of the longer term downtrend from 1.3486 (Feb 24 high), then deeper decline towards 1.2624 (Jan 13 low) could be seen.

20120413_eurusd_1

AUDUSD Analysis.
AUDUSD breaks above the upper line of the price channel on 4-hour chart, suggesting that the downward movement from 1.0855 has completed at 1.0225 already. Further rally would likely be seen after a minor consolidation, and next target would be at 1.0550 area.

20120413_audusd_1

USDJPY Analysis.
After touching the lower line of the price channel on 4-hour chart, USDJPY rebounded from 80.58, suggesting that a cycle bottom is being formed. Further rally would likely be seen and the target would be at the upper line of the channel. Support is at 80.58, only break below this level could signal resumption of the downtrend from 84.17.

20120413_usdjpy_1

USDCAD Analysis.
After touching 1.0050 key resistance, USDCAD pulled back into the trading range between 0.9841 and 1.0050, suggesting that lengthier sideways movement is underway. Another fall to test 0.9841 would likely be seen over the next several days.

20120413_usdcad_1

GBPUSD Analysis.
GBPUSD’s rise from 1.5804 extends to as high as 1.5984. Further rise is still possible later today, and next target would be at 1.6000 area. As long as 1.6062 resistance holds, the rise is treated as correction of the downtrend from 1.6062, and another fall is still possible. Support is 1.5880, a breakdown below this level could signal resumption of the downtrend.

20120413_gbpusd_1

USDCHF Analysis.
USDCHF’s fall from 0.9221 is treated as correction of the downtrend from 0.9001. Deeper decline is still possible later today, and next target would be at 0.9050 area. Another rise could be expected after correction, and a break above 0.9160 could signal resumption of the uptrend.

20120413_usdchf_1

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