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Daily Forex Analysis – April 23, 2012

USDJPY Analysis.
USDJPY is testing the resistance of the upper line of the price channel on 4-hour chart. A clear break above the channel resistance will indicate that the downward movement from 84.17 has completed at 80.81 already, then the following upward move could bring price to 83.00 area. On the other side, as long as the channel resistance holds, the rise from 80.31 is treated as consolidation of the downtrend, and another fall is still possible after consolidation.

20120423_usdjpy_1

USDCAD Analysis.
USDCAD has formed a cycle bottom at 0.9865 on 4-hour chart. Another rise towards 1.0050 would likely be seen over the next several days. Key support is at 0.9841, only break below this level could signal resumption of the longer term downtrend from 1.0422 (Dec 14, 2011 high).

20120423_usdcad_1

EURUSD Analysis.
EURUSD breaks above 1.3212 resistance, suggesting that the downward movement from 1.3385 has completed at 1.2995 already. Further rise could be expected in a couple of days, and next target would be at 1.3300 area. Support levels are at 1.3160 and 1.3120.

20120423_eurusd_1

AUDUSD Analysis.
AUDUSD is forming a sideways consolidation in a range between 1.0225 and 1.0463. As long as 1.0463 key resistance holds, the price action in the range is treated as consolidation of the downtrend from 1.0855. Another fall to test 1.0225 would likely be seen later today, a breakdown below this level could signal resumption of the downtrend. On the upside, a break above 1.0451 will indicate that the fall from 1.0855 has completed at 1.0225 already then the following upward movement could bring price back to 1.0600-1.0700 area.

20120423_audusd_1

GBPUSD Analysis.
GBPUSD continues its upward movement from 1.5818 and the rise extends to as high as 1.6148. Support levels are at 1.6075 and 1.6000, as long as these levels hold, uptrend will continue.

20120423_gbpusd_1

USDCHF Analysis.
USDCHF breaks below 0.9091 support, suggesting that the uptrend from 0.9001 has completed at 0.9250 already. Further decline would likely be seen later today, and next target would be at 0.9050 area. Resistance is at 0.9130, as long as this level holds, downtrend will continue.

20120423_usdchf_1

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