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Daily Forex Analysis – April 24, 2012

USDJPY Analysis.
Being contained by the upper border of the price channel on 4-hour chart, USDJPY pulls back from 81.77, suggesting that a cycle top is being formed. Deeper decline to test 80.31 previous low support would likely be seen later today, a breakdown below this level could signal resumption of the downtrend from 84.17, then next target would be at 79.50 area. Key resistance is now at 81.77, only break above this level could signal completion of the downtrend.

20120424_usdjpy_1

USDCAD Analysis.
USDCAD stays in a trading range between 0.9841 and 1.0051. As long as 1.0051 key resistance  holds, the price action in the range is treated as consolidation of the longer term downtrend from 1.0422 (Dec 14, 2011 high), and one more fall to 0.9600-0.9700 area is still possible, only break above 1.0051 could signal completion of the downtrend.

20120424_usdcad_1

EURUSD Analysis.
EURUSD is now in short term uptrend from 1.2995. Further rise is still possible after a minor consolidation, and next target would be at 1.3300 area. Support is at 1.3100, as long as this level holds, the uptrend will continue.

20120424_eurusd_1

AUDUSD Analysis.
AUDUSD trades sideways in a range between 1.0225 and 1.0463. The price action in the range is likely consolidation of the longer term downtrend from 1.0855, and one more fall is still possible after consolidation. On the other side, a break above 1.0463 key resistance will indicate that the downtrend has completed, then the following upward movement could bring price back to 1.0600-1.0700 area.

20120424_audusd_1

GBPUSD Analysis.
GBPUSD remains in uptrend from 1.5818. Further rise could be expected over the next several days, and next target would be at 1.6200 area. Support levels are at 1.6075 and 1.6000, as long as these levels hold, uptrend will continue.

20120424_gbpusd_1

USDCHF Analysis.
USDCHF breaks below 0.9091 support, and is now in downtrend from 0.9250. Further decline could be expected in a couple of days, and next target would be at 0.9050 area. Resistance is at 0.9170, as long as this level holds, downtrend will continue.

20120424_usdchf_1

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