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Daily Forex Analysis – April 27, 2012

EURUSD Analysis.
EURUSD stays within a upward price channel on 4-hour chart, and remains in uptrend from 1.2995, the fall from 1.3262 is treated as consolidation of the uptrend. As long as the channel support holds, uptrend could be expected to resume, and next target would be at 1.3300 area. On the other side, a clear break below the channel support will indicate that a cycle top has been formed at 1.3262, then the following downward movement could bring price to 1.2800 zone.

20120427_eurusd_1

AUDUSD Analysis.
AUDUSD trades sideways 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, and another fall to 1.0000 is still possible after consolidation.

20120427_audusd_1

USDJPY Analysis.
USDJPY’s fall from 81.77 extends to as low as 80.66. Deeper decline to test 80.31 previous low support is possible later today. Initial resistance is at the upper line of the price channel on 4-hour chart, and the key resistance is at 81.77, only break above this level could signal completion of the downtrend from 84.17.

20120427_usdjpy_1

USDCAD Analysis.
USDCAD remains in downtrend from 1.0051, the rise from 0.9806 is treated as minor consolidation of the downtrend. Another fall is expected after consolidation, and next target would be at 0.9750. Resistance levels are at 0.9870 and 0.9900.

20120427_usdcad_1

GBPUSD Analysis.
GBPUSD’s upward movement extends to as high as 1.6206. Further rise is still possible later today, and next target would be at 1.6250 area. Key support is at 1.6070, only break below this level could signal completion of the uptrend.

20120427_gbpusd_1

USDCHF Analysis.
USDCHF stays below a downward trend line on 4-hour chart, and remains in downtrend from 0.9250. As long as the trend line resistance holds, downtrend could be expected to continue, and next target would be at 0.9050 area. On the upside, a clear break above the trend line resistance could signal completion of the downtrend, then further rise to test 0.9250 resistance could be seen.

20120427_usdchf_1

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