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Daily Forex Analysis – May 23, 2012

USDJPY Analysis.
USDJPY breaks above 79.70 resistance, suggesting that lengthier consolidation of the downtrend from 84.17 (Mar 15 high) is underway. Range trading between 78.99 and 80.61 is expected in a couple o fays. Key resistance is located at 80.61, as long as this level holds, one more fall to 78.00 is still possible. On the upside, a break above 80.61 will indicate that the fall from 84.17 has completed at 78.99 already, then the following upward movement could bring price back to 83.00 zone.

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EURUSD Analysis.
EURUSD is facing 1.2624 (Jan 13 low) support again, a breakdown below this level will signal resumption of the downtrend from 1.4938 (May 4, 2011 high), then further decline towards 1.1500 could be seen. On the other side, as long as 1.2624 support holds, lengthier sideways movement in a range between 1.2624 and 1.2900 is still possible.

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GBPUSD Analysis.
GBPUSD is facing 1.5732 support, as long as this level holds, lengthier consolidation of the downtrend is expected to continue, and range trading between 1.5732 and 1.5950 would likely be seen in a couple of days. However, a breakdown below 1.5732 will signal resumption of the downtrend from 1.6301, then further decline toward 1.5650-1.5700 area could be seen.

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AUDUSD Analysis.
AUDUSD breaks below 0.9795 previous low and reaches as low as 0.9755, suggesting that the downtrend from 1.0474 has resumed. Further decline could be expected later today, and next target would be at 0.9700 area. Key resistance is now at 0.9934, only break above this level could signal completion of the downtrend.

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USDCAD Analysis.
No changed in our view, USDCAD remains in uptrend from 0.9799. As long as the trend line support holds, we’d expect uptrend to resume, and another rise towards 1.0400 is still possible, only a clear break below the trend line support could signal completion of the uptrend.

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USDCHF Analysis.
USDCHF is facing 0.9500 resistance, a break above this level will signal resumption of the uptrend from 0.9043, then next target would be at 0.9550. Support is at 0.9440, only break below this level could indicate that lengthier consolidation of the uptrend is underway.

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