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Daily Forex Analysis – May 24, 2012

USDJPY Analysis.
USDJPY moves sideways in a range between 78.99 and 80.61. As long as 80.61 key resistance holds, the price action in the range is treated as consolidation of the downtrend from 84.17 (Mar 15 high), and one more fall towards 78.00 is still possible after consolidation. However, a break above 80.61 will indicate that the downward movement from 84.17 has completed at 78.99 already, and the target for the following upward movement would be at 83.00 area.

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EURUSD Analysis.
EURUSD breaks below 1.2624 (Jan 13 low) support, suggesting that the downtrend from 1.4938 (May 4, 2011 high) has resumed. Further decline could be seen in a couple of days, and next target would be at 1.2400 area. Key resistance is now at 1.2823, only break above this level could signal completion of the downtrend from 1.3283.

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GBPUSD Analysis.
GBPUSD breaks below 1.5732 support and reaches as low as 1.5675, suggesting that the downtrend from 1.6301 has resumed. Further decline could be expected, and next target would be at 1.5600 area. Resistance levels are at 1.5760 and 1.5847, only breaks above this levels could signal completion of the downtrend.

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AUDUSD Analysis.
AUDUSD’s downward movement from 1.0474 extends to as low as 0.9689. Resistance is located at the downward trend line on 4-hour chart, as long as the trend line resistance holds, downtrend could be expected to continue, and next target would be at 0.9600 area, only a clear break above the trend line could signal completion of the downtrend.

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USDCAD Analysis.
USDCAD continues its upward movement from 0.9799 and the rise extends to as high as 1.0294. Further rise could be expected after consolidation, and next target would be at 1.0400 area. Key support is located at the uptrend line on 4-hour chart, only a clear break below the trend line could signal completion of the uptrend.

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USDCHF Analysis.
USDCHF is facing 0.9594 (Jan 9 high) resistance, a break above this level will signal resumption of the uptrend from 0.7067 (Aug 9, 2011 low). Support is at the upward trend line on 4-hour chart, only break below the trend line support could signal completion of the upward movement from 0.9043.

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