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Daily Forex Analysis – May 28, 2012

EURUSD Analysis.
EURUSD stays below a downward trend line on 4-hour chart, and remains in downtrend from 1.3283, and the fall extends to as low as 1.2496. Another fall would likely be seen after a minor consolidation, and next target would be at 1.2400 area. On the upside, a clear break above the trend line will indicate that the downtrend from 1.3283 has completed at 1.2496 already, then the following upward movement could bring price back to 1.3400 zone.

20120528_eurusd_1

AUDUSD Analysis.
AUDUSD breaks above the downward trend line on 4-hour chart, suggesting that consolidation of the downtrend from 1.0474 is underway. Range trading between 0.9689 and 0.9934 could be expected in a couple of days. Key resistance is at 0.9934, as long as this level holds, another fall towards 0.9500 is still possible after consolidation, only break above this level could signal completion of the downtrend.

20120528_audusd_1

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, only break above 80.61 could signal completion of the downtrend.

20120528_usdjpy_1

GBPUSD Analysis.
GBPUSD continues its downward movement from 1.6301, and the fall extends to as low as 1.5630. Further decline is possible after a minor consolidation, and next target would be at 1.5600 area. Initial resistance is at 1.5750, and the key resistance is at 1.5847, only break above these levels could signal completion of the downtrend.

20120528_gbpusd_1

USDCAD Analysis.
No changed in our view, USDCAD remains in uptrend from 0.9799. Key support is located at the uptrend line on 4-hour chart, as long as the trend line support holds, uptrend will continue, only a clear break below the trend line could signal completion of the uptrend.

20120528_usdcad_1

USDCHF Analysis.
USDCHF’s upward movement extends to as high as 0.9610. Key support is at the upward trend line on 4-hour chart, as long as the trend line support holds, uptrend could be expected to continue, and next target would be at 0.9700 area, only a clear break below the trend line could signal completion of the uptrend.

20120528_usdchf_1

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