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Daily Forex Analysis – May 30, 2012

AUDUSD Analysis.
AUDUSD is in consolidation of the downtrend from 1.0474. Range trading between 0.9689 and 0.9934 would likely be seen over the next several days. As long as 0.9934 resistance holds, one more fall towards 0.9500 is still possible after consolidation. However, a break above 0.9934 key resistance will indicate that the whole decline from 1.0855 (Feb 29 high) has completed at 0.9689 already, then the following upward move could bring price back to 1.0600 zone.

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EURUSD Analysis.
EURUSD continues its downward movement from 1.3283 and the fall extends to as low as 1.2461. Further decline would likely be seen after a minor consolidation, and next target would be at 1.2400 area. Resistance remains at the downward trend line on 4-hour chart, only a clear break above the trend line could signal completion of the downtrend.

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USDJPY Analysis.
USDJPY continues its sideways movement 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.

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GBPUSD Analysis.
GBPUSD’s downward movement from 1.6301 extends to as low as 1.5607. Further decline is still possible later today, and next target would be at 1.5500 area. Key resistance is now at 1.5716, only break above this level could signal completion of the downtrend.

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USDCAD Analysis.
USDCAD stays above a upward trend line on 4-hour chart, and remains in uptrend from 0.9799, the fall from 1.0311 is treated as consolidation of the uptrend. As long as the trend line support holds, uptrend could be expected to resume, and one more rise towards 1.0400 is still possible, only a clear break below the trend line could indicate that the rise is complete.

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USDCHF Analysis.
USDCHF continues its upward movement from 0.9043, and the rise extends to as high as 0.9637. Further rise is still possible after a minor consolidation, and next target would be at 0.9700 area. Key support is at the upward tend line on 4-hour chart, only a clear break below the trend line could signal completion of the uptrend.

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