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Daily Forex Analysis – May 31, 2012

USDCAD Analysis.
Being supported by the upward trend line on 4-hour chart, USDCAD rebounds from 1.0206, suggesting that a cycle bottom has been formed, and the uptrend from 0.9799 has resumed. Further rise could be seen over the next several days, and next target would be at 1.0400 area. Initial support remains at the upward trend line, only a clear break below the trend line support could signal completion of the uptrend.

20120531_usdcad_1

AUDUSD Analysis.
After consolidation, AUDUSD breaks below 0.9689 previous low, suggesting that the downtrend from 1.0474 has resumed. Further decline could be seen, and next target would be at 0.9500 area. Key resistance is now located at 0.9897, only break above this level could signal completion of the downtrend.

20120531_audusd_1

EURUSD Analysis.
EURUSD’s downward movement from 1.3283 extends to as low as 1.2357. Further decline could be seen after a minor consolidation, and next target would be at 1.2200 area. Key resistance is at the downward trend line on 4-hour chart, only a clear break above the trend line could signal completion of the downtrend.

20120531_eurusd_1

USDJPY Analysis.
After a sideways consolidation, USDJPY breaks below 78.99 previous low and continues its downward movement from 84.17 (Mar 15 high). Further decline could be seen in a couple of days, and next target would be at 78.50 area. Resistance is at 79.50, only break above this level could indicate that lengthier consolidation of the downtrend is underway.

20120531_usdjpy_1

GBPUSD Analysis.
GBPUSD continues its downward movement from 1.6301, and the fall extends to as low as 1.5462. Further decline could be seen after a minor consolidation, and next target would be at 1.5400 area. Resistance is at 1.5600, only break above this level could signal completion of the downtrend.

20120531_gbpusd_1

USDCHF Analysis.
USDCHF’s upward movement extends to as high as 0.9719. Another rise could be seen after a minor consolidation, and next target would be at 0.9800 area. Support is at 0.9650, followed by the upward trend line on 4-hour chart, only a clear break below the trend line could signal completion of the uptrend.

20120531_usdchf_1

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