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Daily Forex Analysis – August 22, 2012

USDCAD Analysis.
Being contained by 0.9799 (Apr 27 low) support, USDCAD rebounds from 0.9842, suggesting that a cycle bottom has been formed on 4-hour chart. Further rally could be expected over the next several days, and the target would be at 0.9950-1.0000 area. However, the rise from 0.9842 is treated as consolidation of the longer term downtrend from 1.0445 (Jun 4 high), another fall towards 0.9600 is still possible after consolidation, and a breakdown below 0.9842 could signal resumption of the downtrend.

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GBPUSD Analysis.
GBPUSD breaks above 1.5767 resistance. Further rise could be expected over the next several days, and next target would be at 1.5900 area. Support is at the upward trend line on 4-hour chart. As long as the trend line support holds, the uptrend from 1.5490 will continue.

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EURUSD Analysis.
EURUSD breaks above 1.2442 resistance and reaches as high as 1.2487, suggesting that the uptrend from 1.2042 has resumed. Further rise could be expected in a couple of days, and next target would be at 1.2600 area. Support remains at the trend line, only a clear break below the trend line could signal completion of the uptrend.

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USDCHF Analysis.
USDCHF breaks below 0.9656 support, suggesting that the downtrend from 0.9971 has resumed. Further decline could be expected, and next target would be at 0.9500 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.
No changed in our view, USDJPY remains in uptrend from 77.92, the fall from 79.65 is treated as consolidation of the uptrend. Another rise could be expected after consolidation, and a break above 79.65 could signal resumption of the uptrend.

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AUDUSD Analysis.
AUDUSD remains in downtrend from 1.0612, the rise from 1.0410 is treated as consolidation of the downtrend. Support is at 1.0410, a breakdown below this level could trigger another fall towards 1.0350. Key resistance is now at 1.0530, only break above this level could signal completion of the downtrend.

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