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Daily Forex Analysis – August 23, 2012

AUDUSD Analysis.
AUDUSD fails to break below 1.0410 support, and rebounds to as high as 1.0543, suggesting that a cycle bottom has been formed on 4-hour chart. Further rise to test 1.0612 previous high resistance could be expected, a break above this level will signal resumption of the longer term uptrend from 0.9581 (Jun 1 low), then next target would be at 1.0800 area. Support remains at 1.0410, only break below this level could trigger another fall towards 1.0300.

20120823_audusd_1

USDCAD Analysis.
USDCAD’s bounce from 0.9842 extends to as high as 0.9946. Further rise could be expected, and next target would be at 1.0000 area. However, the rise is likely consolidation of the longer term downtrend from 1.0445 (Jun 4 high), another fall towards 0.9600 is possible after consolidation.

20120823_usdcad_1

GBPUSD Analysis.
GBPUSD’s upward movement from 1.5490 extends to as high as 1.5903. Further rise could be expected after a minor consolidation, and next target would be at 1.6000 area. Initial support is at 1.5800, and the key support is at the upward trend line on 4-hour chart, only a clear break below the trend line will indicate that the uptrend from 1.5490 has completed.

20120823_gbpusd_1

EURUSD Analysis.
EURUSD stays above a upward trend line on 4-hour chart, and remains in uptrend from 1.2042, and the rise extends to as high as 1.2545. Further rise could be expected after a minor consolidation, and next target would be at 1.2600 area. Initial support is at 1.2470, and the key support is at the trend line, only a clear break below the trend line could signal completion of the uptrend.

20120823_eurusd_1

USDCHF Analysis.
As expected, USDCHF continues its downward movement from 0.9971, and the fall extends to as low as 0.9567. Further decline could be expected after a minor consolidation, and next target would be at 0.9500 area. Key resistance remains at the downward trend line on 4-hour, only a clear break above the trend line could signal completion of the downtrend.

20120823_usdchf_1

USDJPY Analysis.
An unexpected fall has brought price to as low as 78.30, suggesting that the uptrend from 77.92 has completed at 79.65 already. Further decline to test 77.92 previous low support would likely be seen, a breakdown below this level will target 77.00 zone.

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