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Daily Forex Analysis – August 24, 2012

AUDUSD Analysis.
AUDUSD is facing 1.0410 support again, a breakdown below this level will indicate that the downtrend from 1.0612 has resumed, then another fall to 1.0300 area could be seen. However, as long as 1.0410 support holds, one more rise to test 1.0612 previous high resistance is still possible, a break above this level will signal resumption of the longer term uptrend 0.9581 (Jun 1 low), then further rise towards 1.0800 could be expected.

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USDCAD Analysis.
USDCAD is downtrend from 1.0445 (Jun 4 high), the rise from 0.9842 is treated as consolidation of the downtrend. Further rise to 1.0000-1.0100 area to complete the consolidation would likely be seen. Key support is at 0.9842, a breakdown below this level will signal resumption of the downtrend.

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GBPUSD Analysis.
GBPUSD remains in uptrend from 1.5490, the fall from 1.5911 is treated as consolidation of the uptrend. Another rise would likely be seen after consolidation, and next target would be at 1.6000 area. Key support is at the upward trend line on 4-hour chart, only a clear break below the trend line could signal completion of the uptrend.

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EURUSD Analysis.
EURUSD’s upward movement from 1.2042 extends to as high as 1.2589. Further rise could be expected after a minor consolidation, and next target would be at 1.2650 area. Support level is at 1.2500, followed by 1.2450, key support is at the upward trend line on 4-hour chart, only a clear break below the trend line could signal completion of the uptrend.

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USDCHF Analysis.
USDCHF’s downward movement from 0.9971 extends to as low as 0.9538. Further decline is still possible, and next target would be at 0.9500 area.  Resistance levels are at 0.9615 and 0.9660, as long as these levels hold, the downtrend will continue.

20120824_usdchf_1

USDJPY Analysis.
USDJPY is now in downtrend from 79.65. Further decline to test 77.92 support could be seen after a minor consolidation, a breakdown below this level will target 77.00 zone. Resistance levels are at 78.70 and 78.90.

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