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Daily Forex Analysis – August 30, 2012

EURUSD Analysis.
EURUSD trades in a range between 1.2465 and 1.2589. The price action in the range is likely consolidation of the uptrend from 1.2241. Initial support is at the lower line of the price channel on 4-hour chart, followed by 1.2465, as long as this level holds, the uptrend could be expected to resume, and another rise towards 1.2700 is still possible. On the other side, a breakdown below 1.2465 will suggest that lengthier consolidation of the uptrend from 1.2042 is underway, then deeper decline to 1.2400 area could be seen.

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GBPUSD Analysis.
GBPUSD stays above a upward trend line on 4-hour chart and remains in uptrend from 1.5490, the price action from 1.5911 is treated as consolidation of the uptrend. Another rise to test 1.5911 previous high resistance could be expected, a break above this level could signal resumption of the uptrend. Key support is at 1.5753, only break below this level will indicate that the uptrend has completed, then the following downward movement could bring price back to 1.5400-1.5500 area.

20120830_gbpusd_1

AUDUSD Analysis.
AUDUSD’s downward movement from 1.0543 extends to as low as 1.0322. Further decline could be expected in a couple of days, and next target would be at 1.0300 area. Resistance is at 1.0400 and 1.0430, as long as these levels hold, the downtrend will continue.

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USDCAD Analysis.
USDCAD is in consolidation of the downtrend from 1.0445. Another rise to 1.0000 area to complete the consolidation would likely be seen. Support is at 0.9842, only breakdown below this level could trigger another fall towards 0.9600.

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USDCHF Analysis.
USDCHF stays in a trading range between 0.9538 and 0.9634. The price action in the range is treated as consolidation of the downtrend from 0.9809. Another fall could be expected after consolidation, and next target would be at 0.9400 area. Resistance is at 0.9634, only break above this level could signal completion of the downtrend.

20120830_usdchf_1

USDJPY Analysis.
No changed in our view, USDJPY remains in downtrend from 79.65, the rise from 78.30 is likely correction of the downtrend. Resistance is at 79.00, as long as this level holds, another fall to test 77.92 support could be expected, a breakdown below this level will target 77.00 zone.

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