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Daily Forex Analysis – October 30, 2012

GBPUSD Analysis.
GBPUSD failed to break above the resistance of the downward trend line from 1.6309 to 1.6178 and pulled back from 1.6143. However, one more rise to re-test the trend line resistance would likely be seen, a break above the trend line resistance will indicate that the fall from 1.6309 had completed at 1.5913 already, then further rise towards 1.6309 previous high could be seen. On the downside, the fall from 1.6143 would possibly be resumption of the downtrend from 1.6309, a breakdown below 1.5913 support could trigger another fall to 1.5800 area.

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USDJPY Analysis.
USDJPY is in consolidation of the uptrend from 77.43. Range trading between 79.25 and 80.37 would likely be seen in a couple o days. Key support is at the lower line of the price channel on 4-hour chart, only a clear break below the channel support could indicate that the uptrend from 77.43 is complete.

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EURUSD Analysis.
EURUSD stays below a downward trend line on 4-hour chart, and remains in downtrend from 1.3138. As long as the trend line resistance holds, the downtrend could be expected to continue, and another fall to re-test 1.2803 support is possible. On the upside, a clear break above the trend line resistance will indicate that the fall from 1.3138 has completed, then the following upward movement could bring price to re-test 1.3171 previous high resistance.

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USDCHF Analysis.
USDCHF stays above a upward trend line on 4-hour chart, and remains in uptrend from 0.9214. As long as the trend line support holds, the uptrend could be expected to continue, and one more rise to re-test 0.9427 resistance is possible, only a clear break below the trend line could signal completion of the uptrend.

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AUDUSD Analysis.
Being contained by 1.0410 resistance, AUDUSD moves sideways in a narrow range above 1.0304. As long as 1.0304 support holds, one more rise to test 1.0410 resistance could be expected, a break above this level will signal resumption of the uptrend from 1.0149, then further rise to 1.0500 area could be seen, only break below 1.0304 could trigger another fall towards 1.0000.

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USDCAD Analysis.
USDCAD’s upward movement from 0.9763 extends to as high as 1.0012. Further rise is possible and next target would be at 1.0050 area. Support is at 0.9940, only break below this level will indicate that lengthier consolidation of the uptrend is underway, then pullback to 0.9900 area could be seen.

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