Daily Forex Analysis – November 22, 2012

AUDUSD Analysis.
AUDUSD is in uptrend from 1.0287, the fall from 1.0423 is likely correction of the uptrend. Another rise could be expected after correction, and the target would be at 1.0550 area. Key support is at 1.0287, only break below this level could trigger another fall towards 1.0200.

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USDCAD Analysis.
USDCAD is testing the support of the lower line of the price channel on 4-hour chart, a clear break below the channel support will suggest that the trend from 0.9632 (Sep 14 low) has completed at 1.0055 already, then deeper decline to test 0.9874 key support could be seen. On the upside, as long as the channel support holds, the fall from 1.0055 could be treated as consolidation of the uptrend, and another rise towards 1.0100 is still possible after consolidation.

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EURUSD Analysis.
EURUSD remains in uptrend from 1.2661, and the rise extends to as high as 1.2867. Further rise could be expected, and next target would be at 1.2950 area. Support is at 1.2735, as long as this level holds, the uptrend will continue.

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GBPUSD Analysis.
GBPUSD remains in uptrend from 1.5827, and the rise extends to as high as 1.5969. Further rise could be expected and next target would be at 1.6050 area. Support is at 1.5885, as long as this level holds, the uptrend will continue.

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USDJPY Analysis.
USDJPY’s uptrend from 79.07 extends to as high as 82.58. Further rise would likely be seen after a minor consolidation, and next target would be at 83.00 area. Support is now at 81.60, as long as this level holds, the uptrend will continue.

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USDCHF Analysis.
USDCHF’s downtrend from 0.9511 extends to as low as 0.9357. Further decline could be expected, and next target would be at 0.9300 area. Resistance is now at 0.9460, as long as this level holds, the downtrend will continue.

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