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Daily Forex Analysis – November 30, 2012

USDCAD Analysis.
USDCAD moves sideways in a narrow range between 0.9905 and 0.9960. The price action in the range is likely consolidation of the downtrend from 1.0055. Resistance is located at the upper line of the price channel on 4-hour chart, as long as the channel resistance holds, the downtrend could be expected to resume, and another fall to test 0.9874 support is possible after consolidation. On the upside, a clear break above the channel resistance will suggest that the downtrend from 1.0055 has completed at 0.9905 already, then the following upward movement could bring price to 1.0100 area.

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AUDUSD Analysis.
AUDUSD breaks below the upward trend line on 4-hour chart, suggesting that lengthier consolidation of the uptrend from 1.0287 is underway. Range trading between 1.0400 and 1.0488 would likely be seen. Support is at 1.0400, as long as this level holds, the uptrend could be expected to resume, and one more rise to 1.0550 area is still possible, only break below 1.0400 could signal completion of the uptrend.

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EURUSD Analysis.
After consolidation, EURUSD continues its upward movement from 1.2661, and the rise extends to as high as 1.3012. Further rise could be expected, and next target would be at 1.3100 area. Initial support is at the upward trend line on 4-hour chart, and the key support is at 1.2880, only break below this level could signal completion of the uptrend from 1.2661.

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GBPUSD Analysis.
GBPUSD remains in uptrend from 1.5827, the price action from 1.6055 is treated as consolidation of the uptrend. Another rise towards 1.6100 would likely be seen after consolidation. Initial support is at the upward trend line on 4-hour chart, and the key support is at 1.5962, only break below this level could signal completion of the uptrend.

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USDJPY Analysis.
USDJPY has formed a cycle bottom at 81.69 on 4-hour chart. Further rise to test 82.83 resistance would likely be seen, a break above this level will indicate that the uptrend from 79.07 has resumed, then further rise towards 85.00 could be seen.

20121130_usdjpy_1

USDCHF Analysis.
After consolidation, USDCHF continues its downward movement from 0.9511, and the fall extends to as low as 0.9253. Further decline could be expected and next target would be at 0.9000 area. Initial resistance is at the downtrend line on 4-hour chart, and the key resistance is at 0.9341, only break above this level could signal completion of the downtrend.

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