AUDUSD stays below 0.8353 resistance and pulls back from 0.8262 level. Sideways consolidation is expected in a couple of days. Deeper decline is in favor after consolidation, and a break of 0.7900 previous low will confirm the resumption of down trend, the first target would be at 0.7700 zone.
Archive for September, 2008
USDCHF fall below 1.1213 key support and formed a short term cycle top at 1.1416 on 4-hour chart. Deeper decline could be seen towards 1.1080 zone, as long as this support holds, we’d expect up trend to resume, and rise above 1.1416 is still possible after consolidation.
USDCAD breaks above 1.0776 previous high resistance and reaches as high as 1.0819 level. Further rise is still possible to 108.50-00 area. One more fall is still possible to 1.0500 zone, however, a break below 1.0656 level is needed to confirm the resumption of down trend.
USDCAD traded in range between 1.0541 and 1.0776. Further rise above 1.0776 previous high is now in favor later today, and target would be at 1.0850-00 area. However, pullback towards 1.0500 zone is still possible after breaking above 1.0776 level.
EURUSD traded in a narrow range between 1.4046 and 1.4226 on 4H chart. As long as the trend line resistance holds, we’d expect down trend to resume and deeper decline is still possible in a couple of days, target would be at 1.3800 zone. Only rise above the trend line resistance will take price back to 1.4500-50 area.
AUDUSD stays below 0.8403 resistance and pulled back from 0.8353 level. Consolidation in a range between 0.8029 and 0.8403 would more likely be seen in a couple of days. Key resistance is now located at 0.8353, a break of this level will signal reversal to down trend, and then subsequent rebound could be seen to test 0.8693 resistance. However, below 0.8029 will take price back to down trend, and target would be at 0.7500 zone.
GBPUSD broke above the down trend line resistance and formed a short term cycle bottom at 1.7537 on 4H chart. Further rise is expected to 1.8200 zone. Initial support is now located at 1.7537, only fall below this level will signal deeper decline towards 1.7300 zone.
As expected, USDJPY breaks below 107.62 previous low support and reaches as low as 105.71 level. Deeper decline is still possible to 105.00 zone. Near term resistance is located at 107.62, a break of this level will indicate that a short term cycle bottom has been formed and the fall from 110.66 (Aug 15 high) has completed, subsequent rebounds will bring price back to test 110.66 previous high resistance.
USDCHF’s up trend from 1.0010 (July 15 low) extends to as high as 1.1170 level. The pullback from 1.1170 is teated as consolidation. Further rise is still possible to 1.1250-00 area. Initial support is at the up trend line and key support is at 1.0842, a break down below 1.0842 level will indicate that the rise from 1.0010 has completed, and then deeper decline is expected to 1.0650 level.
USDCAD breaks above 1.0727 (Aug 12 high) previous high resistance and reaches as high as 1.0747 level, suggesting that a long term bullish movement is underway. Initial support is at 1.0613, as long as this level holds, up trend will continue and short term target is now at 1.0800-50 zone.
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