USDJPY rebound sharply from 94.47 level, and the rise is possibly be resumption of up trend. Further rally is expected to retest 100.54 previous high resistance. A break of this level will indicate that the fall from 110.66 (Aug 15 high) has completed. Key support is now located at 94.47, only fall below this level will signal deeper decline to test 90.92 support.
Archive for November, 2008
As expected, GBPUSD drops below 1.5269 previous low support and reaches as low as 1.4833 level. Deeper decline could be seen to 1.4500 zone. Initial resistance is at the down trend line from 1.6671 to 1.6198, as long as the trend line resistance holds, down trend will continue.
GBPUSD’s down trend from 1.6671 extends further to 1.5347 level. Deeper decline is expected to 1.4500 zone. Initial resistance is at the down trend line from 1.6671 to 1.6198, as long as the trend line resistance holds, down trend will continue. However, above the trend line resistance will take price back to lengthier consolidation.
AUDUSD fails to test 0.7014 resistance and pulls back to trading range between 0.6543 and 0.7014. As long as 0.6543 support holds, we’d expect up trend to resume and one more rise above 0.7014 is still possible. However, below 0.6543 will indicate that the rise from 0.6008 has completed and pullback could be seen to retest 0.6008 previous low support.
USDCHF traded in a range between 1.1549 and 1.1800 for several days and is treated as in consolidation to up trend. As long as 1.1549 support holds, we’d expect up trend to resume, and further rise is possible to 1.2000 zone after consolidation, a break of 1.1800 previous high resistance will confirm the resumption of up trend.
After breaking above 0.6891 resistance, AUDUSD pulls back from 0.7014 level. Deeper decline to test 0.6549 support could be seen later today. As long as this level holds, we’d expect uptrend to resume and one more rise above 0.7014 level to reach the next cycle top is in favor. However, below 0.6549 level will indicate that the down trend from 0.9849 (July 15 high) has resumed.
AUDUSD breaks above 0.6891 resistance. Further rally to test 0.7237 (Oct 14 high) could be seen later today. As long as this level holds, we’d expect down trend to resume and pullback to retest 0.6008 is possible. However, a break above 0.7237 level will indicate that the fall from 0.9849 has completed.
USDCHF breaks above 1.1746 previous high resistance, suggesting that the up trend from 1.0693 (Sep 22 low) has resumed, and further rally towards 1.2000 zone could be seen in a couple of days. Initial support is at the up trend line from 1.1208 to 1.1474, as long as the trend line support holds, we’d expect up trend to continue.
EURUSD formed a short term cycle top at 1.3290 level on 4-hour chart. Pullback to retest 1.2329 is possible later today. As long as this level holds, we’d expect up trend to resume and a break of 1.3290 will confirm that the fall from 1.4867 (Sep 22 high) has completed, and then further rally could be seen to 1.4500 zone. However, below 1.2329 will signal resumption of long term down trend, and target would be at 1.2000 level.
Other finance sites
Providing free forex articles and trading courses.