EURUSD rebounds from 1.2965. Range trading between 1.2884 and 1.3300 is still in favor, and further rally would more likely be seen to test 1.3300 resistance in a couple of days, a break above this level will indicate that the fall from 1.3738 (Mar 19 high) has completed at 1.2884 already, and then further rise is expected to 1.3450-1.3500 area. Near term support is now at 1.2965, only fall below this level will take price back to test 1.2884 support.
Archive for April, 2009
EURUSD pulls back sharply from 1.3300 and breaks below the rising trend line on 4-hour chart, suggesting that a short term cycle top has been formed. Range trading between 1.2884 and 1.3300 is expected in a couple of days. Key support is now at 1.2884, below this level will signal resumption of the medium term downtrend from 1.3738 (Mar 19 high), and then deeper decline could be seen to 1.2400-1.2750 area.
USDCHF remains in short term downtrend from 1.1740. Deeper decline to test 1.1303 could be seen in a couple of days. A break down below this level will indicate that the rise from 1.1159 (Mar 19 low) has completed. Initial resistance is at 1.1450, and key resistance is at 1.1500, above this level will suggest that a short term cycle bottom has been formed at 1.1349 already, and then further rebound could be seen to 1.1600 zone.
USDCAD has formed a short term cycle top at 1.2504 level on 4-hour chart. Deeper decline is still possible in a couple of days and the next target would be at 1.2100 zone. The price action from 1.2504 is more likely correction of the uptrend from 1.1981, rebound is expected before breaking below this level.
AUDUSD might be forming a short term cycle bottom at 0.6952 level on 4-hour chart. Range trading between 0.6952 and 0.7180 is expected in a couple of days. However, the price action from 0.6952 is more likely consolidation of the downtrend from 0.7322, further fall is possible after consolidation, and a break below 0.6952 will signal deeper decline to 0.6800 zone. Near term resistance is at 0.7129 followed by 0.7180, and the key resistance is now located at 0.7238, above this level will indicate that the price action from 0.7322 is consolidation of the medium term uptrend from 0.6284 (Mar 4 low), and further rally could be seen to 0.7500 or even higher after consolidation.
USDJPY stays in the falling price channel and remains in downtrend from 101.43. As long as the channel resistance holds, we’d expect the downtrend to resume and deeper decline is still possible to 97.00-97.50 area. On the other side, the pair might be forming a short term cycle bottom at 97.65 level on 4-hour chart. Key resistance is now at 99.74, above this level will indicate that the fall from 101.43 has completed.
USDCAD breaks above the mentioned key resistance at 1.2185 and moves sharply to as high as 1.2425 level, suggesting that a short term cycle bottom has been formed at 1.1981 level on 4-hour chart, and the fall from 1.3063 (Mar 9 high) has completed already. Further rally is now in favor, and the next target is at 1.2550 level. Initial support is at 1.2300 and followed by 1.2270.
AUDUSD remains in short term downtrend from 0.7322. Deeper decline is expected to test 0.7032, a break below this level will suggest that the rise from 0.6284 (Mar 4 low) has completed at 0.7322 level already. Initial resistance is now at 0.7237 and key resistance is at 0.7322, only rise above 1.7322 level will signal resumption of the uptrend from 0.6284.
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GBPUSD drops below the rising trend line on 4-hour chart. Range trading between 1.4821 and 1.5066 is expected in a couple of days. Key support is now located at 1.4821, below this level will indicate that a short term cycle top has been formed at 1.5066 level on 4-hour chart and deeper decline could be seen to 1.4690 zone. However as long as the pair stays above 1.4821 support, further rally is in favor.
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