Daily Forex Analysis – April 23, 2013

USDCAD Analysis.
USDCAD moves sideways in a range between 1.0203 and 1.0293. Key support is at 1.0203, as long as this level holds, the price action in the trading range could be treated as consolidation of the uptrend from 1.0083, one more rise to test 1.0341 resistance is still possible. On the downside, a breakdown below 1.0203 will indicate that the upward movement from 1.0083 had completed at 1.0293 already, then the following downward movement could bring price back to 1.0000 zone.


GBPUSD Analysis.
GBPUSD stays above a upward trend line from 1.4831 to 1.5034. As long as the trend line support holds, the fall from 1.5411 is treated as consolidation of the uptrend from 1.4831, one more rise towards 1.5600 is still possible after consolidation. On the other side, a clear break below the trend line support will indicate that the uptrend from 1.4831 had completed at 1.5411 already, then the following downward move could bring price to 1.4500 zone.


USDJPY Analysis.
USDJPY is testing 99.94 resistance, a break above this level will signal resumption of the uptrend from 77.14 (Sep 13, 2012 low), then further rise towards 105.00 could be seen. However, as long as 99.94 resistance holds, lengthier consolidation in the range between 95.83 and 99.94 is possible.


USDCHF Analysis.
USDCHF’s rise from 0.9206 extends to as high as 0.9371. Resistance is at 0.9400, as long as this level holds, the rise is treated as consolidation of the downtrend from 0.9567, another fall towards 0.9000 could be expected after consolidation, and a breakdown below 0.9275 could signal resumption of the downtrend.


AUDUSD Analysis.
AUDUSD continues its downward movement from 1.0582, and the fall extends to as low as 1.0221. Resistance is at the downward trend line on 4-hour chart, as long as the trend line resistance holds, further decline could be expected, and next target would be at 1.0150 area, only a clear break above the trend line resistance could signal completion of the downtrend.


EURUSD Analysis.
No changed in our view, EURUSD remains in uptrend from 1.2747, the fall from 1.3201 is treated as consolidation of the uptrend. Another fall to 1.2900 – 1.2950 area to complete the consolidation is still possible. Resistance is at 1.3201, a  break above this level could trigger another rise towards 1.3500.