Daily Forex Analysis – April 29, 2013

EURUSD Analysis.
EURUSD is facing the resistance of the upper line of  the price channel on 4-hour chart, a clear break above the channel resistance will indicate that the fall from 1.3201 had completed at 1.2955 already, then the following upward movement could bring price to 1.3500 area. However, as long as the channel resistance holds, the downtrend from 1.3201 could be expected to resume, and one more fall to 1.2900 area to complete the downward movement is still possible.


GBPUSD Analysis.
GBPUSD’s upward movement from 1.5197 extends to as high as 1.5525. Initial support is at 1.5415, as long as this level holds, further rise is still possible, and next target would be at 1.5600 area. On the downside, a breakdown below 1.5415 will suggest that the short term uptrend from 1.5197 had completed, then pullback to 1.5300 area could be seen.


USDCAD Analysis.
USDCAD’s downward movement from 1.0293 extends to as low as 1.0154. Further decline is still possible after a minor consolidation, and next target would be at 1.0100 area. Resistance is at 1.0215, as long as this level holds, the downtrend will continue.


USDJPY Analysis.
USDJPY failed to break above 99.94 resistance and pulls back to as low as 97.35, suggesting that lengthier consolidation of the uptrend from 77.14 (Sep 13, 2012 low) is underway. Deeper decline could be expected, and the target would be at 95.00 – 96.00 area.


USDCHF Analysis.
USDCHF is facing 0.9400 support, a breakdown below this level will indicate that the uptrend from 0.9206 had completed at 0.9498 already, then the following downward movement could bring price to 0.9000 zone. On the upside, as long as 0.9400 support holds, the fall from 0.9498 could be treated as consolidation of the uptrend from 0.9206, one more rise to 0.9540 is still possible.


AUDUSD Analysis.
AUDUSD remains in uptrend from 1.0220, the fall from 1.0339 is likely correction of the uptrend. Another rise could be expected after correction, and the target would be at 1.0400 – 1.0450 area. Support is at 1.0220, only break below this level could trigger another fall towards 1.0000.