Daily Forex Analysis – May 7, 2013

GBPUSD Analysis.
GBPUSD moves sideways in a narrow range between 1.5469 and 1.5605. As long as 1.5469 support holds, the price action in the range is treated as consolidation of the uptrend from 1.5197, another rise to 1.5700 area is still possible after consolidation, and a break above 1.5605 resistance could signal resumption of the uptrend. On the downside, a breakdown below 1.5469 will suggest that lengthier consolidation of the longer term uptrend from 1.4831 (Mar 12 low) is underway, then the pair will find support at the upward trend line from 1.4831 to 1.5034.


USDCAD Analysis.
USDCAD remains in downtrend from 1.0293, the rise from 1.0051 is likely consolidation of the downtrend. Another fall could be expected after consolidation, and a breakdown below 1.0051 could trigger another fall to 1.0000 zone. Resistance is at 1.0145, only break above this level could indicate that the downtrend had completed at 1.0051 already, then the following upward move could bring price to 1.0250 zone.


USDJPY Analysis.
USDJPY is testing 99.94 resistance, a break above this level will indicate that the uptrend from 77.14 (Sep 13, 2012 low) has resumed, then further rise towards 105.00 could be seen. On the other side, as long as 99.94 resistance holds, lengthier sideways movement could be expected to continue, and one more fall to 96.50 area is still possible.


EURUSD Analysis.
EURUSD is in consolidation of the uptrend from 1.2747. As long as 1.2955 support holds, one more rise towards 1.3500 could be expected after consolidation, only a breakdown below 1.2955 could signal completion of the uptrend.


USDCHF Analysis.
USDCHF remains in downtrend from 0.9498, the rise from 0.9247 is treated as correction of the downtrend. Key resistance is at 0.9400, as long as this level holds, the downtrend could be expected to resume, and one more fall towards 0.9000 is still possible.


AUDUSD Analysis.
AUDUSD is facing 1.0220 support again, a breakdown below this level will signal resumption of the downtrend from 1.0582, then next target would be at 1.0100 area. Resistance levels are at 1.0325 and 1.0384, only break above these levels could signal completion of the downtrend.


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