Daily Forex Analysis – May 9, 2013

GBPUSD Analysis.
GBPUSD is in uptrend from 1.4831 (Mar 12 low), the fall from 1.5605 is treated as consolidation of the uptrend. Initial support is at 1.5447, and the key support is located at the upward trend line from 1.4831 to 1.5034. As long as the trend line support holds, the uptrend could be expected to resume, and one more rise to 1.5800 is still possible after consolidation. Resistance is at 1.5605, a break above this level could signal resumption of the uptrend.


USDCAD Analysis.
USDCAD continues its downward movement from 1.0293 and the fall extends to as low as 1.0017. Further decline could be seen, and next target would be at 0.9950 area. Resistance is at 1.0100, only break above this level could signal completion of the downtrend.


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 continues its sideways movement in a range between 1.2955 and 1.3242. Lengthier consolidation in the range would likely be seen in a couple of days. As long as 1.2955 support holds, we’d expect the uptrend from 1.2747 to resume, a break above 1.3242 could trigger another rise towards 1.3500.


USDCHF Analysis.
USDCHF’s upward movement from 0.9247 had completed at 0.9436 already. Further decline could be expected, and next target would be at 0.9250 area. Resistance is at 0.9436, only break above this level could trigger another rise to 0.9500 area.


AUDUSD Analysis.
AUDUSD remains in downtrend from 1.0384, the rise from 1.0154 is likely consolidation of the downtrend. Another fall could be expected after consolidation, and next target would be at 1.0100 area. Resistance is at 1.0280, only break above this level will indicate that lengthier consolidation of the longer term downtrend from 1.0582 is underway, then further rise to 1.0325 area could be seen.