Daily Forex Analysis – May 13, 2013

GBPUSD Analysis.
GBPUSD is testing the support of the upward trend line from 1.4831 to 1.5034, a clear break below the trend line support will indicate that the uptrend from 1.4831 (Mar 12 low) had completed at 1.5605 already, then the following downward movement could being price to 1.5000 zone. On the upside, as long as the trend line support holds, the fall from 1.5605 would possibly be consolidation of the uptrend from 1.4831, one more rise towards 1.5800 is still possible after consolidation.


USDCAD Analysis.
USDCAD breaks above the resistance of the upper line of the price channel on 4-hour chart, suggesting that the downward movement from 1.0293 had completed at 1.0013 already. Further rise could be expected, and the target would be at 1.0200 area. Support levels are at 1.0060 and 1.0013, only break below these levels could trigger another fall towards 0.9500.


USDJPY Analysis.
USDJPY’s upward movement from 98.58 extends to as high as 102.15. Further rise would likely be seen, and next target would be at 104.00 area. Support is at 100.80, only break below this level will indicate that consolidation of the uptrend is underway, then pullback to 99.50 area is possible.


EURUSD Analysis.
EURUSD breaks below 1.2955 support, suggesting that he uptrend from 1.2747 had completed at 1.3242 already. Further decline would likely be seen, and next target would be at 1.2850 area. Resistance is at 1.3085, only break above this level could trigger another rise towards 1.3500.


USDCHF Analysis.
USDCHF’s upward movement from 0.9247 extends to as high as 0.9626. Further rise is still possible and next target would be at 0.9700 area. Support is at 0.9480, only break below this level could signal completion of the uptrend.


AUDUSD Analysis.
AUDUSD continues its downward movement from 1.0384, and the fall extends to as low as 0.9961. Further decline could be expected, and next target would be at 0.9900 area. Resistance is at 1.0100, as long as this level holds, the downtrend will continue.