Daily Forex Analysis – August 19, 2013

USDJPY Analysis.
USDJPY failed to break above the resistance of the downward trend line on 4-hour chart, and pulled back from 98.64, suggesting that the pair remains in downtrend from 101.53. Further decline would likely be seen, and next target would be at 96.00 area. Key resistance is located at the trend line, only a clear break above the trend line resistance could signal completion of the downtrend.


AUDUSD Analysis.
AUDUSD stays in trading range between 0.8847 and 0.9317. As long as 0.9317 key resistance holds, the price action in the range could be treated as consolidation of the downtrend from 1.0582 (Apr 11 high), one more fall towards 0.8500 is still possible after consolidation. On the upside, a break above 0.9317 resistance will indicate that the downtrend from 1.0582 had completed at 0.8847 already, then the following upward movement could bring price to 1.0000 zone.


USDCHF Analysis.
USDCHF remains in downtrend from 0.9751, the rise from 0.9174 could be treated as consolidation of the downtrend. Further decline could be expected after consolidation, and next target would be at 0.9100 area. Key resistance is at 0.9400, only break above this level could signal completion of the downtrend.


USDCAD Analysis.
USDCAD stays in a trading range between 1.0245 and 1.0445. Further rise to test 1.0445 resistance would likely be seen in a couple of days. Support is at 1.0275, only break below this level could trigger another fall to 1.0150 zone.


EURUSD Analysis.
EURUSD is facing 1.3400 resistance, a break above this level will indicate that the uptrend from 1.2756 has resumed, then further rise towards 1.4000 could be seen. On the other side, as long as 1.3400 resistance holds, sideways movement in a range between 1.3206 and 1.3400 would likely be seen.


GBPUSD Analysis.
GBPUSD’s upward movement from 1.5102 extends to 1.5656. Further rise is still possible after a minor consolidation, and next target would be at 1.5750 area. Support levels are at 1.5420 and 1.5350, only break below these levels could signal completion of the uptrend.