Daily Forex Analysis – September 3, 2013

AUDUSD Analysis.
AUDUSD stays within a downward price channel on 4-hour chart, and remains in short term downtrend from 0.9232. Resistance is at the upper line of the channel, as long as the channel resistance holds, the downtrend could be expected to resume, and another fall to test 0.8847 support is still possible, a breakdown below this level will signal resumption of the longer term downtrend from 1.0582 (Apr 11 high), then the following downward movement could bring price to 0.8500 zone. On the upside, a clear break above the channel resistance will suggest that the short term downtrend from 0.9232 is complete, then further rally to 0.9200 area could be seen.


GBPUSD Analysis.
GBPUSD breaks above 1.5560 resistance, suggesting that the downward movement from 1.5717 had completed at 1.5429 already. Further rise to test 1.5717 resistance would likely be seen, a break of this level will signal resumption of the uptrend from 1.4813 (Jul 9 low). Key support is now located at 1.5429, only break below this level will indicate that the uptrend from 1.4813 had completed at 1.5717 already, then the following downward movement could bring price back to 1.5000 zone.


EURUSD Analysis.
EURUSD remains in downtrend from 1.3451. Further decline could be expected after a minor consolidation, and next target would be at 1.3100 area. Resistance is at 1.3300, only break above this level could trigger another rise towards 1.3500.


USDCHF Analysis.
USDCHF continues its upward movement from 0.9147, and the rise extends to as high as 0.9349. Further rise to test 0.9396 key resistance is possible, a break above this level will signal completion of the downtrend from 0.9751 (Jul 9 high), then the following upward movement could bring price to 0.9500 area. On the downside, as long as 0.9396 resistance holds, the downtrend from 0.9751 could be expected to resume, and one more fall towards 0.9000 is still possible.


USDJPY Analysis.
USDJPY breaks above 99.14 resistance, suggesting that the uptrend from 95.81 has resumed. Further rise could be expected and next target would be at 101.00 area. Support is at 98.80, as long as this level holds, the uptrend from 96.82 will continue.


USDCAD Analysis.
USDCAD continues its sideways movement in a range between 1.0471 and 1.0568. As long as 1.0450 support holds, the price action in the range could be treated as consolidation of the uptrend from 1.0275, one more rise to 1.0700 area is still possible, only break below 1.0450 could signal completion of the uptrend.