USDCAD Analysis.
USDCAD moves sideways in a range between 1.2356 and 1.2672. Rise to test 1.2672 resistance is now in favor. A break above this level will indicate that the short term uptrend from 1.2024 (Jan 28 low) is underway, and the next target would be at 1.2800-900 area. Key support is at 1.2356, below this level will suggest that the uptrend from 1.2024 has completed and the following downtrend will take price back to 1.1900 area.
USDJPY Analysis.
USDJPY’s short term uptrend from 92.50 extends to as high as 98.70 level. Further rally is still possible to 100.00 in a couple of days. Near term support is at 97.35, as long as this level holds, we’d expect the uptrend to continue. However, below 97.35 level will indicate that the rise from 92.50 has completed and consolidation of the medium term uptrend from 87.12 could be seen to follow.
GBPUSD Analysis.
Being contained by 1.4093 previous low, GBPUSD rebounds from 1.4160 level. However, the rebound is treated as consolidation of the short term downtrend from 1.4661 and deeper decline is expected to 1.3800 zone after consolidation.
EURUSD Analysis.
EURUSD stays in the trading range between 1.2662 and 1.2991. Fall to test 1.2512 support is now in favor and a break below 1.2662 level will confirm such case. Initial resistance is at 1.2900 and key resistance is at 1.2991, only rise above 1.2991 level will suggest that the fall from 1.4719 (Dec 18, 2008 high) has completed.
AUDUSD Analysis.
AUDUSD breaks below the support of the rising wedge pattern, suggesting that a short term cycle top has been formed at 0.6553 level on 4-hour chart. Deeper decline is now in favor and target would be at 0.6100 zone.
USDCHF Analysis.
No changed in our view, USDCHF stays in a trading range between 1.1459 and 1.1883. Near term resistance is located at 1.1883, a break above this level will signal further rally to 1.2000 zone. Key support is now located at 1.1459, below this level will indicate that the rise from 1.0366 (Dec 29, 2008 low) has terminated.
Get Your Free Elliott Wave Tutorial Now!
See also:
Forex Articles
Forex Reviews
Powerful Profit System
Automate Your Trading Profits
Boost your Profit to Extreme