Daily Forex Analysis – March 18, 2009

GBPUSD Analysis.
GBPUSD remains in short term uptrend from 1.3654 though the pullback from 1.4231 has extended to 1.3964 level. One more rise to test 1.4305 key resistance is still possible after consolidation and a break above this level will indicate that the fall from 1.4985 has completed at 1.3654 level already, and then the following uptrend could bring price to 1.4600 zone. Near term support is at 1.3940 followed by 1.3875, only fall below 1.3875 will suggest that the fall from 1.4231 is resumption of the downtrend from 1.4985, and then deeper decline could be seen to 1.3550-1.3600 area.


EURUSD Analysis.
EURUSD remains in short term uptrend from 1.2456 and the pullback from 1.3071 is more likely consolidation of the uptrend. Near term support is at the lower border of the price channel on 4-hour chart and key support is located at 1.2848, as long as this level holds, we’d expect the uptrend to continue and the next target would be at 1.3150-1.3200 area.


AUDUSD Analysis.
AUDUSD might be forming a short term cycle top at 0.6636 level on 4-hour chart. Pullback to test the support of the rising price channel on 4-hour chart is expected later today. A clear break below the channel support will confirm the cycle top and indicate that the rise from 0.6284 has completed at 0.6636 already, and then deeper decline could be seen to 0.6350 zone.


USDCHF Analysis.
No changed in our view, USDCHF remains in short term uptrend from 1.1430. The pullback from 1.1963 is more likely flag pattern consolidation of the uptrend. Further rise to 1.2100 level is still in favor after consolidation and a clear break above this flag pattern will signal the resumption of uptrend. Near term support is at 1.1800 and followed by 1.1750, as long as 1.1750 level holds, the uptrend will continue.


USDJPY Analysis.
USDJPY’s rebound from 95.65 extends further to 98.96 level. The previous high resistance at 99.67 may be tested in a couple of days, and pullback is expected before breaking above this level. The price action from 99.67 is treated as consolidation of the medium term uptrend from 87.12 (Jan 21 low), further rise to 102.00 is still in favor after consolidation.


USDCAD Analysis.
USDCAD consolidates above 1.2624. Drop below this level will signal deeper decline to 1.2500 zone. However, as long as 1.2500 support holds, the price action from 1.3063 is treated as correction of the uptrend from 1.1761 (Jan 6 low), and rebound is expected before breaking below this level.


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