Daily Forex Analysis – April 2, 2009

USDCAD Analysis.
USDCAD remains in short term uptrend from 1.2191, and the price action in the trading range between 1.2501 and 1.2714 is treated as consolidation of the uptrend. As long as 1.2501 support holds, we’d expect the uptrend to resume and further rise towards 1.2800 zone is possible. However, below 1.2501 level will indicate that the rise from 1.2191 has completed at 1.2714 already, and the following downtrend will take price back to test 1.2191 support.


GBPUSD Analysis.
GBPUSD formed a short term cycle bottom at 1.4110 level on 4-hour chart. The rise from 1.4110 is possibly be resumption of the medium term uptrend from 1.3654 (Mar 11 low). Further rise to test 1.4779 previous high resistance is possible in next several days. Initial support is at 1.4380, as long as this level holds, we’d expect the short term uptrend from 1.4110 to continue.


EURUSD Analysis.
No changed in our view, EURUSD is forming a short term cycle bottom at 1.3112 level on 4-hour chart. Key resistance is located at 1.3342, a break above this level will conform the cycle bottom and indicate that the fall from 1.3738 has completed at 1.3112 already, and then further rally could be seen to 1.3500 zone. Only fall below 1.3112 will signal deeper decline to 1.2800-1.2900 area.


USDJPY Analysis.
Being contained by the previous high resistance at 99.67, USDJPY consolidate in a narrow range between 98.20 and 99.45. Further rise is still in favor and a break above 99.67 level will indicate that the medium term uptrend from 87.12 (Jan 21 low) has resumed.


USDCHF Analysis.
USDCHF formed a short term cycle top at 1.1548 level on 4-hour chart. As long as 1.1548 resistance holds, pullback to test 1.1159 is in favor. Only rise above 1.1548 level will signal further rally to 1.1600-1.1650 area.


AUDUSD Analysis.
AUDUSD formed a short term cycle bottom at 0.6768 on 4-hour chart. Further rise to test 0.7092 is still possible in a couple of days and pullback will more likely be seen before breaking above this level. Near term support is at the rising trend line on 4-hour chart, as long as the trend line support holds, the short term uptrend from 0.6768 will continue.


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