Daily Forex Analysis – April 17, 2009

GBPUSD Analysis.
GBPUSD drops below the rising trend line on 4-hour chart. Range trading between 1.4821 and 1.5066 is expected in a couple of days. Key support is now located at 1.4821, below this level will indicate that a short term cycle top has been formed at 1.5066 level on 4-hour chart and deeper decline could be seen to 1.4690 zone. However as long as the pair stays above 1.4821 support, further rally is in favor.


USDCAD Analysis.
USDCAD rebounds from 1.1981 level. Further rise is possible to test 1.2185 key resistance, a break above this level will indicate that a short term cycle bottom has been formed on 4-hour chart and the downtrend from 1.2483 has completed at 1.1981 already. As long as 1.2185 resistance holds, we’d expect the downtrend to resume, and one more fall towards 1.1900-1.1950 area is still possible.


USDJPY Analysis.
USDJPY is in range trading between 98.13 and 101.43. Further rise is expected to 100.00-100.50 area later today. Now the price action from 101.43 is more likely consolidation of the medium term uptrend from 87.12 (Jan 21 low), one more rise towards 103.00-104.00 area is still possible after consolidation.


EURUSD Analysis.
EURUSD is testing the previous low support of 1.3089, a break down below this level will signal deeper decline to 1.2900-1.3000 area. As long as the pair stays above 1.3089 support, rise to test 1.3392 is possible, above this level will indicate that the rebound from 1.3089 is resumption of the medium term uptrend from 1.2456 (Mar 4 low).


AUDUSD Analysis.
AUDUSD failed to test 0.7322 resistance and dropped below 0.7146 support. Deeper decline is now in favor and the target would be at 0.7050-0.7100 area. Initial resistance is at 0.7250 and key resistance is at 0.7322, only rise above this level will signal further rally to 0.7450 zone.


USDCHF Analysis.
USDCHF is in short term uptrend from 1.1303. As long as the pair stays above the rising trend line on 4-hour chart, further rally is in favor and next target is at 1.1550 zone. However, a clear break below the trend line support will indicate that the rise from 1.1303 has completed, and then the following pullback could take price back to 1.1350 level.


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