Daily Forex Analysis – April 20, 2009

AUDUSD Analysis.
AUDUSD remains in short term downtrend from 0.7322. Deeper decline is expected to test 0.7032, a break below this level will suggest that the rise from 0.6284 (Mar 4 low) has completed at 0.7322 level already. Initial resistance is now at 0.7237 and key resistance is at 0.7322, only rise above 1.7322 level will signal resumption of the uptrend from 0.6284.


GBPUSD Analysis.
GBPUSD broke below 1.4821 key support last week, suggesting that a short term cycle top has been formed at 1.5066 level on 4-hour chart. Deeper decline is in favor. The next target is to test 1.4585, below this level will indicate that the rise from 1.3654 (Mar 11 low) has completed. Initial resistance is at 1.4860, as long as this level holds, the short term downtrend from 1.5066 will continue.


USDCAD Analysis.
USDCAD is testing 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, and then range trading could be seen between 1.1981 and 1.2350. However, 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’s rebound from 98.13 reached 99.74 level only, and the pullback from 99.74 suggests deeper decline to retest 98.13, a break below this level will indicate that the downtrend from 101.43 has resumed and then deeper decline could be seen to 97.00-97.50 area. Initial resistance is at 99.74, only rise above this level will signal further rally to 100.50 zone.


EURUSD Analysis.
EURUSD broke below 1.3089 support last week, suggesting that the downtrend from 1.3738 (Mar 19 high) has resumed. Deeper decline is now in favor and the next target is at 1.2800 zone. Initial resistance is at 1.3050, as long as this level holds, the downtrend from 1.3392 will continue.


USDCHF Analysis.
USDCHF broke above 1.1622 resistance last week, suggesting the the uptrend from 1.1159 has resumed. Further rally is in favor, and the next target is at 1.1800 zone. Initial support is at 1.1640 and followed by 1.1600, as long as 1.1600 level holds, uptrend will continue.


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