Daily Forex Analysis – May 7, 2009

EURUSD Analysis.
EURUSD is forming a sideways consolidation in a range between 1.3191 and 1.3436. Further rally is expected to 1.3500 zone after consolidation. Initial support is at the lower border of the price channel on 4-hour chart and key support is now located at 1.3191, a break down below this level will indicate that the uptrend from 1.2884 has completed at 1.3436 level already, and the following downtrend will take price back to 1.3000-1.3050 area.


USDCHF Analysis.
USDCHF stays in the trading range between 1.1245 and 1.1432. The price action in this range is more likely consolidation of downtrend from 1.1602. Deeper decline is expected after consolidation and next short term target is to test 1.1159 previous low support. Key resistance is located at 1.1432, above this level will indicate that the fall from 1.1602 has completed at 1.1245 already, and then further rally could be seen to 1.1550 zone.


USDCAD Analysis.
USDCAD remains in downtrend and the fall from 1.2504 extends further to as low as 1.1630. Deeper decline is possible to 1.1500 in a couple of days. Immediate resistance is at the falling trend line from 1.2265 to  1.1824, as long as the trend line resistance holds, we’d expect to downtrend to continue. Key resistance is now located at 1.1824, above this level will indicate that the fall from 1.2504 has completed.


USDJPY Analysis.
USDJPY rebounds from 97.95. Range trading between 97.95 and 99.57 is now in favor and the price action from 99.57 is still treated as consolidation of the uptrend from 95.62, further rally is expected to test 101.43 resistance after consolidation, and a break above 99.57 level will confirm the resumption of uptrend.


AUDUSD Analysis.
AUDUSD breaks above 0.7478 resistance and reaches as high as 0.7560 level. Further rally could be seen to 0.7650-0.7700 area in a couple of days. Key support is now located at 0.7335, as long as this level holds, uptrend will continue.


GBPUSD Analysis.
GBPUSD stays above the rising trend line on 4-hour chart. Further rise is expected to 1.5300-1.5400 area in a couple of days. Initial support is still at the rising trend line now at 1.5040, as long as the trend line support holds, uptrend will continue.


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