Daily Forex Analysis – June 19, 2009

EURUSD Analysis.
EURUSD might be forming a short term cycle top at 1.4001 level on 4-hour chart. Moving lower to test 1.3748 key support is expected later today. A break below this level will indicate that the downtrend from 1.4338 has resumed. Then deeper decline could be seen to follow, and target would be at 1.3500 zone. Near term resistance is at 1.4001, only rise above this level will signal further rally to 1.4050-1.4100 area.


GBPUSD Analysis.
GBPUSD is forming a sideways consolidation in a range between 1.5801 and 1.6662. Pullback to 1.5950-1.6000 area would more likely be seen in a couple of days. Initial resistance is at the falling trend line on 4-hour chart, as long as the trend line resistance holds, we’d expect the downtrend from 1.6618 to continue.


USDCHF Analysis.
USDCHF is forming a triangle pattern on 4-hour chart. Rebound to test 1.0986 would more likely be seen in a couple of days, a break above this level will signal further rally towards 1.1200 zone. Near term support is at the lower border of the triangle pattern, and key support is at 1.0761, below this level will take price to test 1.0650.


USDCAD Analysis.
USDCAD consolidates in a narrow range between 1.1221 and 1.1448. As long as 1.1221 support holds, we’d expect uptrend to resume and further rally to 1.1500 is still possible. However, below 1.1221 will suggest that the short term uptrend from 1.0940 has completed, and then the following downtrend will take price to re-test 1.0928 key support.


AUDUSD Analysis.
Being contained by 0.7827 support, AUDUSD rebounded from 0.7849 level. Further rise to 0.8150 zone would more likely be seen. Near term support is now at 0.7849, only fall below this level will signal deeper decline to 0.7700-0.7750 area.


USDJPY Analysis.
USDJPY remains in downtrend from 98.88 and the rise from 95.51 is treated as consolidation of the downtrend. Further rally is still possible later today, and the short term target would be at 97.00-97.50 area.


For long term forex analysis.

Get Your Free Elliott Wave Tutorial Now!

See also:
Forex Articles
Forex Reviews
Powerful Profit System
Automate Your Trading Profits
Boost your Profit to Extreme