Daily Forex Analysis – August 3, 2009

AUDUSD Analysis.
AUDUSD breaks above 0.8337 previous high resistance, suggesting that the uptrend from 0.7703 has resumed. Further rally is now in favor and next target is at 0.8500 zone. Near term support is at 0.8300, as long as this level holds, the short term uptrend from 0.8124 will continue. Key support is now located at the rising trend line from 0.7703 to 0.8124 now at 0.8195, below the trend line support will indicate that the rise from 0.7703 has completed.


USDCAD Analysis.
USDCAD stays in the trading range between 1.0749 and 1.0933. Moving sideways is expected in a couple of days. However, the price action in the trading range is more likely consolidation of downtrend from 1.1723, deeper decline is still possible to 1.0500 after consolidation.


USDJPY Analysis.
USDJPY has formed a short term cycle top at 95.88 level on 4-hour chart. Deeper decline is possible to test 94.01 support, a break below this level will suggesting that the uptrend from 91.73 has completed at 95.88 level already, then further fall towards 91.73 previous low could be seen to follow.


GBPUSD Analysis.
GBPUSD breaks above 1.6743 previous high resistance. Further rally is possible to 1.6850 in a couple of days. Initial support is at 1.6650 followed by 1.6610, as long as these levels hold, the short term uptrend from 1.6339 will continue.


EURUSD Analysis.
EURUSD breaks above 1.4304, further rise is expected to test 1.4338 resistance, a break above this level will suggest that the uptrend from 1.2456 (Mar 4 low) has resumed. Near term support is at 1.4170, as long as this level holds, the short term uptrend from 1.4007 will continue.


USDCHF Analysis.
USDCHF drops sharply from 1.0933 and reaches as low as 1.0657, suggesting that the pair remains trading in range between 1.0590 and 1.1021, moving sideways without trend is expected in next several days.


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