Daily Forex Analysis – October 30, 2009

USDCAD Analysis.
USDCAD is testing the support of the lower border of the rising price channel on 4-hour chart, a clear break below the channel support will suggest that the rise from1.0206 has completed at 1.0820 level already, then the following downtrend could take price back below 1.0206 previous low. However, as long as the channel support holds, we would expect uptrend to continue and another rise towards 1.0900 is still possible.


EURUSD Analysis.
EURUSD rebounded sharply from 1.4683, suggesting a short term cycle bottom has been formed at 1.4683 level on 4-hour chart and the fall from 1.5062 has completed. Rise towards 1.4950-1.5000 area is expected later today. Support level is now at 1.4683, only break below this level could signal another fall towards 1.4500 zone.


USDJPY Analysis.
Being contained by 90.07 support, USDJPY rebounded from 90.24 level, suggesting a short term cycle bottom has been formed. Consolidation in a range between 90.24 and 92.32 is expected in a couple of days. Key resistance is at 92.32, above this level will signal another rise towards 94.00.


GBPUSD Analysis.
An unexpected rise has taken GBPUSD to 1.6608 level, suggesting further rally to test 1.6692 resistance, a break above this level will signal another rise towards 1.6900 area. Support level is now at 1.6440, only fall below this level could take price back to downward trend.


USDCHF Analysis.
USDCHF is forming a short term cycle top at 1.0285 level on 4-hour chart. Key support is located at 1.0148,  a break below this level is needed to confirm the cycle top. As long as the pair stays above 1.0148 level, we should consider another rise towards 1.4000 zone, and a break above 1.0285 will signal resumption of uptrend.


AUDUSD Analysis.
AUDUSD rebounded sharply to as high as 0.9180, suggesting that a short term cycle bottom has been formed on 4-hour chart and the fall from 0.8326 has completed. Range trading between 0.8942 and 0.9326 is expected in next several day, and one more rise towards 0.9500 could be seen after consolidation.


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