Daily Forex Analysis – March 11, 2010

GBPUSD Analysis.
After touching the upper border of the falling price channel, GBPUSD dropped from 1.5195 and formed a short term cycle top on 4-hour chart. Deeper decline to test 1.4784 support is expected, a breakdown below this level will indicate that the downtrend from 1.6456 (Jan 19 high) has resumed, then another fall could be seen to 1.4500 area. Key resistance is at 1.5195, only rise above this level will indicate that the fall from 1.6456 has completed, then the following uptrend could take price further to 1.5400-1.5500 area.


USDCAD Analysis.
USDCAD continues its downward movement and breaks below 1.0224 (Jan 14 low) previous low, suggesting resumption of long term downtrend from 1.3063 (Mar 9, 2009 high). As next short term cycle bottom is nearing, bounce would more likely be seen to 1.0350-1.0400 area in a couple of days and a break above 1.0319 could confirm the cycle bottom.


EURUSD Analysis.
EURUSD stays in a narrow range between 1.3530 and 1.3735. One more rise towards 1.3838 key resistance is still in favor as long as 1.3530 support holds. However, below 1.3530 support could trigger another fall to 1.3300 area.


USDCHF Analysis.
USDCHF consolidates in a narrow range between 1.0648 and 1.0809. As long as 1.0809 resistance holds, one more fall towards 1.0608 is still possible. However, above 1.0809 will indicate that the consolidation from 1.0898 has completed at 1.0648 already, then another rise to 1.1000 could be seen.


USDJPY Analysis.
USDJPY breaks above 90.67 resistance. However, another fall to test 89.63 support is still possible later today, a break down below this level could indicate that the bounce from 88.14 has completed, then another fall towards 88.14 could be seen. Resistance is now at the falling trend line from 93.75 to 92.14, only a clear break above the trend line resistance could indicate that the fall from 93.75 (Jan 7 high) has completed at 88.14 already.


AUDUSD Analysis.
AUDUSD continues its upward movement from 0.8801 and the rise extends to as high as 0.9192. Further rally is still possible later today and next target would be at 0.9250 area. Key support is now located at 0.9054, a breakdown below this level will indicate that the rise from 0.8801 has completed at 0.9192 already, then pullback to 89.00 could be seen.


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