USDJPY Analysis.
USDJPY’s bounce from 88.14 extended to as high as 91.08 last week. Further rally to test the resistance of the falling trend line from 93.75 (Jan 7 high) to 92.14 is expected later today, a clear break above the trend line resistance will target 92.00 area. Key support is located at 89.63, only fall below this level will indicate that the bounce from 88.14 has completed, then another fall towards 87.00 could be seen.
GBPUSD Analysis.
GBPUSD broke above 1.5195 resistance, suggesting that the downtrend from 1.6456 (Jan 19 high) has completed at 1.4784 already. Further rally is now in favor and next target would be at 1.5400 area. Key support is located at 1.4872, only fall below this level could trigger another fall towards 1.4500 area.
USDCAD Analysis.
USDCAD is in downtrend from 1.0679. Initial resistance is at 1.0195 and key resistance is at 1.0320, as long as these levels hold, downtrend is expected to continue and next target would be at 1.0100 area.
EURUSD Analysis.
EURUSD’s bounce from 1.3435 extended to as high as 1.3795. Further rally is still possible in a couple of days. Next target would be at 1.3850 or even 1.3935. Key support is at 1.3530, only fall below this level could trigger another fall towards 1.3300 area.
USDCHF Analysis.
USDCHF broke below 1.0608 key support, suggesting that the uptrend from 1.0132 (Jan 11 low) has completed at 1.0898 already. Deeper decline is now in favor and next target would be at 1.0520 or even 1.0450.
AUDUSD Analysis.
AUDUSD remains in uptrend from 0.8801. Further rally is still possible later today and next target would be at 0.9250 area. Support is at the lower border of the price channel and key support is at 0.9110, only fall below this level could take price back to 0.9025 area.
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