Daily Forex Analysis – March 30, 2010

AUDUSD Analysis.
AUDUSD broke above the downtrend line on 4-hour chart, suggesting that a cycle bottom has been formed at 0.9001, and the fall from 0.9250 has completed. Now the bounce from 0.9001 is treated as resumption of uptrend from 0.8577 February low. Another rise towards 0.9250 could be seen and minor consolidation would more likely be seen before breaking above this level.


GBPUSD Analysis.
GBPUSD breaks above 1.5001 resistance, suggesting that a cycle bottom is being formed at 1.4798 on 4-hour chart. Further rise to 1.5080 would more likely be seen later today. Support is at 1.4798, only fall below this level could trigger another fall towards 1.4500 area.


USDJPY Analysis.
USDJPY might be forming a cycle top at 92.95 level on 4-hour chart. Pullback to test 91.76 is expected later today. However, the fall from 92.95 is more likely consolidation of uptrend from 89.76, as long as 91.76 support holds, another rise to test 93.75 January high is possible.


EURUSD Analysis.
EURUSD formed a cycle bottom at 1.3267 level on 4-hour chart. Range trading between 1.3267 and 1.3550 is expected in next several days. However, the price action from 1.3267 is treated as correction of downtrend from 1.3817, another fall towards 1.3000 is still possible after correction.


USDCHF Analysis.
USDCHF formed a cycle top at 1.0750 level on 4-hour chart. Range trading between 1.0550 and 1.0750 is expected in next several days. As long as 1.0506 key support holds, the fall from 1.0750 is treated as consolidation of uptrend from 1.0506, another rise towards 1.0898 is still possible after consolidation.


USDCAD Analysis.
Being contained by 1.0320 resistance, USDCAD pullback from 1.0302, suggesting that a cycle top is being formed at 1.0302 level on 4-hour chart. Another drop to 1.0100 is expected in a couple of days.


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