Daily Forex Analysis – April 16, 2010

GBPUSD Analysis.
GBPUSD remains in uptrend from 1.4798. Initial support remains at the rising trend line on 4-hour chart, as long as the trend line support holds, uptrend could be expected to continue and next target would be at 1.5600-1.5650 area. Key support is at 1.5336, below this level will indicate that a cycle top has been formed at 1.5522, then deeper decline could be seen to 1.5200-1.5250 area.


EURUSD Analysis.
EURUSD broke below 1.3546 support, suggesting lengthier consolidation of uptrend from 1.3282 is underway. Deeper decline would more likely be seen and next target would be at 1.3440-1.3485 area. Resistance is at 1.3590, only rise above this level could take price back to re-test 1.3691 resistance.


AUDUSD Analysis.
AUDUSD is testing the support of the lower border of the price channel, a clear break below the channel support will suggest that the uptrend from 0.9001 has been completed at 0.9381 already, then drop to 0.9100-0.9165 area could be seen. Key resistance is at 0.9381, above this level could trigger another rise towards 0.9500 area.


USDCAD Analysis.
After breaking below 0.9977 support, USDCAD bounced from 0.9953, suggesting lengthier consolidation of downtrend from 1.0302 is underway. However, as long as 1.0104 resistance holds, we’d expect downtrend to resume and another fall towards 0.9800 is still possible, only rise above 1.0104 key resistance could bring price to 1.0150-1.0200 area.


USDCHF Analysis.
USDCHF remains in downtrend from 1.0785 and the bounce from 1.0501 is treated as consolidation of downtrend. As long as 1.0616 resistance holds, another fall towards 1.0434 is still possible. On the other side, above 1.0616 will suggest lengthier consolidation of downtrend is underway and delay the resumption of downtrend.


USDJPY Analysis.
USDJPY stays in a trading range between 92.57 and 93.78 and is testing 92.57 support, a break below this level will trigger another fall towards 92.12 level. Key resistance is at 93.78, a break above this level will indicate that the fall from 94.68 has completed.


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