Daily Forex Analysis – April 19, 2010

USDJPY Analysis.
USDJPY continues its downward movement from 94.68 and the fall has reached as low as 91.87 level. Deeper decline is still possible in a couple of days and next target would be at 91.00 area. Resistance is at the falling trend line from 94.68 to 93.71, as long as the trend line resistance holds, downtrend could be expected to continue.


GBPUSD Analysis.
GBPUSD breaks below the rising trend line on 4-hour chart, suggesting that a cycle top has been formed at 1.5522 level on 4-hour chart. Deeper decline towards 1.5128 is still possible in a couple of days, however, rebound would more likely be seen before breaking below this level.


EURUSD Analysis.
EURUSD has formed a cycle top at 1.3691 level on 4-hour chart. Another fall towards 1.3267 previous low is expected in next several days. Initial resistance is at 1.3540 followed by 1.3580 and key resistance is at 1.3691.


AUDUSD Analysis.
AUDUSD broke below the lower boundary of the rising price channel on 4-hour chart last week, suggesting  that a cycle top has been formed at 0.9381 and the uptrend from 0.9001 has completed. Deeper decline is now in favor and target would be at 0.9100-0.9150 area.


USDCAD Analysis.
USDCAD bounced sharply from 0.9953 and broke above 1.0104 key resistance last week, suggesting that a cycle bottom has been formed at 0.9953 level on 4-hour chart, and the fall from 1.0302 has completed. Further rally towards 1.0302 is now in favor. Initial support is at 1.0110 followed by 1.0080.


USDCHF Analysis.
USDCHF broke above 1.0616 resistance, suggesting that a cycle bottom has been formed at 1.0501 level on 4-hour chart. However, the bounce from 1.0501 is more likely correction of downtrend from 1.0785 and another fall to 1.0300 is still possible.


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