Daily Forex Analysis – April 23, 2010

EURUSD Analysis.
EURUSD breaks below 1.3267 previous low, suggesting that the long term downtrend from 1.5144 (Nov 25, 2009 low) has resumed. Deeper decline is still possible after a minor consolidation, and next target would be at 1.3100 area. Resistance is at the falling trend line on 4-hour chart, as long as the trend line resistance holds, downtrend could be expected to continue.

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USDCAD Analysis.
After touching 0.9953 previous low, USDCAD bounced from 0.9930. However, the bounce is more likely minor consolidation of downtrend from 1.0215, another fall towards 0.9800 is still possible after consolidation.

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USDJPY Analysis.
USDJPY formed a cycle bottom at 91.60 level on 4-hour chart. Now the rise from 91.60 could possibly be resumption of uptrend from 88.14 (Mar 4 low). Further rally to test 94.68 is expected in next several days. Support is at 92.74, as long as this level holds, uptrend from 91.60 will continue.

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GBPUSD Analysis.
GBPUSD moved sideways in a range between 1.5191 and 1.5522. The price action in the range is more likely consolidation of uptrend from 1.4798. Another rise towards 1.5800 area is expected after consolidation. Support is at 1.5191, only fall below this level could trigger another fall to 1.5000 zone.

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AUDUSD Analysis.
AUDUSD traded in a range between 0.9157 and 0.9381. Sideways movement in the range could be seen in a couple of days. Support remains at the uptrend line from 0.8801 (Feb 25 low) to 0.9001, and key support is at 0.9157, as long as this level holds, we’d expect uptrend to resume, and another rise towards 0.9500 is possible after consolidation.

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USDCHF Analysis.
USDCHF continues its upward movement and the rise from 1.0501 extends to as high as 1.0839 level. Further rally to test 1.0898 (Feb 19 high) is possible in a couple of days. Support is at the rising trend line on 4-hour chart, as long as the trend line support holds, uptrend will continue.

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