Daily Forex Analysis – April 29, 2010

GBPUSD Analysis.
GBPUSD broke below 1.5191 key support, suggesting that a cycle top has been formed at 1.5497 level on 4-hour chart, and the bounce from 1.4798 has completed at 1.5522 already. Deeper decline is expected later today and target would be at the lower border of the price channel. Resistance is now at 1.5240, as long as this level holds, downtrend from 1.5497 could be expected to continue.


AUDUSD Analysis.
AUDUSD stays in a falling price channel and remains in downtrend from 0.9381. As long as the channel resistance holds, another fall to the lower boundary of the channel is possible in a couple of days. However, a clear break above the channel resistance will indicate that the fall from 0.9381 has completed at 0.9134 already, then another rise to 0.9500 could be seen.


USDCAD Analysis.
Being contained by 1.0215 resistance, USDCAD pulled back from 1.0196, suggesting that a cycle top is being formed on 4-hour chart. Another fall towards 0.9930 would more likely be seen in next several days. Key resistance is at 1.0215, only rise above this level will indicate that the longer term downtrend from 1.0779 (Feb 5 high) has completed at 0.9930 already, then the following uptrend could take price back to1.0500 area.


EURUSD Analysis.
EURUSD remains in downtrend from 1.3691. Initial resistance is at 1.3270 followed by the falling trend line on 4-hour chart. As long as the trend line resistance holds, downtrend is expected to continue and next target would be at 1.3050 area. Key resistance is at 1.3415, only rise above this level will indicate that the fall from 1.3691 has completed.


USDJPY Analysis.
USDJPY traded in a range between 91.60 and 94.68. Another fall to 92.50-93.00 is expected later today. However, the price action from 94.68 is more likely consolidation of uptrend from 88.14, one more rise towards 100.00 is still possible after consolidation, and a break above 94.68 could signal resumption of uptrend.


USDCHF Analysis.
USDCHF breaks above 1.0898 (Feb 19 high). Further rally is still possible later today and next target would be at 1.1000 area. 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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