Daily Forex Analysis – May 5, 2010

USDCAD Analysis.
USDCAD breaks above 1.0215 resistance. Further rise is still possible to test 1.0302 key resistance later today, a break above this level will indicate that the downtrend from 1.0779 (Feb 5 high) has completed at 0.9930 already, then the following uptrend could take price to 1.0500 area. As long as 1.0302 resistance holds, we’d expect downtrend to resume, and another fall to 0.9800 is possible after consolidation.


AUDUSD Analysis.
AUDUSD is forming a flag pattern on 4-hour chart, and the price action from 0.9381 is more likely consolidation of uptrend from 0.8577. Key support is at 0.9001, as long as this level holds, uptrend is expected to resume and another rise to 0.9500 is still possible. However, a breakdown below 0.9001 will indicate that the rise from 0.8577 has completed at 0.9381 already.


GBPUSD Analysis.
GBPUSD’s fall from 1.5522 extends further to as low as 1.5090 level. Deeper decline to the lower border of the rising price channel to reach the next cycle bottom on 4-hour chart is still possible later today. Rebound is expected before breaking below the price channel.


EURUSD Analysis.
EURUSD breaks below 1.3114 and its downtrend from 1.3691 has resumed. Deeper decline is still possible later today and next target would be at 1.2800 area. Resistance is at the falling trend line now at 1.3265, as long as this level holds, downtrend will continue.


USDJPY Analysis.
USDJPY remains in uptrend from 91.60, further rally is still possible later today and next target would be at 96.00 area. Support is at the rising trend line from 91.60 to 92.81, as long as the trend line support holds, uptrend from 91.60 will continue.


USDCHF Analysis.
USDCHF continues its bullish movement and the rise from 1.0501 extends to as high as 1.1071. Further rise is still possible later today and next target would be at 1.1200 area. Initial support is at 1.0985 followed by the uptrend line on 4-hour chart.


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