Daily Forex Analysis – May 6, 2010

AUDUSD Analysis.
AUDUSD’s fall from 0.9381 extended to as low as 0.9020. Deeper decline to test 0.9001 is still possible later today, a breakdown below this level will indicate that the uptrend from 0.8577 has completed at 0.9381 already. However, as long as 0.9001 level holds, uptrend is expected to resume and another rise to 0.9500 is still possible.


USDCAD Analysis.
USDCAD breaks above 1.0302 resistance, suggesting completion of downtrend from 1.0779. Further rally could be seen to 1.0500 area. However, minor consolidation would more likely be seen in a couple of day and range trading between 1.0230 and 1.0355 is expected.


GBPUSD Analysis.
GBPUSD continues its downward movement from 1.5522. 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 after touching the price channel.


EURUSD Analysis.
EURUSD dropped sharply to as low as 1.2789 level. Deeper decline is still possible in a couple of days and next target would be at 1.2600 area. Resistance is at 1.2910, only rise above this level could signal minor consolidation of downtrend.


USDJPY Analysis.
USDJPY breaks below the rising trend line from 91.60 to 92.81 and reaches as low as 93.53. However, the price action from 94.35 is more likely consolidation of uptrend from 91.60. As long as 92.81 support holds, one more rise towards 96.00 is still possible after consolidation.


USDCHF Analysis.
USDCHF’s bullish movement extends to as high as 1.1196 level. Further rally is still possible in a couple of days and next target would be at 1.1300 area. Support is now at 1.1100, only fall below this level could signal minor consolidation of uptrend.


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