Daily Forex Analysis – June 16, 2010

EURUSD Analysis.
EURUSD breaks above the upper boundary of the falling price channel on 4-hour chart, suggesting completion of downtrend from 1.3817 (Mar 17 high). Support is now at 1.2165, as long as this level holds, further rally is still possible and next target would be at 1.2450-1.2500 area. Key support is at 1.2045, only fall below this level could turn price back to re-test 1.1876 previous low support.


GBPUSD Analysis.
GBPUSD stays above a uptrend line from 1.4346 to 1.4504 and remains in uptrend from 1.4346. As long as the trend line support (now at 1.4625) holds, one more rise is still possible and next target would be at 1.4900-1.5000 area, only a clear break below the trend line support could indicate that the rise form 1.4346 has completed.


USDJPY Analysis.
USDJPY traded in a range between 90.85 and 92.10 for several days. Another rise to 93.50-94.00 would more likely be seen, and a break above 92.10 could signal resumption of uptrend from 88.98. Support is at 90.85, only fall below this level could turn price back to 90.00 area.


USDCHF Analysis.
USDCHF continues its downward movement from 1.1730 and the fall extends to as low as 1.1292 level. Deeper decline is still possible later today and next target would be at 1.1200-1.1250 area. Resistance is located at the falling trend line, now at 1.1480, as long as this level holds, downtrend could be expected to continue.


USDCAD Analysis.
USDCAD stays in a trading range between 1.0224 and 1.0388. The price action in the range is more likely consolidation of downtrend from 1.0678. Another fall to 1.0150 is still possible later today. Key resistance is at 1.0388, only rise above this level will indicate that a cycle bottom has been formed, and the fall from 1.0678 is complete, then rise towards the upper border of the price channel could be seen.


AUDUSD Analysis.
AUDUSD’s fall from 0.86666 extends to 0.8505 only. The subsequent bounce suggests that the pair remains in uptrend from 0.8080. Another rise to 0.8750-0.8800 is expected later today. Key support is now at 0.8505, only fall below this level will indicate that the uptrend from 0.8080 is complete.


For long term forex analysis.

Get Your Free Elliott Wave Tutorial Now!

See also:
Forex Articles
Powerful Profit System
Automate Your Trading Profits
Boost your Profit to Extreme