Daily Forex Analysis – June 18, 2010

AUDUSD Analysis.
AUDUSD remains in uptrend from 0.8080 and the price action from 0.8666 is more likely consolidation of uptrend. Another rise is still possible after consolidation and next target would be at 0.8800-0.8850 area. Key support is at 0.8505, only fall below this level will indicate that the uptrend from 0.8080 is complete.


GBPUSD Analysis.
GBPUSD stays in a rising price channel on 4-hour chart and remains in uptrend from 1.4346. As long as the channel support holds, we’d expect uptrend to continue and another rise to 1.4900-1.5000 area is possible. However a clear break below the channel support will indicate that the rise from 1.4346 is complete.


EURUSD Analysis.
EURUSD’s rise from 1.1876 extends to as high as 1.2412 level. Key support is now at 1.2241, as long as this level holds, further rise is still possible and target would be at 1.2450-1.4500 area. However, a breakdown below 1.2241 will suggest that a cycle top is being formed on 4-hour chart, and the rise from 1.1876 is complete.


USDJPY Analysis.
USDJPY breaks below 90.85 support. Deeper decline is now in favor and target would be at 90.00 area. Resistance is at 90.45, only rise above this level could indicate that the fall from 92.10 is complete, then another rise to 93.50-94.00 is expected.


USDCHF Analysis.
USDCHF dropped sharply to as low as 1.1094 level. Resistance is located at 1.1220, as long as this level holds, downtrend from 1.1730 could be expected to continue and next target would be at 1.1000 area.


USDCAD Analysis.
USDCAD traded in a range between 1.0224 and 1.0388 for several days. As long as 1.0388 resistance holds, another fall to 1.0150 area is still possible. However, a break above 1.0388 will indicate that cycle bottom has been formed at 1.0224 on 4-hour chart, then rise to 1.0450 could be seen.


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