AUDUSD Analysis.
AUDUSD remains in uptrend from 0.8771 and the price action from 0.9749 is more likely consolidation of uptrend. Support is now at 0.9541, as long as this level holds, uptrend is expected to continue and one more rise towards 0.9849 (2008 high) is still possible. However, a break below 0.9541 will indicate that the uptrend from 0.8771 has completed at 0.9749 already, then deeper decline could be seen to 0.9300 area.
GBPUSD Analysis.
After a sideways consolidation, GBPUSD broke above 1.5921 resistance and reached as high as 1.5929, suggesting that the uptrend from 1.5296 has resumed. Another rise towards 1.5997 (Aug 6 high) is expected in a couple of days. Support is at the lower border of the rising price channel, now at 1.5750, as long as the channel support holds, uptrend could be expected continue.
USDCHF Analysis.
USDCHF’s downward movement from 1.1730 (Jun 1 high) extended to as low as 0.9644. Resistance is at 0.9750 followed by 0.9877, as long as these levels hold, downtrend could be expected to continue and deeper decline towards 0.9634 (2008 low) is possible later today.
USDCAD Analysis.
USDCAD’s fall from 1.0672 extended to as low as 1.0153 level. Resistance is now at the fall 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 1.0100 area.
EURUSD Analysis.
After touching the uptrend line on 4-hour chart, EURUSD rebounded from 1.3637, suggesting that the uptrend from 1.2643 has resumed. Further rise is still possible later today and next target would be at 1.4000 area. Support remains at the trend line and followed by 1.3637, only break below 1.3637 could indicate that lengthier consolidation of uptrend is underway.
USDJPY Analysis.
USDJPY is facing 82.87 previous low support, a break below this level will indicate that the longer term downtrend from 94.98 (May 5 high) has resumed, then further decline towards 79.75 (1995 low) could be seen. Resistance is at 83.97, only break above this level could indicate that the fall from 85.92 has completed, then another rise towards 85.92 key resistance could be seen.
Get Your Free Elliott Wave Tutorial Now!
See also:
Forex Articles
Powerful Profit System
Automate Your Trading Profits
Boost your Profit to Extreme