Daily Forex Analysis – November 17, 2010

AUDUSD Analysis.
AUDUSD continues its downward movement from 1.0182 and the fall extended to as low as 0.9724 level. Deeper decline towards 0.9651 key support is still possible later today, a breakdown below this level will suggest that the long term uptrend from 0.8066 (May 25 low) has completed at 1.0182 already, then the following downward move could bring price to 0.9000 or even lower. Resistance is at 0.9919, only break above this level could indicate that the fall from 1.0182 has completed, then another rise towards 1.0182 previous high could be seen.

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EURUSD Analysis.
EURUSD’s downward move from 1.4281 extended to as low as 1.3448 level. Resistance is now at 1.3660, as long as this level holds, downtrend is expected to continue and next target would be at 1.3300 area.

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USDCAD Analysis.
USDCAD rose strongly to as high as 1.0254 level, suggesting that the fall from 1.0372 has completed at 0.9977 already. Further rise towards 1.0372 is expected in a couple of days. Support is at 1.0180 followed by 1.0140.

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USDJPY Analysis.
USDJPY continues its upward move from 80.30, and the rise extended to as high as 83.59 level. Another rise is expected later today and next target would be at 84.00 area. Support is at 82.90 followed by 82.60, only break below these levels could bring price back to test 81.65 key support.

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GBPUSD Analysis.
GBPUSD broke below 1.5953 support and reached as low as 1.5839 level. Deeper decline is still possible in a couple of days and target would be at 1.5750 area. Key support is at 1.5649, a break below this level will indicate that the longer term uptrend from 1.5296 (Sep 7 low) is complete.

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USDCHF Analysis.
USDCHF broke above 0.9971 resistance. Another rise is expected in a couple of days and next target would be at 1.0100-1.0200 area. Support is at 0.9820, only break below this level could bring price back to the trading range between 0.9463 and 1.0000.

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