Daily Forex Analysis – November 24, 2010

AUDUSD Analysis.
AUDUSD broke below 0.9724 support, suggesting that the downtrend from 1.0182 has resumed. Deeper decline towards 0.9651 key support could be seen later today, a breakdown below this level will indicate that the longer term uptrend from 0.8066 (May 25 low) has completed at 1.0182 already, then the following bearish move could bring price to 0.9000 area.


GBPUSD Analysis.
GBPUSD continues its downward movement from 1.6298 and the fall extends to as low as 1.5758 level. Resistance remains at the downtrend line from 1.6298 to 1.6182, as long as the trend line resistance holds, downtrend is expected to continue and next target would be at 1.5600-1.5700 area.


USDCHF Analysis.
After touching 0.9855 support, USDCHF rebounded from 0.9848 level, suggesting that a cycle bottom has been formed on 4-hour chart. Now the rise from 0.9848 could possibly be resumption of uptrend, another rise to 1.0200 would likely be seen in a couple of days.


EURUSD Analysis.
EURUSD broke below 1.3448 key support and the downtrend from 1.4281 had resumed. Deeper decline could be seen in a couple of days and next target would be at 1.3100-1.3200 area. Resistance is at the downtrend line from 1.4281 to 1.3785, now at 1.3715, as long as the trend line resistance holds, downtrend will continue.


USDCAD Analysis.
After touching 1.0260 resistance, USDCAD pulled back from 1.0263, suggesting lengthier consolidation of uptrend from 0.9977 is underway. Range trading between 1.0121 and 1.0260 is possible to continue in a couple of days.


USDJPY Analysis.
USDJPY broke below 83.03 support, suggesting that a cycle top has been formed at 83.84 level on 4-hour chart. Pullback to 81.50-82.00 area would likely be seen. However, the fall from 83.84 could possibly be correction of uptrend from 80.30, another rise is still possible after correction.