Daily Forex Analysis – June 6, 2011

AUDUSD Analysis.
AUDUSD has reached the upper border of the price channel on 4-hour chart. Pullback would likely be seen later today. Support is at 1.0587, a breakdown below this level will indicate that the downtrend from 1.1011 has resumed, then the following downward move could bring price to 1.0250-1.0300 area. However, a clear break above the upper border of the channel will suggest that lengthier consolidation of downtrend is underway, then further rally could be seen to 1.0850 zone.

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EURUSD Analysis.
EURUSD stays above a rising trend line on 4-hour chart, and remains in uptrend from 1.3969. As long as the trend support holds, uptrend could be expected to continue, and next target would be at 1.4750 area. Only a clear break below the trend line could indicate that the rise from 1.3969 has completed, then another fall towards 1.3500 could be seen.

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USDCAD Analysis.
USDCAD broke above 0.9816 resistance and reached as high as 0.9851, suggesting that the uptrend from 0.9444 has resumed. Further rise is still possible in next several days, and next target would be at 0.9900 area. Support is at the trend line from 0.9513 to 0.9655, only a clear break below the trend line could indicate that the rise from 0.9444 is complete.

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GBPUSD Analysis.
GBPUSD had formed a cycle bottom at 1.6286 on 4-hour chart. Further rise is possible later today, a break above 1.6546 resistance will indicate that the uptrend from 1.6059 has resumed, then next target is at 1.6650-1.6700 area.

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USDCHF Analysis.
USDCHF continued its downward movement from 0.8945, and the fall extended to as low as 0.8327. Resistance is now at 0.8452, as long as this level holds, downtrend could be expected to continue, and next target would be at 0.8200.

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USDJPY Analysis.
USDJPY’s downward move from 82.22 extended to as low as 80.05. Further fall to test 79.58 support could be seen later today, a break below this level will indicate that the longer term downtrend from 85.51 has resumed, then next target would be at 78.00 zone.

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