Daily Forex Analysis – August 24, 2011

AUDUSD Analysis.
AUDUSD has formed a cycle bottom at 1.0315 on 4-hour chart. Further rise to test 1.0601 resistance is expected later today, a break above this level could signal resumption of uptrend. Initial support is at the lower border of the price channel on 4-hour chart, only a clear break below the channel support could indicate that lengthier consolidation of uptrend is underway, then pullback to 1.0100 area could be seen.


EURUSD Analysis.
EURUSD traded in a range between 1.4259 and 1.4517, as long as 1.4517 resistance holds, one more fall to 1.2900 area is possible, and a breakdown below 1.4259 could signal resumption of downtrend.


USDCHF Analysis.
USDCHF stays in a trading range between 0.7769 and 0.8014. The price action in the range is treated as consolidation of uptrend from 0.7067, another rise to 0.8200 area is still possible. On the other side, a breakdown below 0.7769 will indicate that a cycle top has been formed at 0.8014 on 4-hour chart, then pullback to 0.7500 could be seen.


USDJPY Analysis.
USDJPY moved sideways in a range between 75.96 and 77.19. Lengthier consolidation of the long term downtrend would likely be seen, and another rise to 79.00 area is expected. Support is at 75.96, only break below this level could trigger another fall to 75.00 zone.


GBPUSD Analysis.
No changed in our view, GBPUSD is formed a cycle top at 1.6617 on 4-hour chart, key support is at 1.6423, a breakdown below this level will indicate that the rise from 1.6110 is complete, then the following downward move could bring price back to 1.5900-1.6000 area. Resistance is at 1.6617, only break above this level could trigger another rise towards 1.6745 previous high.


USDCAD Analysis.
USDCAD moved sideways in a range between 0.9765 and 1.0009. Lengthier consolidation in the range is still possible in a couple of days. Key support is at 0.9765, a breakdown below this level will confirm that the uptrend from 0.9406 had completed at 1.0009 already, then further fall towards 0.9406 previous low could be seen.


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