Daily Forex Analysis – March 27, 2012

AUDUSD Analysis.
AUDUSD is facing the resistance of the downward trend line on 4-hour chart, a clear break above the trend line will suggest that lengthier consolidation of the downtrend from 1.0855 is underway, then range trading between 1.0336 and 1.0550 could be seen. On the other side, downtrend could be expected to resume after touching the trend line resistance,  support is now at 1.0425, a breakdown below this level could signal resumption of the downtrend.


GBPUSD Analysis.
GBPUSD breaks above 1.5922 resistance, suggesting that upward movement from 1.5602 has resumed. Further rise to test 1.5991 previous high resistance could be seen later today, as long as 1.5602 resistance holds, the rise could be treated as correction of the downtrend from 1.5991, and another fall towards 1.5000 is still possible. On the upside, a break above 1.5991 will indicate that the pair remains in the longer term uptrend from 1.5236 (Jan 13 low), then further rise to 1.6300-1.6400 area could be expected.


EURUSD Analysis.
EURUSD’s upward movement from 1.3003 extends to as high as 1.3327. Further rise is still possible after a minor consolidation, and the next target would be at 1.3450 area. Support remains at the trend line on 4-hour chart, only a clear break below the trend line could signal completion of the uptrend.


USDJPY Analysis.
USDJPY breaks above 82.95 resistance, suggesting that a cycle bottom has been formed  at 81.98 on 4-hour chart. Further rise could be seen in a couple of days, and next target would be at 83.50 area. Support is at 81.98, only break below this level could trigger another fall to 81.50 zone.


USDCAD Analysis.
USDCAD failed to break above 1.0050 key resistance and pulled back from 1.0033, suggesting that lengthier range trading between 0.9841 and 1.0050 is underway. Deeper decline to test 0.9841 previous low support could be seen, a breakdown below this level will signal resumption of the downtrend from 1.0422 (Dec 14, 2011 high).


USDCHF Analysis.
USDCHF’s downward movement from 0.9333 extends to as low as 0.9022. Further decline is still possible after a minor consolidation, and next target would be at 0.8970 area. Resistance is at the downward trend line on 4-hour chart, as long as the trend line resistance holds, the downtrend will continue.