Daily Forex Analysis – April 19, 2012

USDJPY Analysis.
USDJPY had formed a cycle bottom at 80.31 on 4-hour chart. Further rise to test the resistance of the upper border of the downward price channel is possible later today. As long as the channel resistance holds, the rise is treated as consolidation of the downtrend from 84.17, and another fall is still possible after consolidation. On the other side, a clear break above the channel resistance will indicate that the fall from 84.17 had completed at 80.31 already, then further rise to 83.00 area could be seen.


USDCAD Analysis.
USDCAD is facing 0.9841 support, a breakdown below this level will signal resumption of the longer term downtrend from 1.0422 (Dec 14, 2011 high), then further decline to 0.9600-0.9700 area could be seen. However, as long as 0.9841 support holds, lengthier consolidation in the range between 0.9841 and 1.0050 is still possible.


EURUSD Analysis.
EURUSD stays in a trading range between 1.2995 and 1.3212. As long as 1.3212 resistance holds, the price action in the range is treated as consolidation of the downtrend from 1.3385, and another fall towards 1.2500 is still possible.


AUDUSD Analysis.
AUDUSD continues its sideways movement in a range between 1.0225 and 1.0463. Another fall to test 1.0225 support would likely be seen later today, a breakdown below this level will signal resumption of the downtrend from 1.0855. On the other side, a break above 1.0463 will indicate that the downtrend from 1.0855 has completed at 1.0225 already, then further rise to 1.0600 area could be seen.


GBPUSD Analysis.
GBPUSD break above 1.5984 resistance and is now facing the resistance of 1.6062, a break above this level could signal resumption of the uptrend from 1.5602, then further rise could be seen to 1.6100-1.6150 area. Initial support is at 1.5950, below this level could bring price back to test 1.5804 support.


USDCHF Analysis.
USDCHF formed a sideways consolidation in a range between 0.9091 and 0.9250. As long as 0.9091 support holds, we’d expect uptrend to resume, and one more rise towards 0.9333 would likely be seen after consolidation.