Daily Forex Analysis – May 15, 2012

USDJPY Analysis.
After touching the upper line of the price channel on 4-hour chart, USDJPY pulls back from 80.18. The fall could possibly be resumption of the downtrend from 84.17 (Mar 15 high), further decline towards 78.00 would likely be seen over the next several days. Resistance remains at the upper line of the channel, only a clear break above the channel resistance could signal completion of the downtrend.

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GBPUSD Analysis.
GBPUSD stays below a downward trend line on 4-hour chart, and remains in downtrend from 1.6301. Another fall to 1.6000 could be expected after a minor consolidation. Only a clear break above the trend line could signal completion of the downtrend.

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AUDUSD Analysis.
AUDUSD’s downward movement extends to as low as 0.9944. Resistance is at the downward trend line on 4-hour chart, as long as the trend line resistance holds, downtrend could be expected to continue, and next target would be at 0.9850 area.

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EURUSD Analysis.
EURUSD stays below a downward trend line on 4-hour chart, and remains in downtrend from 1.3283, and the fall extends to as low as 1.2814. As long as the trend line resistance holds, downtrend could be expected to continue after a minor consolidation and next target would be at 1.2700 area.

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USDCAD Analysis.
USDCAD is in consolidation of the uptrend from 0.9799. Range trading between 0.9900 and 1.0062 is expected in a couple of days. Resistance is at 1.0062, a break above this level will indicate that the uptrend has resumed, then next target would be at 1.0100 area.

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USDCHF Analysis.
USDCHF’s upward move extends to as high as 0.9372. Support is at the uptrend line on 4-hour chart, as long as the trend line support holds, uptrend could be expected to continue after a minor consolidation, and next target would be at 0.9400 area.

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