Daily Forex Analysis – January 4, 2013

AUDUSD Analysis.
AUDUSD has formed a cycle top at 1.0527 on 4-hour chart. Pullback to 1.0420 area would likely be seen. Key support is at 1.0344, as long as this level holds, the fall could be treated as correction of the uptrend from 1.0344, another rise to test 1.0585 resistance is still possible. On the downside, a breakdown below 1.0344 will signal resumption of the downtrend from 1.0585, then further decline to 1.0200 area to complete the downward movement could be expected.


EURUSD Analysis.
EURUSD breaks below 1.3100 support and the fall from 1.3308 extends to as low as 1.3019, suggesting that the uptrend from 1.2661 had completed. Further decline could be expected in a couple of days, and next target would be at 1.2900 area. Resistance is at 1.3100, only break above this level could bring price back to test 1.3308 previous high resistance.


USDCAD Analysis.
USDCAD remains in downtrend from 0.9970, the rise from 0.9836 is likely correction of the downtrend. Another fall could be expected after correction, and a breakdown below 0.9836 could signal resumption of the downtrend. Resistance levels are at 0.9900 and 0.9920.


GBPUSD Analysis.
GBPUSD breaks below 1.6066 key support, suggesting that the uptrend from 1.5827 has completed at 1.6339 already. Deeper decline could be seen over the next several days, and the target would be at 1.5900 area. Resistance is at 1.6200, only break above this level could bring price back towards 1.6500.


USDJPY Analysis.
USDJPY remains in uptrend from 82.11, and the rise extends to as high as 87.76. Further rise is still possible after a minor consolidation, and next target would be at 88.50 area. Support is now located at the lower line of the price channel on 4-hour chart, only a clear break below the channel support could signal completion of the uptrend.


USDCHF Analysis.
USDCHF’s rise from 0.9083 extends to as high as 0.9285, suggesting that the downtrend from 0.9511 had completed. Further rally could be expected and next target would be at 0.9400 area. Support is at 0.9150, only break below this level could trigger another fall towards 0.9000.


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