Free Forex Market Analysis

EURUSD’s downward movement from 1.3283 extends to as low as 1.2323. Further decline could be seen after a minor consolidation, and next target would be at 1.2200 area. Initial resistance is at 1.2430, a break above this level could indicate that a cycle bottom is being formed on 4-hour chart, then, consolidation of the downtrend could be seen. Key resistance is at the downward trend line, only a clear break above the trend line could signal completion of the downtrend.



Daily Forex Forecast

Being supported by the upward trend line on 4-hour chart, USDCAD rebounds from 1.0206, suggesting that a cycle bottom has been formed, and the uptrend from 0.9799 has resumed. Further rise could be seen over the next several days, and next target would be at 1.0400 area. Initial support remains at the upward trend line, only a clear break below the trend line support could signal completion of the uptrend.



Forex Signals

AUDUSD is in consolidation of the downtrend from 1.0474. Range trading between 0.9689 and 0.9934 would likely be seen over the next several days. As long as 0.9934 resistance holds, one more fall towards 0.9500 is still possible after consolidation. However, a break above 0.9934 key resistance will indicate that the whole decline from 1.0855 (Feb 29 high) has completed at 0.9689 already, then the following upward move could bring price back to 1.0600 zone.



Daily Forex 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 1.2496. Another fall would likely be seen after a minor consolidation, and next target would be at 1.2400 area. On the upside, a clear break above the trend line will indicate that the downtrend from 1.3283 has completed at 1.2496 already, then the following upward movement could bring price back to 1.3400 zone.



Daily Forex Forecast