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EURUSD’s bounce from 1.3055 extended to as high as 1.3423. Another rise to test 1.3497 resistance is still possible later today, a break above this level could indicate that the fall from 1.4281 has completed at 1.2969 already, then the following upward move could bring price towards 1.4281 previous high. However, as long as 1.3497 level holds, the price action from 1.2969 is treated as sideways consolidation, a break below 1.3250 could trigger another fall to 1.3000 area.



Forex Market Analysis

EURUSD broke above 1.3274 resistance. Now the price action from 1.2969 is more likely a sideways movement. Range trading between 1.2969 and 1.3497 could be seen in next several days. The sideways movement is treated as consolidation of longer term downtrend from 1.4281 (Nov 4 high), as long as 1.3497 key resistance holds, one more fall towards 1.2500 is still possible.



Daily Forex Reports

AUDUSD stays above a uptrend line on 4-hour chart and remains in uptrend. As long as the trend line support holds, uptrend is expected to continue and another rise towards 1.0182 resistance is still possible later today. However, a clear break below this trend line will suggest that a cycle top is being formed. Key support is located at 0.9987, a breakdown below this level could bring price back to 0.9600-0.9700 area.



Daily Forex Forecast

AUDUSD’s upward movement from 0.9830 extends further to as high as 1.0079 level. As long as 0.9987 support holds, uptrend is expected to continue and next target would be at 1.0110 area. On the downside, below 0.9987 will indicate that a cycle top has been formed on 4-hour chart, and the rise from 0.9830 has completed, then the following bearish movement could bring price back to 0.9600-0.9700 area.



Daily Forex Signals