Uncategorized

AUDUSD remains in short term downtrend from 0.7322, Deeper decline is expected to test 0.7032, a break below this level will suggest that the rise from 0.6284 (Mar 4 low) has completed at 0.7322 level already. Initial resistance is now at 0.7237 and key resistance is at 0.7322, only rise above 1.7322 level will signal resumption of the uptrend from 0.6284.



Forex Blog

EURUSD breaks below 1.3089 support and the fall from 1.3738 extends further to as low as 1.3017 level. Deeper decline is expected to 1.2750 or even lower. As the next cycle bottom is nearing, rebound would more likely be seen before breading below 1.2456 level. Key resistance is now at 1.3392, above this level will indicate that the fall from 1.3738 has completed.

For long term analysis, EURUSD is forming a sideways consolidation in a range between 1.2329 (Oct 28, 2008 low) and 1.4719 (Dec 18, 2008 high), moving without trend in this range is expected in next several months.



Weekly Forex Analysis

USDCAD rebounds from 1.1981 level. Further rise is possible to test 1.2185 key resistance, a break above this level will indicate that a short term cycle bottom has been formed on 4-hour chart and the downtrend from 1.2483 has completed at 1.1981 already. As long as 1.2185 resistance holds, we’d expect the downtrend to resume, and one more fall towards 1.1900-1.1950 area is still possible.



Forex Blog

GBPUSD breaks above 1.4985 (Feb 9 high) resistance. Further rally could be seen to 1.5200 in a couple of days. Initial support is at the rising trend line on 4-hour chart and key support is at located at 1.4821, as long as this level holds, we’d expect the short term uptrend from 1.4585 to continue.



Forex Blog