Daily Forex Analysis – March 18, 2013

 

USDCAD Analysis.

USDCAD may be forming a cycle bottom at 1.0180 on 4-hour chart. Further rise towards 1.0341 previous high would likely be seen in a couple of days. Key support is now at 1.0180, as long as this level holds, the price action from 1.0341 would possibly be consolidation of the uptrend from 0.9815 (Jan 11 low), one more rise towards 1.0500 is still possible after consolidation. On the downside, a breakdown below 1.0180 will indicate that the uptrend from 0.9815 had completed at 1.0341 already, then the following downward movement could bring price back to 1.000 zone.

 

 

USDCHF Analysis.

USDCHF breaks below the upward trend line on 4-hour chart, suggesting that the uptrend from 0.9021 had completed at 0.9567 already. Another fall could be expected after consolidation, and a breakdown below 0.9379 will confirm the completion of the uptrend, then further decline towards 0.9200 could be seen.

 

USDJPY Analysis.

USDJPY breaks below 95.45 support, suggesting that a cycle top has been formed at 96.70 on 4-hour chart, and the upward movement from 90.93 had completed. Further decline could be expected and next target would be at 94.00 area. Key resistance is at 96.70, only break above this level could trigger another rise towards 100.00.

 

EURUSD Analysis.

EURUSD’s downward movement from 1.3711 extends to as low as 1.2888. Key resistance is at 1.3161, as long as this level holds, the downtrend could be expected to continue, and next target would be at 1.2800 area, only break above 1.3161 resistance could signal completion of the downtrend.

 

AUDUSD Analysis.

AUDUSD may be forming a cycle top at 1.0413 on 4-hour chart. Range trading between 1.0300 and 1.0413 would likely be seen in a couple of days. Key support is located at the lower line of the upward price channel on 4-hour chart, as long as the channel support holds, the uptrend from 1.0115 could be expected to resume, and another rise towards 1.0500 is still possible, only a clear break below the channel support could signal completion of the uptrend.

 

GBPUSD Analysis.

GBPUSD is in consolidation of the downtrend from 1.6339 (Jan 2 high). Range trading between 1.4831 and 1.5250 would likely be seen over the next several days. Another fall could be expected after consolidation, a breakdown below 1.4831 could signal resumption of the downtrend.

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