Thursday's FOREX Market outlook
EURUSD Analysis.
EURUSD remains in uptrend from 1.2661, the fall from 1.3308 is likely consolidation of the uptrend. Deeper decline would likely be seen, and the target would be at 1.3100 area. Key resistance is at 1.3308, above this level will suggest that the uptrend has resumed, then further rise towards 1.3500 could be seen. Key support is at 1.3000, only break below this level could indicate that lengthier consolidation of the longer term uptrend from 1.2042 is underway, then further decline to 1.2800 area could be expected.
USDCAD Analysis.
USDCAD breaks below the upward trend line on 4-hour chart, and reaches as low as 0.9836, suggesting that the upward movement from 0.9824 has completed at 0.9970 already. Further decline could be expected and next target would be at 0.9800 area. Resistance is at 0.9890, as long as this level holds, the downtrend from 0.9970 will continue.
GBPUSD Analysis.
GBPUSD breaks above 1.6306 resistance, suggesting that the pair remains in uptrend from 1.5827, and the price action from 1.6306 would possibly be consolidation of the uptrend. Pullback to 1.6100 area to complete the consolidation would likely be seen. Resistance is at 1.6339, only break above this level could trigger another rise towards 1.6500.
AUDUSD Analysis.
AUDUSD bounced strongly to as high as 1.0523, suggesting that the fall from 1.0585 had completed at 1.0344 already. Further rise to test 1.0585 resistance would likely be seen, a break above this level will target 1.0700 zone.
USDJPY Analysis.
USDJPY’s upward movement from 82.11 extends to as high as 87.35. Further rise could be expected after a minor consolidation, and next target would be at 88.00 area. Key support is now at 86.00, only break below this level could signal completion of the uptrend.
USDCHF Analysis.
USDCHF remains in downtrend from 0.9511, the rise from 0.9083 is treated as consolidation of the downtrend. Further rise to 0.9260 area to complete the consolidation would likely be seen. Key support is at 0.9083, a breakdown below this level could signal resumption of the downtrend.
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