December 10, 2012 FOREX Market Analysis
AUDUSD Analysis.
AUDUSD stays above a upward trend line on 4-hour chart, and remains in uptrend from 1.0287. As long as the trend line support holds, the uptrend could be expected to continue, and further rise to 1.0550 area is still possible. On the downside, a clear break below the trend line support will suggest that a cycle top has been formed at 1.0515, and the uptrend has completed, then the following downward movement could bring price back to 1.0000 zone.
EURUSD Analysis.
EURUSD is now in downtrend from 1.3125, and the fall extends to low as 1.2877. Further decline could be expected after a minor consolidation, and next target would be at 1.2800 area. Resistance is at 1.2900, as long as this level holds, the downtrend will continue.
GBPUSD Analysis.
GBPUSD broke below the upward trend line on 4-hour chart, and is now in downtrend from 1.6130. Further decline would likely be seen in a couple of days, and next target would be at 1.5950 area. Key resistance is at 1.6130, only break above this level could trigger another rise towards 1.6200.
USDCAD Analysis.
USDCAD stays below a downward trend line on 4-hour chart, and remains in downtrend from 1.0055. As long as the trend line resistance holds, the downtrend could be expected to continue, and next target would be at 0.9800-0.9850 area.
USDJPY Analysis.
USDJPY failed to break above 82.83 resistance, and pulled back from 82.82, suggesting that a cycle top has been formed on 4-hour chart. Lengthier consolidation in the range between 81.69 and 82.83 would likely be seen in a couple of days. As long as 81.69 support holds, the sideways movement is treated as consolidation of the uptrend from 79.07, and another rise towards 85.00 could be expected after consolidation.
USDCHF Analysis.
USDCHF is now in uptrend from 0.9241, and the rise extends to as high as 0.9382. Further rise could be expected, and next target would be at 0.9450 area. Support is at 0.9300, as long as this level holds, the uptrend will continue.
Content courtesy of ForexCycle