Short Term Daily Forex Analysis – March 19, 2013
USDCAD Analysis.
USDCAD may be forming a cycle bottom at 1.0180 on 4-hour chart. Resistance is at the downward trend line, a clear break above the trend line resistance will indicate that the downward movement from 1.0341 had completed at 1.0180 already, then further rise towards 1.0341 previous high could be seen. However, as long as the trend line resistance holds, the rise from 1.0180 would possibly be consolidation of the downtrend from 1.0341, another fall towards 1.0000 is still possible after consolidation.
USDCHF Analysis.
USDCHF breaks below the upward trend line on 4-hour chart, and is now in downtrend from 0.9567, the rise from 0.9379 is likely correction of the downtrend. Another fall could be expected after correction, and next target would be at 0.9300 area.
USDJPY Analysis.
USDJPY is now in downtrend from 96.70. Another fall could be expected and the target would be at the lower line of the price channel on 4-hour chart. Key resistance is at 96.70, only break above this level could trigger another rise towards 100.00.
EURUSD Analysis.
EURUSD may be forming a cycle bottom at 1.2882 on 4-hour chart. Further rise to test 1.3161 key resistance would likely be seen over the next several days. Support is at 1.2882, only break below this level could trigger another fall to 1.2800 zone.
AUDUSD Analysis.
AUDUSD may be forming a cycle top at 1.0413 on 4-hour chart. Pullback to the lower line of the price channel would likely be seen. However, as long as the channel support holds, the price action from 1.0413 is treated as consolidation of the uptrend from 1.0115, 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.
Content curiosity of FOREXCycle