Short Term Daily Forex Analysis – March 14, 2013

USDJPY Analysis.

USDJPY stays above a upward trend line on 4-hour chart, and remains in uptrend from 90.93, the fall from 96.70 is treated as consolidation of the uptrend. As long as the trend line support holds, the uptrend could be expected to resume, and further rise to 97.00 area is still possible. On the downside, a clear break below the trend line support will indicate that the uptrend from 90.93 has completed, then the following downward movement could bring price back to 93.00 zone.

USDCHF Analysis.

USDCHF remains in uptrend from 0.9021, the price action from 0.9552 is treated as consolidation of the uptrend. Another rise to 0.9700 area could be expected after consolidation, and a break above 0.9552 could signal resumption of the uptrend. Key support is located at he upward trend line on 4-hour chart, as long as the trend line support holds, the uptrend will continue.

USDCAD Analysis.

USDCAD stays in a trading range between 1.0216 and 1.0341. As long as 1.0216 support holds, the price action in the range is treated as consolidation of the uptrend from 0.9932, another rise to 1.0400 area is still possible after consolidation. On the other side, a breakdown below 1.0216 will indicate that lengthier consolidation of the longer term uptrend from 0.9815 (Jan 11 low) is underway, then deeper decline to 1.0150 area could be seen.

EURUSD Analysis.

EURUSD breaks below 1.2956 previous low support and continues its downward movement from 1.3711, and the fall extends to as low as 1.2924. Further decline would likely be seen and next target would be at 1.2850 area. Key resistance is at 1.3161, only break above this level could signal completion of the downtrend.

AUDUSD Analysis.

AUDUSD’s upward movement from 1.0115 extends to as high as 1.0381. Support is now located at the upward trend line on 4-hour chart, as long as the trend line support holds, the uptrend could be expected to continue, and further rise to 1.0450 area is possible, only a clear break below the trend line support could signal completion of the uptrend.

GBPUSD Analysis.

GBPUSD stays below a downward trend line on 4-hour chart, and remains in downtrend from 1.6339 (Jan 2 high), the rise from 1.4831 is treated as consolidation of the downtrend. As long as the trend line resistance holds, the downtrend could be expected to resume, and further decline to 1.4750 area is still possible, only a clear break above the trend line resistance could signal completion of the downtrend.

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