Daily Forex Analysis – March 21, 2013

 

EURUSD Analysis.

EURUSD remains in downtrend from 1.3711 (Feb 1 high), the rise from 1.2843 is likely consolidation of the downtrend. Key resistance is now located at the downward trend line on 4-hour chart, as long as the trend line resistance holds, the downtrend could be expected to resume, and another fall to 1.2800 is still possible. On the upside, a clear break above the trend line resistance could indicate that the downward movement from 1.3711 had completed at 1.2843 already, then the following upward move could bring price to 1.4000 zone.

 

 

USDCAD Analysis.

USDCAD is now in short term uptrend from 1.0180. Further rise towards 1.0341 previous high would likely be seen, a break above this level will signal resumption of the longer term uptrend from 0.9815 (Jan 11 low). Initial support is at 1.0225, only break below this level could indicate that lengthier consolidation of the uptrend from 0.9815 is underway, then deeper decline to 1.0150 area could be expected.

 

USDCHF Analysis.

No changed in our view, USDCHF is now in downtrend from 0.9567, the rise from 0.9379 is likely correction of the downtrend. As long as 0.9567 key resistance holds, another fall could be expected after correction, and next target would be at 0.9300 area.

 

USDJPY Analysis.

USDJPY stays in a trading range between 94.31 and 96.70. The price action in the range is likely consolidation of the uptrend from 90.93. Further rise to test 96.70 resistance would likely be seen, a break above this level will indicate that the uptrend has resume, and next target would be at 98.00 zone.

 

AUDUSD Analysis.

AUDUSD moves sideways in a narrow range between 1.0343 and 1.0413. Key support is located at the lower line of the price channel on 4-hour chart, as long as the channel support holds, the price action in the range is treated as consolidation of he uptrend from 1.0115, another rise to 1.0500 is still possible after consolidation, 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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