Daily Forex Analysis – March 22, 2013

 

USDJPY Analysis.

USDJPY moves sideways 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. As long as 94.31 support holds, another rise towards 100.00 is still possible after consolidation, and a break above 96.70 resistance could signal resumption of the uptrend. On the downside, a breakdown below 94.31 support will suggest that the uptrend from 90.93 had completed at 96.70 already, then the following downward movement could bring price back to 92.00-93.00 area.

 

 

EURUSD Analysis.

EURUSD moves sideways in a narrow range between 1.2843 and 1.2995. The price action in the range is treated as consolidation of the downtrend from 1.3711 (Feb 1 high). Another fall could be expected after consolidation, and next target would be at 1.2800 area. Initial resistance is at 1.2995, and the key resistance is located at the downward trend line on 4-hour chart, only a clear break above the trend line resistance could signal completion of the downtrend.

 

USDCAD Analysis.

USDCAD stays in a trading range between 1.0180 and 1.0341. The price action in the range is treated as consolidation of the uptrend from 0.9815 (Jan 11 low). Another rise could be expected after consolidation, and a break above 1.0300 could signal resumption of the uptrend. Support is at 1.0180, only break below this level could trigger another fall to 1.0150 zone.

 

USDCHF Analysis.

No changed in our view, USDCHF is 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.

 

AUDUSD Analysis.

After consolidation, AUDUSD break above 1.0413 resistance and continues its upward movement from 1.0115, and the rise extends to as high as 1.0458. Further rise could be expected after a minor consolidation, and next target would be at 1.0500 zone. Initial support is at 1.0380, and the key support is at 1.0343, only break below these levels could signal completion of the uptrend.

 

GBPUSD Analysis.

GBPUSD’s upward movement from 1.4831 extends to as high as 1.5209. Further rise is still possible, and next target would be at 1.5300 area. Support is at 1.5030, only break below this level could trigger another fall towards 1.4500.

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