Daily Forex Analysis – October 31, 2013

AUDUSD Analysis.

AUDUSD remains in downtrend from 0.9756, and the fall extends to as low as 0.9441. Resistance is at 0.9565, as long as this level holds, the downtrend could be expected to continue, and next target would be at 0.9350 area. On the upside, a break above 0.9565 resistance will indicate that the downtrend from 0.9756 had completed at 0.9441 already, then the following upward movement could bring price to 1.0000 zone.

 

 

GBPUSD Analysis.

GBPUSD moves sideways in a trading range between 1.5894 and 1.6259. As long as 1.5894 support holds, the price action in the range could be treated as consolidation of the uptrend from 1.4813 (Jul 9 low), and one more rise towards 1.6600 is still possible after consolidation. On the downside, a breakdown below 1.5894 support will indicate that the uptrend from 1.4813 had completed at 1.6259 already, then the following downward movement could bring price back to 1.4500 zone.

 

 

USDJPY Analysis.

USDJPY is facing 99.00 resistance, a break above this level will indicate that the uptrend from 96.57 has resumed, then further rise to 100.00 area could be seen. Support is at 97.90, only break below this level will suggest that the upward movement from 96.94 has completed, then the following downward movement could bring price back to 96.00 zone.

 

 

USDCHF Analysis.

USDCHF’s upward movement from 0.8890 extends to as high as 0.9023. Support is at 0.8940, as long as this level holds, the uptrend could be expected to continue, and the target would be at 0.9100 area. On the downside, a breakdown below 0.8940 support will indicate that the longer term downtrend from 0.9177 has resumed, then the following downward movement could bring price to 0.8500 zone.

 

 

EURUSD Analysis.

EURUSD’s downward movement from 1.3832 extends to as low as 1.3696. Deeper decline is still possible, and the target would be at 1.3650 area. Resistance is now at 1.3790, only break above this level could trigger another rise towards 1.4000.

 

 

USDCAD Analysis.

USDCAD remains in uptrend from 1.0271, and the rise extends to as high as 1.0496. Further rise could be expected after a minor consolidation, and next target would be at 1.0550 area. Support is at 1.0425, only break below this level will indicate that the uptrend from 1.0271 has completed, then another fall to 1.0300 area could be seen.

 

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