Monday January 7th Daily FOREX Market Analysis

AUDUSD Analysis.

AUDUSD remains in uptrend from 1.0344, the fall from 1.0527 is likely correction of the uptrend. Further rise to test 1.0527 resistance is possible, and a break above this level could signal resumption of the longer term uptrend from 1.0149 (Oct 8, 2012 low), then next target would be at 1.0700 area. Support is at 1.0390, only break below this level could trigger another fall towards 1.0200.

 

 

EURUSD Analysis.

EURUSD’s downward movement from 1.3308 extends to as low as 1.2998. Further decline is still possible and next target would be at 1.2900 area. Resistance is at 1.3100, only break above this level could bring price back to test 1.3308 previous high resistance.

 

USDCAD Analysis.

USDCAD is in downtrend from 0.9970, the rise from 0.9836 is likely correction of the downtrend. Another fall to test 0.9824 support could be expected, a breakdown below this level will signal resumption of the longer term downtrend from 1.0055, then next target would be at 0.9700 area.

 

GBPUSD Analysis.

GBPUSD’s downward movement from 1.6339 extends to as low as 1.6010. Further decline could be expected and next target would be at 1.5950 area. Resistance is at 1.6150, only break above this level could bring price back towards 1.6500.

 

USDJPY Analysis.

USDJPY’s upward movement from 82.11 extends to as high as 88.40. Further rise is still possible after a minor consolidation, and next target would be at 89.00 area. Support is located at the lower line of the price channel on 4-hour chart, only a clear break below the channel support could signal completion of the uptrend.

 

USDCHF Analysis.

USDCHF’s upward movement from 0.9083 extends to as high as 0.9302. Further rise is still possible and next target would be at 0.9350 area. Support is at 0.9200, only break below this level could trigger another fall towards 0.9000.

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