Tuesday Forex Analysis – December 18, 2012
AUDUSD Analysis.
AUDUSD moves sideways in a range between 1.0507 and 1.0585. Support remains at the lower line of the price channel on 4-hour chart, as long as the channel support holds, the sideways move could be treated as consolidation of the uptrend from 1.0287, and another rise to test 1.0624 (Sep 14 high) is still possible after consolidation, only a clear break below the channel support could signal completion of the uptrend.
USDCAD Analysis.
USDCAD stays within a downward price channel on 4-hour chart, and remains in downtrend from 1.0055. Key resistance is at the upper line of the channel, as long as the channel resistance holds, the price action from 0.9824 could be treated as consolidation of the downtrend, and another fall towards 0.9700 is still possible, and a breakdown below 0.9824 could signal resumption of the downtrend.
EURUSD Analysis.
EURUSD stays above an upward trend line on 4-hour chart, and remains in uptrend from 1.2877. As long as the trend line support holds, further rise could be expected, and next target would be at 1.3300. On the downside, a clear break below the trend line support will suggest that consolidation of the uptrend is underway, then pullback to 1.3000 area could be seen.
GBPUSD Analysis.
GBPUSD continues its upward movement from 1.6002, and the rise extends to as high as 1.6216. Support remains at the upwards trend line on 4-hour chart, as long as the trend line support holds, further rise could be expected, and next target would be at 1.6250 area.
USDJPY Analysis.
USDJPY remains in uptrend from 82.11, the fall from 84.33 is likely minor consolidation of the uptrend. Support is at 83.30, as long as this level holds, the uptrend could be expected to resume, and another rise towards 85.00 is still possible.
USDCHF Analysis.
USDCHF’s downward movement from 0.9382 extends to as low as 0.9157. Further decline could be expected after a minor consolidation, and next target would be at 0.9100 area. Resistance is at 0.9250, as long as this level holds, the downtrend will continue.
Content courtesy of ForexCycle