ForexCycle @ 4:55 AM, Monday January 04 2010
AUDUSD Analysis.
AUDUSD’s uptrend from
0.8734 extends further to as high as 0.9007 level. As long as 0.8900
support holds, we’d expect uptrend to continue and one more rise
towards 0.9050 area is still possible later today. On the downside, the
pair could possibly be forming a short term cycle top at 0.9007 level
on 4-hour chart. Key support is located at 0.8900, a breakdown below
this level will confirm the cycle top and indicate that the rise from
0.8734 has completed, then another fall towards 0.8734 could be seen.
EURUSD Analysis.
EURUSD consolidates in a
range between 1.4218 and 1.4457. As long as 1.4457 resistance holds,
we’d expect downtrend to resume and one more fall towards 1.4100 is
still possible. However, above 1.4457 will indicate that the fall from
1.5144 has completed at 1.4218 already, then further rally could be
seen to 1.4500 or even higher.
USDJPY Analysis.
USDJPY remains in uptrend
from 87.37 and the rise extended to as high as 92.74 level. Further
rally to 94.00 area is expected later today. Near term support is at
91.90 and key support is located at rising trend line from 87.37 to
88.97. As long as the trend line support holds, uptrend could be
expected to continue.
USDCHF Analysis.
USDCHF trades in a range
between 1.0278 and 1.0421. The price action in the trading range is
more likely consolidation of downtrend from 1.0507. One more fall
towards 1.0200 is still possible after consolidation. Resistance is
located at the upper border of the falling price channel. As long as
the channel resistance holds, downtrend will continue.
GBPUSD Analysis.
After a sharp bounce from
1.5829, GBPUSD pulled back from 1.6232, suggesting that a short term
cycle top is being formed on 4-hour chart. Another fall towards 1.5829
is expected in a couple of days. However, a break below 1.6040 is
needed to confirm the cycle top.
USDCAD Analysis.
USDCAD might be forming a
short term cycle top at 1.0576 level on 4-hour chart. Deeper decline is
now in favor and next target would be at 1.0365 previous low.
Resistance is at 1.0576, only rise above this level could take price to
1.0600-1.0650 area.
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