ForexCycle @ 4:28 AM, Wednesday January 06 2010
GBPUSD Analysis.
GBPUSD broke below 1.6040
support, suggesting that a short term cycle top has been formed at
1.6238 level on 4-hour chart. Now the fall from 1.6238 could possibly
be resumption of downtrend from 1.6875 (Nov 16 high). Deeper decline
towards 1.5708 (Oct 13 low) is now in favor. Key resistance is now
located at 1.6238, only break above this level could indicate that the
fall from 1.6875 has completed.
USDJPY Analysis.
USDJPY broke below the
rising trend line from 87.37 to 88.97, suggesting that a short term
cycle top has been formed at 93.21 level and the uptrend from 87.37 has
completed. Range trading between 90.50 and 93.21 is expected in next
several days. However, the fall from 93.21 is more likely consolidation
of uptrend from 84.82, one more rise towards 94.00-95.00 area is still
possible after consolidation.
AUDUSD Analysis.
AUDUSD stays above a
rising trend line on 4-hour chart and remains in uptrend from 0.8734.
As long as the trend line support holds, further rally is still
possible in a couple of days. However, a clear break below the trend
line support will indicate that the uptrend from 0.8734 has completed
at 0.9173 level already, then another fall towards 0.8734 could be
expected.
EURUSD Analysis.
EURUSD broke above 1.4457
resistance. However, the bounce from 1.4218 is more likely
consolidation of downtrend from 1.5144. Moving sideways without trend
within the price channel is expected in a couple of days and one more
fall towards 1.4000 is still possible after consolidation.
USDCHF Analysis.
USDCHF stays in a falling
price channel and remains in downward trend from 1.0507. As long as the
channel resistance holds, we’d expect downtrend to continue and deeper
decline to 1.0200 is in favor.
USDCAD Analysis.
USDCAD’s fall from 1.0576
extended to as low as 1.0336. Deeper decline is still possible to
1.0300 later today. Resistance is now at 1.0424, a break above this
level could take price back towards the falling trend line from 1.0745
to 1.0576.
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