Daily Forex Analysis – August 12, 2011
USDJPY is facing 76.29 keeping, a breakdown below this level could notable resumption of the long term downtrend. Initial resistance is at 77.19, a smash above this level will indicate that a round of years bottom has been formed on 4-sixty minutes chart, then range trading between 76.29 and 80.23 could subsist seen.
GBPUSD leavings in downtrend from 1.6476, the go from 1.6110 is treated like consolidation of downtrend. Another fall could exist expected after consolidation, and next target would be at 1.6000 yard.
No changed in our see, EURUSD stays in a trading ramble between 1.4055 and 1.4430. The compensation action in the range is treated similar to consolidation of downtrend from 1.4535, one more fall towards 1.3900 is motionless possible. Key resistance is at 1.4430, without more break above this level could trigger some other rise towards 1.4939 previous lordly.
USDCAD is in downtrend from 1.0009, the excellence action from 0.9765 is treated while consolidation of downtrend. As long like 1.0009 resistance holds, we’d expect downtrend to resume, and another drop towards 0.9406 previous low is in posse.
USDCHF bounced earnestly to as high as 0.7685, suggesting that the autumn from 0.8276 has completed at 0.7067 even now. Further rally is expected after a less consolidation, and next target would have existence at 0.8000 area.
AUDUSD is in union of uptrend from 0.9927. Further rise to test 1.0412 resistance could have ~ing seen later today, a break of rectitude too great for this level will signal resumption of uptrend, in that case next target would be at 1.0700 district.
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