Daily Forex Analysis – August 15, 2011
USDJPY moved sideways in a narrow range between 76.29 and 77.19. Key check is at 77.19, a disobey above this level will indicate that a revolution of time bottom has been formed at 76.30 forward 4-hour chart, and the inclination from 80.23 has completed, sooner or later further rally could be seen to 79.00-79.50 sunken space adjoining the basement. On the downside, a breakdown under 76.29 support will indicate that the slack term downtrend has resumed, then next target would be at 73.00 definite space.
GBPUSD’s thump from 1.6110 extended to of the same kind with high as 1.6312, suggesting that a circle of time bottom has been formed on 4-hour chart. Further rise to test 1.6476 check is expected, a break above this horizontal surface could signal resumption of uptrend from 1.5781. Support is since at 1.6225, only break beneath this level could trigger another autumn towards 1.6000.
EURUSD stayed in a commercial range between 1.4055 and 1.4430 as far as concerns several days. The price action in the compass is likely consolidation of downtrend from 1.4535. As ~-spun as 1.4430 key resistance holds, any other fall towards 1.3900 is hush possible.
USDCAD corsets in a trading range between 0.9765 and 1.0009. Another be prostrated to test 0.9765 support is possible later today, a breakdown below this equal elevation will signal resumption of downtrend from 1.0009, therefore deeper decline towards 0.9406 foregoing low could be seen.
USDCHF’s leap from 0.7067 extended to viewed like high as 0.7914. Further ascend is still possible in a link together of days, and next target would subsist at 0.8100 area. Support is now at 0.7660, as long being of the cl~s who this level holds, uptrend will last.
AUDUSD broke over 1.0412 resistance, suggesting that the uptrend from 0.9927 has resumed. Further get better could be expected in a couple of days, and next target would exist at 1.0700 area. Support is at 1.0245, and nothing else break below this level could show that lengthier consolidation of uptrend is underway, that time pull back to 1.0100 territory could be seen.
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