Daily Forex Analysis – August 17, 2011
USDJPY traded in a near range between 76.29 and 77.19. Another decline to test 76.29 support is pacify possible, a breakdown below this adapt could signal resumption of the throughout term downtrend. Resistance is at 77.19, merely break above this level will signify that the downward move from 80.23 has completed at 76.30 before that time, then the following upward movement could convoy price back to 79.00-79.50 circle.
GBPUSD is facing 1.6476 check, a break above this level pleasure signal resumption of uptrend from 1.5781, afterwards next target would be at 1.6600 domain. Support is at the 1.6380, viewed like as long as this level holds, uptrend from 1.6110 volition continue.
EURUSD broke greater than 1.4430 resistance. Further rise to criterion 1.4535 resistance is expected behind a minor consolidation. Support is at 1.4325, simply break below this level could trigger another fall towards 1.3900 zone.
USDCAD continued its laterally movement, in a range between 0.9765 and 1.0009. The recompense action in the range is to be expected consolidation of downtrend from 1.0009. Key encouragement is at 1.9765, a ruin below this level could signal resumption of downtrend.
USDCHF remainder in uptrend from 0.7067. Further ascend is still possible later today, and next target would be at 0.8200 territory. Key support is now at 0.7769, no other than break below this level could betoken that a cycle top has been formed at 0.7997, and the mount from 0.7067 has completed.
AUDUSD is in uptrend from 0.9927. Further a~ could be expected in a pair of days, and next target would be at 1.0700 area. Support is at 1.0345, only break below this level could betoken that lengthier consolidation of uptrend is underway, then pullback to 1.0200 area could be seen.
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