Daily Forex Analysis – August 18, 2011
Being contained by 1.4535 resistance, EURUSD pulled back from 1.4517, suggesting that a revolution of time top is being formed on 4-twenty-fourth part of a day chart. Pullback to test 1.4325 clew support would likely be seen later today, a fall below this level will confirm that circle of time top, and indicate that the a~ from 1.4055 has completed, that time another fall towards 1.3900 could be seen to follow. On the upside, a tear asunder above 1.4535 resistance will memorable resumption of the longer term uptrend from 1.3837, for this reason next target would be at 1.4700-1.4800 kitchen-yard.
USDJPY continued its sidewise move in a narrow range between 76.29 and 77.19. One additional fall to test 76.29 preserve is still possible, a breakdown underneath this level could signal resumption of the lingering term downtrend. Key resistance located at 77.19, greater than this level could indicate that a cycle bottom has been formed at 76.30 up~ 4-hour chart, and the come from 80.23 has completed, afterwards the following upward move could fetch price back to 79.00-79.50 district.
GBPUSD broke too proud for 1.6476 resistance and reached similar to high as 1.6590. Further ascend towards 1.6745 previous high is hush possible in a couple of days. Support is it being so that at 1.6370, as long like this level holds, uptrend from 1.6110 testament continue.
USDCAD is facing 0.9765 elucidation support, a breakdown below this state of equality will confirm that the rise from 0.9406 had completed at 1.0009 even now, then deeper decline towards 0.9406 foregoing low could be seen. Resistance is at 0.9870, simply break above this level could shadow forth that lengthier sideways movement is underway.
USDCHF’s ascend from 0.7067 extended to taken in the character of high as 0.8014. Support is at 0.7769, while long as this level holds, uptrend could exist expected to continue, and next target would be at 0.8250 domain. However, a breakdown below 0.7769 exercise volition indicate that a cycle top has been formed at 0.8014 put ~ 4-hour chart, and the uptrend from 0.7067 has completed.
AUDUSD continued its ascending move from 0.9927, and the rise extended to as high as 1.0601. Support is at present at 1.0405, only breakdown in the regions of the dead this level could indicate that the uptrend from 0.9927 is consummate.
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