USDCAD Daily Analysis - October 10, 2016 Forex Analysis

USDCAD's upward movement from 1.3047 extended to as high as 1.3313. Support is located at the bottom of the price channel on 4-hour chart, as long as the channel support holds, the uptrend could be expected to continue, and next target would be at 1.3400 area. On the downside, a clear break below the channel support will indicate that the uptrend had completed at 1.3313 already, then the following downward movement could bring price back to 1.3000 zone.

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USDJPY Daily Analysis - October 10, 2016 Forex Analysis

USDJPY failed to break above 104.31 resistance. However, another rise to test this level is still possible after a minor consolidation. Support is at 102.30, only break below this level could bring price back to 100.50 zone.

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AUDUSD Daily Analysis - October 10, 2016 Forex Analysis

AUDUSD's downward movement from 0.7710 extended to as low as 0.7552. Further decline is still possible in a couple of days, and next target would be at 0.7400 area. Resistance is at 0.7660, only break above this level could signal completion of the downtrend.

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GBPUSD Daily Analysis - October 10, 2016 Forex Analysis

GBPUSD's downward movement from 1.3445 extended to as low as 1.1946. Consolidation is needed over the next several days, and the trading range would be between 1.2150 and 1.2550.

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EURUSD Daily Analysis - October 10, 2016 Forex Analysis

EURUSD stays below the downward trend line on 4-hour chart, and remains in short term downtrend from 1.1279. As long as the trend line resistance holds, the rise from 1.1104 could be treated as consolidation of the downtrend. Further decline is still possible, and next target would be at 1.1000 area. On the upside, a clear break above the trend line resistance will indicate that the downward movement had completed at 1.1104 already, then further rise to test 1.1326 resistance could be seen.

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