USDCAD Daily Analysis - January 5, 2017 Forex Analysis

USDCAD's downward movement from 1.3598 extended to as low as 1.3281. Further decline is still possible after a minor consolidation, and next target would be at 1.3150 area. Resistance is at 1.3390, as long as this level holds, the downtrend will continue.

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USDJPY Daily Analysis - January 5, 2017 Forex Analysis

USDJPY failed to break above 118.66 resistance. Another fall to test 114.73 support would likely be seen over the next several days. Key support is at 114.73, as long as this level holds, the uptrend from 101.18 (Nov 09, 2016 low) could be expected to resume, and further rise to 120.00 area is still possible. Only break below 114.73 support could signal completion of the uptrend.

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AUDUSD Daily Analysis - January 5, 2017 Forex Analysis

AUDUSD broke above 0.7246 resistance, indicating that the downtrend from 0.7524 had completed at 0.7159 already. Further rally could be expected over the next several days, and the target would be at 0.7400 area.

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GBPUSD Daily Analysis - January 5, 2017 Forex Analysis

GBPUSD moved sideways in a trading range between 1.2199 and 1.2387. As long as 1.2387 resistance holds, the price action in the range could be treated as consolidation of the downtrend from 1.2774, and further decline to 1.2000 area is still possible. On the upside, a break of 1.2387 resistance will indicate that the downtrend had completed at 1.2199 already, then the following upward movement could bring price to 1.3000 zone.

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EURUSD Daily Analysis - January 5, 2017 Forex Analysis

After touching 1.0352 support, EURUSD rebounded to 1.0500 zone, indicating that lengthier consolidation for the downtrend from 1.1299 (Nov 9, 2016 high) is needed. Further rally could be expected and the target would be at 1.0650 area.

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