USDCAD Daily Analysis - January 6, 2017 Forex Analysis

USDCAD continued its downward movement from 1.3598, and the fall extended to as low as 1.3191. Near term resistance is at 1.3340, as long as this level holds, the downtrend will continue, and next target would be at 1.3100 area.

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USDJPY Daily Analysis - January 6, 2017 Forex Analysis

USDJPY is facing 114.73 support, a breakdown below this level will signal completion of the uptrend from 101.18 (Nov 09, 2016 low), then the following downward movement could bring price back to 112.50 area. On the upside, as long as 114.73 support holds, the fall from 118.66 could be treated as consolidation of the uptrend, and another rise towards 120.00 could be expected after consolidation.

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AUDUSD Daily Analysis - January 6, 2017 Forex Analysis

AUDUSD's upward movement from 0.7159 extended to as high as 0.7356. Further rise is still possible and next target would be at 0.7400 area. Support is at 0.7280, only break below this level could signal completion of the uptrend.

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GBPUSD Daily Analysis - January 6, 2017 Forex Analysis

GBPUSD broke above 1.2387 resistance, indicating that the downtrend from 1.2774 had completed at 1.2199 already. Further rise could be expected over the next several days and next target would be at 1.2700 area. Support levels are at 1.2270 and 1.2199, only break below these levels could trigger another fall towards 1.2000.

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EURUSD Daily Analysis - January 6, 2017 Forex Analysis

EURUSD's bounce from 1.0340 extended to as high as 1.0615. Further rise is still possible in a couple of days, and next target would be at 1.0800 area. Support is at 1.0475, only break below this level could trigger another fall towards 1.0200.

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