USDCAD Daily Analysis - January 12, 2017 Forex Analysis

USDCAD's downward movement from 1.3598 extended to as low as 1.3118. Further decline to test 1.3080 support is still possible. Key resistance is now at 1.3293, only break above this level could signal completion of the downtrend.

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USDJPY Daily Analysis - January 12, 2017 Forex Analysis

USDJPY broke below 114.73 support, indicating that the uptrend from 101.18 (Nov 9, 2016 low) had completed at 118.66 already. Further decline could be expected over the next several days, and next target would be at 112.50 area. Resistance is at the downward trend line on 4-hour chart, only a clear break above the trend line resistance could bring price back to test 118.66 resistance.

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AUDUSD Daily Analysis - January 12, 2017 Forex Analysis

AUDUSD continued its upward movement from 0.7159 and the rise extended to as high as 0.7471. Support is now located at the upward trend line on 4-hour chart. As long as the trend line support holds, the uptrend could be expected to continue, and next target would be at 0.7500 area. Only a clear break below the trend line support could signal completion of the uptrend.

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GBPUSD Daily Analysis - January 12, 2017 Forex Analysis

GBPUSD stays in the downward price channel on 4-hour chart, and remains in downtrend from 1.2774 (Dec 6, 2016 high). Near term resistance is at the top of the channel. As long as the channel resistance holds, the downtrend could be expected to continue, and next target would be at 1.1900 area. Key resistance is at 1.2432, only break above this level will indicate that the downtrend had completed at 1.2037 already, then the following upward movement could bring price to 1.3000 zone.

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