USDCAD Daily Analysis - January 16, 2017 Forex Analysis

USDCAD remains in downtrend from 1.3598, the rise from 1.3029 is likely consolidation of the downtrend. Near term resistance is at the downward trend line on 4-hour chart. As long as the trend line resistance holds, the downtrend could be expected to continue, and next target would be at 1.2900 area. Key resistance is at 1.3293, only break above this level could signal completion of the downtrend.

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USDJPY Daily Analysis - January 16, 2017 Forex Analysis

USDJPY stays below the downward trend line on 4-hour chart, and remains in downtrend from 118.66. As long as the trend line resistance holds, the downtrend could be expected to continue, and next target would be at 112.50 area. Only a clear break above the trend line resistance could signal completion of the downtrend.

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AUDUSD Daily Analysis - January 16, 2017 Forex Analysis

AUDUSD remains in uptrend from 0.7159, the fall from 0.7518 is likely consolidation of the uptrend. Support is 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 0.7600 area. Only a clear break below the trend line support could signal completion of the uptrend.

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GBPUSD Daily Analysis - January 16, 2017 Forex Analysis

GBPUSD's downward movement from 1.2774 (Dec 6, 2016 high) extended to as low as 1.1990. Further decline could be expected after a minor consolidation, and next target would be at 1.1900 area. Resistance is located at the top of the price channel on 4-hour chart. Only a clear break above the channel resistance could signal completion of the downtrend.

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EURUSD Daily Analysis - January 16, 2017 Forex Analysis

EURUSD remains in uptrend from 1.0340, the fall from 1.0684 is likely consolidation of the uptrend. Support is 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 1.0800 area. Only a clear break below the trend line support could signal completion of the uptrend.

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