USDCAD Daily Analysis - March 1, 2017 Forex Analysis

USDCAD continued its upward movement from 1.3009, and the rise extended to as high as 1.3325. Further rise is still possible over the next several days, and next target would be at 1.3500 area. Support is at 1.3200, only break below this level could signal completion of the uptrend.

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USDJPY Daily Analysis - March 1, 2017 Forex Analysis

USDJPY failed to break below 111.59 support and broke above the resistance of the downward trend line on 4-hour chart, indicating that the downtrend from 114.95 is complete. Further rally could be seen in a couple of days and the target would be at 114.20 area.

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AUDUSD Daily Analysis - March 1, 2017 Forex Analysis

AUDUSD broke below the bottom of the price channel on 4-hours chart, implying that the uptrend from 0.7159 (Dec 26, 2016 low) had completed at 0.7740 already. Further fall to test 0.7605 key support is possible, a breakdown below this level will confirm the completion of the uptrend, then the following downward movement could bring price back to 0.7300 zone. On the upside, as long as 0.7605 support holds, the fall from 0.7740 would possibly be consolidation of the uptrend from 0.7159, another rise towards 0.8000 could be expected after consolidation.

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GBPUSD Daily Analysis - March 1, 2017 Forex Analysis

GBPUSD is facing 1.2346 support, a breakdown below this level will signal resumption of the downtrend from 1.2706, then the following downward movement could bring price to 1.2000 area.

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EURUSD Daily Analysis - March 1, 2017 Forex Analysis

EURUSD is facing he resistance of the downward price channel on 4-hours chart. As long as the pair stays in the channel, the price action from 1.0521 could be treated as consolidation of the downtrend from 1.0828, and further decline to 1.0400 area is still possible after consolidation. Key resistance is at 1.0679, only break above this level will indicate that the downtrend had completed at 1.0493 already, then the following upward movement could bring price to 1.0900 zone.

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