USDCAD broke above the top resistance trend line of price channel on the 4-hour chart, indicating that lengthier consolidation for the downtrend from 1.3793 is needed. Range trading between 1.3387 and 1.3540 could be seen in a couple of days. Resistance is at 1.3540, as long as this level holds, the downtrend from 1.3793 could … Continue reading "USDCAD Daily Analysis – May 31, 2017"
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Tuesday 30 May 2017
USDJPY Daily Analysis – May 31, 2017 Forex Analysis
USDJPY broke below 110.86 support, indicating that the short term downtrend from 112.13 has resumed. Deeper decline to test 110.23 support is possible, a breakdown below this level will take price to the next support level of 109.60. Near term resistance is at 111.50, only a break of this level could trigger another rise towards … Continue reading "USDJPY Daily Analysis – May 31, 2017"
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AUDUSD Daily Analysis – May 31, 2017 Forex Analysis
AUDUSD broke above 0.7465 resistance, indicating that the downward movement from 0.7517 had completed at 0.7416 already. Further rally to test 0.7517 resistance could be expected in a couple of days, a break though this level could take price to next resistance level of 0.7560. Support is at 0.7416, only a breakdown below this level … Continue reading "AUDUSD Daily Analysis – May 31, 2017"
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GBPUSD Daily Analysis – May 31, 2017 Forex Analysis
GBPUSD remains in downtrend from 1.3047, the rise from 1.2775 could be treated as consolidation of the downtrend. Further decline could be expected after the consolidation and next target would be at 1.2700 area. Resistance is at the bottom trend line of the price channel on the 4-hour chart now at around 1.2915, as long … Continue reading "GBPUSD Daily Analysis – May 31, 2017"
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EURUSD Daily Analysis – May 31, 2017 Forex Analysis
EURUSD stays in a falling price channel on its 4-hour chart and is now in short term downtrend from 1.1267. As long as the pair is in the channel, the downtrend could be expected to continue and next target would be at around 1.1050. However, the fall from 1.1267 would possibly be consolidation of the … Continue reading "EURUSD Daily Analysis – May 31, 2017"
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