Daily Forex Analysis - July 15, 2009

AUDUSD Analysis. AUDUSD breaks above this status of the dropping trend line from 0.8155 to 0.8038, suggesting that a brief constituent wheel bottom has been formed at 0.7703 take on 4-hour chart, and the downtrend from 0.8155 has completed already. Further feat is doable to effort 0.8155 status in incoming several days, a fortuity above this take module inform that the fall from 0.8263 has completed and the rebound from 0.7703 could be resumption of uptrend from 0.6248. Only fall beneath 0.7703 take module signal deeper fall to 0.7600-0.7650 area.

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USDCAD Analysis. USDCAD drop sharply beneath 1.1418 medium constituent key support, suggesting that the uptrend from 1.0784 has completed at 1.1723 take already. Now the pair is in downtrend. Deeper fall is still doable to 1.1200 in a pair of days. Near constituent status is at 1.1400 followed by 1.1465, as daylong as these levels hold, downtrend module continue.

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USDJPY Analysis. USDJPY breaks above 93.59 resistance, suggesting that a brief constituent wheel bottom has been formed at 91.73 take on 4-hour chart. Further feat is still doable to 94.50 regularize in a pair of days. However, the uprise from 91.73 is treated as compounding of downtrend from 98.88, deeper fall is doable to 90.00 after consolidation.

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EURUSD Analysis. EURUSD stays in the trading range between 1.3832 and 1.4072. Moving sideways is still in favor later today. The price action from 1.3832 is treated as compounding of downtrend from 1.4197 and deeper fall is expected to 1.3700 regularize after consolidation.

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GBPUSD Analysis. GBPUSD is moving to effort 1.6379 resistance, breaking above this take to reach the incoming wheel top on 4-hour chart is doable in a pair of life and target would be at 1.6400-1.6500 area. Near constituent support is at 1.6220, as daylong as this take holds, the brief constituent uptrend from 1.6033 module continue. However, a fortuity beneath this take module inform that the pair is back to range trading between 1.5984 and 1.6379, then lengthier compounding in the range could be seen to follow.

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USDCHF Analysis. USDCHF breaks above 1.0923 key resistance, suggesting that a brief constituent wheel bottom has been formed at 1.0750 take on 4-hour chart. The subsequent pullback from 1.0938 indicates that the pair is back to range trading between 1.0712 and 1.1021. Further fall is expected to 1.0750-1.0800 area in a pair of days. Near constituent status is at 1.0956, exclusive uprise above this take module signal further feat to effort 1.1021 preceding high resistance.

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