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TFC Commodity Trading Forum

the daily analysis for forex market 17/4/2014 *LINK* *PIC*

EURUSD is in consolidation of the uptrend from 1.3672. Range trading between 1.3785 and 1.3905 is possible over the next several days. Key resistance is at 1.3905, a break above this level will indicate that the uptrend from 1.3672 has resumed, then next target would be at 1.4000 area.

BPUSD broke above 1.6820 resistance and reached as high as 1.6836, indicating that the uptrend from 1.6465 has resumed. Further rise could be expected, and next target would be at 1.7000 area. Initial support is at the lower line of the price channel on 4-hour chart, and the key support is at 1.6660, only break below this level could signal completion of the uptrend.

Being contained by the lower line of the price channel on 4-hour chart, AUDUSD rebounded from 0.9331, indicating that the pair remains in uptrend from 0.8924, the fall from 0.9461 could be treated as consolidation of the uptrend. Further rise to test 0.9461 would likely be seen, a break above this level will signal resumption of the uptrend, then next target would be at 0.9600 area. Key support is now at 0.9331, only break below this level could signal completion of the uptrend.