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TFC Commodity Trading Forum

the daily forex analysis 28/4/2014 *LINK* *PIC*

EURUSD stays in a trading range between 1.3785 and 1.3864. Key resistance is at 1.3864, as long as this level holds, the price action in the range could be treated as consolidation of the downtrend from 1.3905, one more fall to 1.3750 area to complete the downward movement is still possible after consolidation. On the upside, a break above 1.3864 resistance will signal completion of the downtrend, then the following upward movement could bring price to 1.4000 zone.

GBPUSD remains in uptrend from 1.6465, the fall from 1.6841 is likely consolidation of the uptrend. Deeper decline is still possible, and next target would be at 1.6730 area. Resistance is at 1.6841, a break above this level will indicate that the uptrend from 1.6465 has resumed, then the following upward movement could bring price to 1.7000 zone.

AUDUSD's downward movement from 0.9461 extended to as low as 0.9252. Resistance is located at the upper line of the price channel on 4-hour chart. As long as the channel resistance holds, the downtrend could be expected to continue, and next target would be at 0.9200 area. On the upside, a clear break above the channel resistance will signal completion of the downtrend, then the following upward movement could bring price back to 0.9550 zone.