Short Term Analysis - August 18, 2006
USDJPY
USDJPY is bottoming on 4 hours chart, further rise above 116.74 previous high is possible in next several days. Key resistance is now at 116.37, a break above this level may signal the cycle bottom.
EURUSD
EURUSD’s up trend is limited by the previous high resistance at 1.2911, pullback below 1.2695 previous low to reach the next cycle bottom is possible in next several days. Near term resistance is at 1.2886, only break above this level may signal the resumption of the up trend.
USDCAD
USDCAD rebounded from the bottom of the price channel on daily chart yesterday. It may be bottoming on 4 hours chart. Further rise higher to test 1.1317 previous high resistance is possible in the next several days. Near term support is at 1.1142, only break below this level may signal the resumption of the down trend.
GBPUSD
GBPUSD broke below the up trend line and pull back from 1.9023. It will fall lower to test the near term support at 1.8700-1.8770 area, and the next cycle bottom may locate on this area.
USDCHF
USDCHF may be bottoming on 4 hours chart and further rise above 1.2444 is possible in the next several days. Near term support is at 1.2237, only break below this level may signal the resumption of the down trend.
AUDUSD
AUDUSD is forming a sideways consolidation and testing the up trend line support, rebound from the up trend line is possible later today. One the other side, if this support gives way, the pair would fall below 0.7563 previous low.
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