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Short Term Analysis – August 21, 2006

USDJPY

20060821_usdjpy_1.gifUSDJPY is in down trend, it would break down 115.18 previous low support to reach to its next cycle bottom on 4 hours chart in the next several days. The first target would be in 113.96-114.67 area.

USDCAD

20060821_usdcad_1.gifUSDCAD is bottoming on 4 hours chart. Further rise above 1.1317 previous high resistance is possible in the next several days. Key support is at 1.1142, only break below this level may signal the resumption of the down trend.

EURUSD

20060821_eurusd_1.gifEURUSD is in up trend and further rise above 1.2911 previous high resistance to reach its next cycle top on 4 hours chart is possible later today. Key support is at 1.2780, only break below this level may signal a reversal to the up trend.

AUDUSD

20060821_audusd_1.gifAUDUSD broke down the up trend line support and it is in down trend now. Further fall towards 0.7400 area is possible in the next several days.

GBPUSD

20060821_gbpusd_1.gifGBPUSD may be bottoming on 4 hours chart, further rise higher to test the key resistance at 1.9023 is possible later today, a break above this resistance will confirm the cycle bottom. On the other side, fall towards 1.8700 is still possible if near term support at 1.8774 is broken below.

USDCHF

20060821_usdchf_1.gifUSDCHF is in down trend and further fall below 1.2237 to reach its next cycle bottom on 4 hours chart is possible later today. Key resistance is now at 1.2379, only break above this level may signal a reversal to the down trend.

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