Short Term Analysis - August 22, 2006
EURUSD
The rise from 1.2695 may completed and EURUSD is topping on 4 hours chart. The fall from 1.2937 may possibly be the resumption of the down trend. Key support is at 1.2780, a break below this level may signal the cycle top. The pair would fall towards 1.2695 to reach its cycle bottom after breaking below 1.2780 support.
USDCHF
The fall from 1.2444 may completed and USDCHF is bottoming on 4 hours chart. The rebound from 1.2182 is treated as the resumption of the up trend. Key resistance is at 1.2379, a break above this level may signal the cycle bottom. The pair would rise towards 1.2444 to reach its cycle top after breaking above 1.2379 resistance.
USDJPY
USDJPY is in a narrow range between 115.18 and 116.17. Key resistance is now at 116.17, breaking above this level may label the cycle bottom at 115.18, and further rise to challenge 116.74 previous high resistance is possible. Key support is at 115.18, breaking below this level may signal the resumption of the down trend, the first target of this down trend is expected in 113.96-114.67 area.
AUDUSD
AUDUSD is in down trend and fall below 0.7562 level is possible later today. Key resistance is now at 0.7642, only break above this level may signal the resumption of the up trend.
USDCAD
USDCAD is bottoming on 4 hours chart. Key resistance is now at 1.1271, breaking above this level may confirm this cycle bottom. Only break below 1.1142 may signal the resumption of the down trend.
GBPUSD
GBPUSD is bottoming on 4 hours chart, key resistance is now at 1.8995, a break above this level may signal this cycle bottom and further rise towards 1.9142 is possible in the next several days. Only break below 1.8774 may signal the resumption of the down trend.
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