Short Term Analysis - November 6, 2006
USDCAD
USDCAD topped at 1.1372 on 4 hours chart, it would form a sideways consolidation in a range between 1.1266 and 1.1372 in the next several days. The fall from 1.1372 is treated as in correction to the up trend, key resistance is at 1.1372, a break above this level may signal the resumption of the up trend.
EURUSD
The up trend line support is broken below, EURUSD topped at 1.2797 on 4 hours chart, and further fall towards 1.2650 to reach the next cycle bottom is still possible in the next couple of days. Near term resistance is at 1.2797, only break above this level may signal the resumption of the up trend.
USDCHF
USDCHF bottomed at 1.2405 on 4 hours chart, and further rise towards 1.2600 to reach the next cycle top is still possible in the next couple of days. Key support is now at 1.2405, only break below this level may signal the resumption of the down trend.
GBPUSD
GBPUSD is in correction to the up trend, and further fall below the near term support at 1.8950 to reach the next cycle bottom is possible in the next couple of days, and up trend will resume after this correction.
USDJPY
The down trend line resistance is broken above, USDJPY bottomed at 116.57 on 4 hours chart, and further rise towards 118.50 level to reach the next cycle top is possible in the next couple of days. Only pullback below 116.57 level may signal the resumption of the down trend.
AUDUSD
AUDUSD is testing the support of the price channel, and further fall below 0.7671 to reach the next cycle bottom is possible in the next couple of days. Key resistance is at 0.7766, only break above this level may signal the resumption of the up trend.
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