Short Term Analysis - November 17, 2006
AUDUSD
The rebound from 0.7613 is limited by the price channel resistance, and AUDUSD is topping at 0.7694 on 4 hours chart. Key support is at 0.7631, a break below this level may confirm the cycle top. Pullback below 0.7613 to reach the next cycle bottom on 4 hours chart can be expected in the next several days.
USDJPY
The down trend line resistance is broken above, USDJPY will move higher towards 119.00 level to reach the next cycle top on 4 hours chart. Near term supports are at 117.74 and the up trend line.
USDCAD
USDCAD is in up trend and further rise higher towards 1.1457 (the day high of July 24) to reach the next cycle top is still possible later today. Key support is at 1.1342, a break below this level may signal the reversal to the up trend.
GBPUSD
GBPUSD is in down trend, the rebound from 1.8836 is treated as in correction to the down trend, and further fall towards 0.8800 level is still possible later today. Near term resistance is at 1.8932, only break above this level may delay the resumption of the down trend.
USDCHF
USDCHF may be topping on 4 hours chart, further fall towards 1.2384 can be expected later today, and a break below this level may confirm the cycle top at 1.2521 high. Near term resistance is now at 1.2521, only break above this level may pull price towards 1.2578 previous high.
EURUSD
EURUSD is testing the support of the price channel, if this support gives way, fall towards 1.2745 can be expected in a couple of days. On the other side, the pair may be bottoming at 1.2772 on 4 hours chart, and further rise towards the key resistance at 1.2870 is still possible later today, a break above this level may confirm this cycle bottom.
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