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Short Term Analysis – April 4, 2007

20070404_eurusd_1.gifEURUSD
No changed in our view, EURUSD formed a sideways consolidation in a range between 1.3253 and 1.3410, fall towards 1.3070 (the day low of Mar 5) can be expected in the next several days, and a break below 1.3287 will confirm such case. Only break above the key resistance at 1.3410 will signal the resumption of the up trend.

20070404_usdcad_1.gifUSDCAD
USDCAD is in correction to the down trend, further rise towards 1.1635 to reach the next cycle top on 4 hours chart is still possible later today. Key support is at 1.1498, a break below this level will signal the resumption of the down trend.

20070404_audusd_1.gifAUDUSD
AUDUSD broke below the up trend line support and topped at 0.8181 on 4 hours chart. Sideways consolidation in a range between 0.8028 and 0.8181 will be seen in the next several days. Key resistance is at 0.8181, a break above this level will signal the resumption of the up trend.

20070404_usdchf_1.gifUSDCHF
USDCHF is in up trend, further rise above 1.2354 (the day high of Mar 9) to reach the next cycle top on 4 hours chart is still in favor, and a break above 1.2239 will confirm such case. Only break below 1.2082 key support will signal the resumption of the down trend.

20070404_gbpusd_1.gifGBPUSD
GBPUSD broke above 1.9726 previous high and reached as high as 1.9824, further rise towards 1.9913 (the day high of Jan 23) to reach the next cycle top on 4 hours chart is still possible in the next several days, and the next cycle top is nearing. Near term support is at the up trend line, a break below the trend line support will signal the reversal to the up trend.

20070404_usdjpy_1.gifUSDJPY
As expected, USDJPY broke above 118.42 key resistance and reached as high as 118.98 high. Further rise towards 120.00 is still possible in the next couple of days. Near term support is at the up trend line, and as long as the trend line support holds, up trend will continue.

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