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Short Term Analysis – April 6, 2007

20070406_gbpusd_1.gifGBPUSD
GBPUSD topped at 1.9824 on 4 hours chart, and is testing the up trend line support, if the trend line support gives way, further fall below 1.9545 previous low support can be expected in the next several days. Near term resistance is at 1.9824, only break above this level will signal the resumption of the up trend.

20070406_eurusd_1.gifEURUSD
EURUSD broke above the key resistance at 1.3410, further rise towards 1.3500 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. Key support is now at 1.3318, a break below this level will signal the reversal to the up trend.

20070406_audusd_1.gifAUDUSD
AUDUSD broke above the previous high resistance at 0.8181 and reached as high as 0.8210 level. Further rise towards 0.8300 can be expected in the next several days. Near term support is at the up trend line from 0.7680 to 0.8063, now at 0.8100. Key support is at 0.8063, only break below this level will signal the reversal to the up trend.

20070406_usdcad_1.gifUSDCAD
USDCAD topped at 1.1598 on 4 hours chart, and declined to as low as 1.1485. Further fall towards 1.1400 level is still possible in the next several days. Key resistance is at 1.1598, only break above this level will delay the resumption of the down trend.

20070406_usdchf_1.gifUSDCHF
No changed in our view, 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.

20070406_usdjpy_1.gifUSDJPY
USDJPY is in up trend, further rise towards 120.00 can be expected after a slightly correction. Near term support is at 118.00 level, only break below this level will delay the resumption of the up trend.

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