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Short Term Analysis – April 10, 2007

20070410_eurusd_1.gifEURUSD
EURUSD is bottomed at 1.3339 on 4 hours chart, and further rise towards 1.3441 is possible later today. The rise from 1.9590 is treated as in correction to the down trend, and fall below 1.9545 is still in favor after this correction. Key resistance is at 1.3441, only break above this level will signal the resumption of the up trend.

20070410_audusd_1.gifAUDUSD
AUDUSD broke above 0.8210 previous high resistance, further rise towards 0.8300 to reach the next cycle top on 4 hours chart can be expected in a couple of days. Near term support is at the up trend line, from 0.7680 to 0.8063, now at 0.8139. Key support is at 0.8063, only break below this level will signal the reversal to the up trend.

20070410_usdcad_1.gifUSDCAD
No changed in our view, USDCAD is in down trend and further fall towards 1.1300 level can be expected in the next several days. Near term resistance is at 1.1532 and followed by 1.1598, only break above 1.1598 will delay the resumption of the down trend.

20070410_gbpusd_1.gifGBPUSD
GBPUSD fall below the up trend line support and reached 1.9590 low. The rise from 1.9590 is treated as in correction to the down trend, and further fall below 1.9545 can be expected after this correction. Key resistance is at 1.9824, only break above this level will signal the resumption of the up trend.

20070410_usdchf_1.gifUSDCHF
USDCHF broke above 1.2299 previous high and pulled back from 1.2282 level. The pair is topping on 4 hours chart, and further fall towards 1.2121 previous low is still possible in a couple of day. The fall from 1.2282 is treated as in correction to the up trend, up trend from 1.2029 will resume after this correction, and further rise above 1.2354 to reach the next cycle top on daily chart is still possible.

20070410_usdjpy_1.gifUSDJPY
No changed in our view, USDJPY is in up trend and further rise towards 120.50 is still possible in a couple of days. Near term support is at the bottom of the price channel. Key support is at 118.43, only break below this level will delay the resumption of the up trend.

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