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Short Term Analysis – April 13, 2007

20070413_eurusd_1.gifEURUSD
EURUSD is in up trend, the rise from 1.3339 extended to as high as 1.3515, further rally towards 1.3550 level is still possible later today. Near term support is at 1.3406, and followed by the up trend line from 1.3253 to 1.3339, only break below the trend line support will signal the reversal to the up trend.

20070413_gbpusd_1.gifGBPUSD
No changed in our view, GBPUSD is testing the previous high resistance at 1.9824, a break above this level will indicate long term bullish movement is underway, and further rise above 1.9913 (the day high of Jan 23) will be seen. On the other side, if the key resistance at 1.2824 holds, the pair will fall towards 1.9183 (the day low of Mar 5) in the next several days.

20070413_audusd_1.gifAUDUSD
No changed to our view, AUDUSD is in up trend, and further rise towards 0.8350 to reach the next cycle top on 4 hours chart is still possible in the next several days. Near term support is at 0.8232 and followed by the up trend line from 0.7680 to 0.8063, only break below the trend line support will signal the reversal to the up trend.

20070413_usdjpy_1.gifUSDJPY
USDJPY is in consolidation of the up trend, further fall towards 118.43 previous low can be expected later today. Key resistance is at 119.53, a break above this level will signal the resumption of the up trend.

20070413_usdchf_1.gifUSDCHF
USDCHF is testing the support of the rising price channel, break below 1.2131 level will delay the resumption of the up trend. On the other side, the pair may be bottoming at 1.2131 level, key resistance is at 1.2245, a break above this level will confirm the cycle bottom.

20070413_usdcad_1.gifUSDCAD
USDCAD is in down trend, the fall from 1.1825 (the day high of Mar 5) extended to as low as 1.1332, and more sharply fall towards 1.1300 level is still possible later today. Near term resistance is at down trend line, and as long as the trend line resistance holds, down trend will continue.

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