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Short Term Analysis – April 20, 2007

20070420_gbpusd_1.gifGBPUSD
GBPUSD is in correction to the up trend, more sideways consolidation can be expected in the next several days, and further fall below the up trend line to reach the next cycle bottom on 4 hours chart can be can be seen. Key resistance is at 2.0132, only break above this level will signal the resumption of the up trend.

20070420_eurusd_1.gifEURUSD
EURUSD is in up trend and further rise towards 1.3668 (2004 high) to reach the next cycle top on 4 hours chart is still possible later today. On the other side, the next cycle top is nearing. Key support is at 1.3556, a break below this level will confirm the cycle top.

20070420_audusd_1.gifAUDUSD
Key support at 0.8305 is broken below, AUDUSD topped at 0.8392 on 4 hours chart. The up trend from 0.7680 might has been finished, correction to the medium term up trend will more likely be seen in the next several days, and a break below 0.8281 will confirm such case.

20070420_usdchf_1.gifUSDCHF
USDCHF is testing the down trend line resistance. Further rise towards 1.2110 to reach the next cycle top on 4 hours chart is still possible in the next several days. Near term support is at 1.2001, a break below this level will signal the resumption of the down trend.

20070420_usdcad_1.gifUSDCAD
USDCAD is bottoming at 1.1234 on 4 hours chart, further rise towards 1.1394 to reach the next cycle top can be expected in the next several days. Near term support is at 1.1234, only break below the level will signal the resumption of the down trend.

20070420_usdjpy_1.gifUSDJPY
Being contained by the up trend line from 115.15 to 116.38, USDJPY rebounded from 117.59, and reached as high as 118.76 so far. Further rise towards 119.86 previous high can be expected in the next several days. Only break below the trend line support will signal the reversal to the up trend.

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