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Short Term Analysis – April 23, 2007

20070423_audusd_1.gifAUDUSD
The fall from 0.8392 is limited by the up trend line support, AUDUSD rebound from 0.8281. Further rise towards the key resistance at 0.8392 is still possible later today, and the key resistance will more likely be held and fall below the trend line support is in favor. Only break above 0.8392 level will signal the resumption of the up trend.

20070423_usdjpy_1.gifUSDJPY
USDJPY bottomed at 117.59 on 4 hours chart, and further rise towards 119.86 previous high can be expected in the next several days. Key support is at 117.59, a break below this level will signal the reversal to the up trend and fall towards 115.15 (March low) can be seen.

20070423_gbpusd_1.gifGBPUSD
GBPUSD is in correction to the up trend, and is testing the up trend line support. Further fall below the trend line support will more likely be seen later today. The price will find support above 1.9800, only break below this level will delay the resumption of the up trend.

20070423_usdchf_1.gifUSDCHF
USDCHF broke above the down trend line resistance, and further rise towards 1.2200 to reach the next cycle top on 4 hours chart can be expected in the next several days. Near term support is at 1.2001, only break below this level will signal the resumption of the up trend.

20070423_usdcad_1.gifUSDCAD
USDCAD is in down trend, and further fall towards 1.1100 is still possible in the next several days. Near term resistance is at the down trend line from 1.1394 to 1.1338, now at 1.1285, a break above the trend line resistance will signal the reversal to the down trend.

20070423_eurusd_1.gifEURUSD
No changed in our view, EURUSD is in up trend and reached as high as 1.3638. 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.

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