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Short Term Analysis – May 18, 2007

20070518_eurusd_1.gifEURUSD
EURUSD is in down trend. Further fall towards 1.3350 can be seen, and a break below 1.3461 previous low will confirm such case. Near term resistance is at 1.3609, only break above this level will delay the resumption of the down trend.

20070518_gbpusd_1.gifGBPUSD
GBPUSD broke below previous low support at 1.9746. Further fall towards 1.9600 area can be expected in the next several days. Near term resistance is at 1.9810 and followed by the down trend line from 2.0073 to 1.9999.

20070518_audusd_1.gifAUDUSD
AUDUSD broke below 0.8229 previous low. Further fall towards 0.8170 to reach the next cycle bottom on 4 hours chart is still possible later today. Near term resistance is at 0.8270. Near term support is at 0.8170 followed by 0.8120 level.

20070518_usdjpy_1.gifUSDJPY
USDJPY is in up trend and the rise from 119.46 extended to as high as 121.36 so far, further rally towards 122.18 previous high can be expected. Near term support is at 120.65 and followed by the up trend line from 117.59 to 119.46, and as long as the trend line support holds, up trend will continue.

20070518_usdchf_1.gifUSDCHF
USDCHF is testing the previous high resistance at 1.2282, rise about this level to reach the next cycle top on 4 hours chart is still possible later today. The next cycle top is nearing, and slightly correction can be expected after breaking above 1.2282 level.

20070518_usdcad_1.gifUSDCAD
USDCAD is in down trend. Further fall towards 1.0930 (2006 low) is still in favor, and a break below 1.0963 will confirm such case. Near term resistance is at 1.1062, only break above this level will delay the resumption of the down trend.

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