Short Term Analysis - May 28, 2007
USDJPY
USDJPY is bottoming at 120.85 on 4 hours chart, key resistance is at 121.87 previous high, a break above this level will confirm the cycle bottom, and further rise towards 122.18 (Jan 29 high) can be seen in a couple of days. Key support is now at 120.85, only break below this level will signal the reversal to the up trend.
GBPUSD
GBPUSD is in correction to the down trend. Further rise towards 1.9999 previous high to reach the next cycle top on 4 hours chart is still possible in a couple of days. Near term support is at 1.9750 and key support is at 1.9676, a break below the key support will signal the resumption of the down trend.
AUDUSD
AUDUSD broke below the key support at 0.8181 and down trend resumed. Further fall towards 0.8130 can be seen. Near term resistance is at 0.8267, only break above this level will signal the reversal to the down trend.
USDCHF
USDCHF is bottoming at 1.2239, key resistance is at 1.2313, a break above this level will confirm the cycle bottom and rise towards 1.2400 can be expected. Near term support is at 1.2239, only break below this level will delay the resumption of the up trend.
USDCAD
As expected, USDCAD fall from the down trend line resistance at 1.0869 and reached as low as 1.0775. Further fall towards 1.0700 can be seen in a couple of days. Near term resistance is at the down trend line and followed by 1.0869, as long as 1.0869 resistance holds, down trend will continue.
EURUSD
EURUSD is in down trend. The fall from 1.3681 extended to as low as 1.3411, a short term bottom will more likely be seen, sideways consolidation can be expected in a couple of days, and a break above 1.3472 will confirm such case.
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