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Short Term Analysis – May 29, 2007

20070529_gbpusd_1.gifGBPUSD
No changed in our view, GBPUSD is in correction to the down trend. Further rise above 1.9895 previous high to reach the next cycle top on 4 hours chart is still possible in a couple of days. Near term support is now at 1.9800 and key support is at 1.9676, a break below the key support will signal the resumption of the down trend.

20070529_usdjpy_1.gifUSDJPY
No changed in our view, USDJPY is bottoming at 120.85 on 4 hours chart, further rise towards 122.18 (Jan 29 high) will more likely 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.

20070529_audusd_1.gifAUDUSD
AUDUSD is in down trend. Further fall towards 0.8130 to reach the next cycle bottom on 4 hours chart can be seen. Near term resistance is at 0.8220 and followed by 0.8267, only break above 0.8267 level will signal the reversal to the down trend.

20070529_usdcad_1.gifUSDCAD
USDCAD is in down trend. Further fall towards 1.0700 can be seen in a couple of days. Near term resistance is at the down trend line from 1.1167 to 1.0869, and followed by 1.0869, as long as 1.0869 resistance holds, down trend will continue.

20070529_usdchf_1.gifUSDCHF
No changed in our view, USDCHF is bottoming at 1.2239, break above 1.2313 towards 1.2400 will more likely be seen in a couple of days. Near term support is at 1.2239, only break below this level will delay the resumption of the up trend.

20070529_eurusd_1.gifEURUSD
No changed in our view, 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. Near term resistance is at 1.3472 and followed by 1.3505 level.

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