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Short Term Analysis – May 30, 2007

20070530_usdcad_1.gifUSDCAD
USDCAD is in down trend. The fall from 1.1167 extended to as low as 1.0709, and further fall towards 1.0600 is still possible in a couple of days. Near term resistance is at the down trend line from 1.1167 to 1.0834, and followed by 1.1034, as long as 1.0834 resistance holds, down trend will continue.

20070530_usdjpy_1.gifUSDJPY
USDJPY formed a sideways consolidation in a range between 120.85 and 121.87. Further rise towards 122.18 (Jan 29 high) can be seen after consolidation and a break above 121.87 level will signal the resumption of the up trend.

20070530_audusd_1.gifAUDUSD
No changed in our view, 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.

20070530_usdchf_1.gifUSDCHF
USDCHF broke below the up trend line from 1.2004 to 1.2125 and rebounded from 1.2199. The pair might be bottoming at 1.2199 level, further rise above 1.2331 can be expected. Near term support is at 1.2199, only fall below this level will delay the resumption of the up trend.

20070530_gbpusd_1.gifGBPUSD
As expected, GBPUSD broke above 1.9895 previous high and topped at 1.9899 on 4 hours chart. Fall towards 1.9676 previous low can be seen. Near term resistance is at 1.9899, only break below this level will delay the resumption of the down trend.

20070530_eurusd_1.gifEURUSD
EURUSD is in consolidation to the down trend. Further fall towards 1.3300 is still possible after consolidation and a break below 1.3411 previous low will signal the resumption of the down trend. Near term resistance is at 1.3519, a break above this level will delay the resumption of the down trend.

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