Short Term Analysis - June 21, 2007
EURUSD
EURUSD is topping at 1.3437, key support is at 1.3383, a break below this level will confirm the cycle top on 4 hours chart, and fall towards 1.3263 previous low is expected to follow. Near term resistance is at 1.3437, only break above this level will indicate lengthier correction to the down trend.
USDJPY
Key support at 123.25 is broken below, USDJPY topped at 123.75 on 4 hours chart. Sideways consolidation will more likely be seen in a couple of days, and fall below 123.09 level to reach the next cycle bottom is still possible.
USDCHF
USDCHF is in consolidation to the up trend. It will move without trend in a range between 1.2345 and 1.2467 in the next several days. Key resistance is at 1.2467, only break above this level will signal the resumption to the up trend.
USDCAD
USDCAD is topping at 1.0752, key support is now at 1.0614, a break below this level will confirm the cycle top, and fall towards 1.0400 can be seen. Near term resistance is at 1.0752, only rise above this level will indicated lengthier consolidation.
GBPUSD
GBPUSD broke above the down trend line from 2.0132 (Apr 18 high) to 1.9967, further rise above 1.9967 to reach the next cycle top is still possible later today, and the next cycle top is nearing. Near term support is at 1.9860, a break below this level will signal the resumption of the down trend.
AUDUSD
AUDUSD failed to test the previous high resistance at 0.8476 and pulled back from 0.8475. More sideways consolidations are expected and further fall below 0.8333 to reach the next cycle bottom is still possible.
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