Short Term Analysis - July 20, 2007
AUDUSD
AUDUSD is in up trend, the rise from 0.8355 extended to as high as 0.8808, further rise towards 0.8850 is still possible in the next several days. However, the next short term cycle top on 4 hours chart is nearing, consolidation to the up trend will be coming soon.
EURUSD
No changed in our view, EURUSD is forming a short term cycle top at 1.3833, pullback towards 1.3700 area will more likely be seen in the next several days. Near term support is at the up trend line from 1.3422 to 1.3594, a break below the trend line support will confirm the cycle top.
USDCHF
Key resistance at 1.2050 is broken above, USDCHF bottomed at 1.1960 on 4 hours chart. Further rise above the down trend line from 1.2338 to 1.2232 is expected to follow in the next several days. Near term support is at 1.1960, only break below this level will signal the resumption of the down trend
GBPUSD
GBPUSD is forming a short term cycle top at 2.0547, sideways consolidation is expected in the next several days, and pullback towards 2.0400 can be seen. Up trend will resume after this consolidation, a break above 2.0547 previous high will signal the resumption of the up trend.
USDCAD
USDCAD bottomed at 1.0399 on 4 hours chart, further rise towards 1.0500 area to reach the next cycle top is expected. Near term support is at 1.0399, only break below this level will signal the resumption of the down trend.
USDJPY
No changed in our view, USDJPY bottomed at 122.96 on 4 hours chart, further rise towards 124.13 previous high is still in favor, and a break above this level will signal the resumption of the up trend. Near term support is at 120.96, only break below this level will indicate lengthier correction to the up trend.
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