Short Term Analysis - August 7, 2007
USDJPY
USDJPY is in down trend, the rise from 117.15 is treated as consolidation to the down trend, and further fall towards 116.00 area to reach the next cycle bottom on 4 hours chart is still possible in the next several days. Key resistance is at 119.47, only rise above this level will signal the reversal to the down trend.
USDCAD
USDCAD broke below 1.0500 previous low and reached as low as 1.0488. Further fall towards 1.0450 area to reach the next cycle bottom on 4 hours chart is still possible in the next several days. Key resistance is at 1.0587, a break above this level will signal the resumption of the up trend.
GBPUSD
GBPUSD topped at 2.0462 on 4 hours chart. Further fall below 2.0182 previous low is expected to follow, and a break below 2.0280 level will confirm such case. Near term resistance is at 2.0462, only break above this level will delay the resumption of the down trend.
EURUSD
EURUSD is testing the previous high resistance at 1.3851. Pullback towards the up trend line will more likely be seen in the next several days before breaking above 1.3851 previous high. Near term resistance is at 1.3839, a break above this level will signal the resumption of the up trend.
USDCHF
USDCHF is in down trend. The rise from 1.1816 is treated as correction to the down trend. Fall towards 1.1700 is expected to follow after correction. Near term resistance is at 1.1990, and as long as this resistance holds, down trend will continue.
AUDUSD
No changed in our view, AUDUSD bottomed at 0.8446 on 4 hours chart. Further rise towards 0.8650 is expected to follow in the next several days. Near term support is at 0.8446, only break below this level will signal the resumption of the down trend.
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