Short Term Analysis - August 27, 2007
GBPUSD
GBPUSD break above the down trend line from 2.0652 (Jul 24 high) to 2.0462 (Aug 6 high), further rise towards 2.0462 to reach the next cycle top on 4 hours chart is expected. Near term support is at 1.9975, and as long as this support holds, up trend will continue.
EURUSD
EURUSD is in up trend, the rise from 1.3360 extended to as high as 1.3683, and further rise towards 1.3851 (Jul 24 high) to reach the next cycle top on 4 hours chart is expected. Near term support is at 1.3550, as long as this support holds, up trend will continue.
USDCAD
No changed in our view, USDCAD is testing the support of 1.0461, fall towards 1.0339 can be seen if 1.0461 is broken below. Near term resistance is at 1.0690, a break above this level will signal the resumption of the up trend.
USDCHF
USDCHF broke below 1.1993 previous low, and further fall towards 1.1816 (Aug 6 low) to reach the next cycle bottom on 4 hours chart is expected to follow. Near term resistance is at 1.2110, only break above this level will signal the resumption of the up trend.
USDJPY
USDJPY is in correction to the down trend. Further rise towards the down trend line from 122.39 (Jul 20 high) to 119.80 (Aug 8 high) is still possible later today. Key support is now at 115.50, a break below this level will signal the resumption of the down trend.
AUDUSD
AUDUSD is in up trend, the rise from 0.7675 extended to as high as 0.8312 and further rise towards 0.8400 is still possible later today. Near term support is at 0.8100, and as long as this support holds, up trend will continue.
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