Short Term Analysis - Mar 31, 2008
EURUSD Analysis.
EURUSD is testing 1.5902 previous high resistance and formed a sideways consolidation in narrow range between 1.5726 and 1.5859. As long as 1.5902 (Mar 17 low) resistance holds, pullback to retest 1.5342 previous low is expected, only break of 1.5902 level will signal the resumption of the long term up trend.
USDCHF Analysis.
USDCHF traded in a narrow range between 0.9881 and 0.9996. Deeper decline to 0.9750 area to reach the next short term cycle bottom on 4-hour chart is still possible after consolidation, and a break of 0.9881 level will confirm such case. Key resistance is at 1.0113, a break of this level will signal the resumption of the up trend, and further rally to test 1.0352 resistance could be seen.
USDCAD Analysis.
USDCAD is forming a sideways consolidation in a range between 1.0094 and 1.0307. As long as 1.0307 resistance holds, we’d expect down trend to resume, further fall to test 0.9709 previous low support is possible, and a break down of 1.0094 is needed to confirm such case. Key resistance is at 1.0307, only break of the level will signal the resumption of the long term up trend.
GBPUSD Analysis.
GBPUSD breaks below 1.9926 key support and confirms the short term cycle top at 2.0193 level on 4-hour chart. Further fall to test 1.9736 previous low support is now in favor. Key resistance is at 2.0193, only break of this level will signal the reversal to the down trend.
AUDUSD Analysis.
AUDUSD is forming a short term cycle top at 0.9252 level, key support is now located at 0.9121, a break of this level will confirm the cycle top and deeper decline to test 0.8953 support could be seen.
USDJPY Analysis.
USDJPY formed a sideways consolidation in a range between 98.55 and 101.03. As long as 98.55 support holds, we’d expect up trend to resume and further rise to test 103.59 resistance is still in favor, a break of 101.03 level is needed to confirm such case.
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