Short Term Analysis - Apr 17, 2008
GBPUSD Analysis.
GBPUSD rebounded from 1.9599 and formed a short term cycle bottom on 4-hour chart. The pair is running in a wedge pattern in the last 3 weeks, deeper decline to test 1.9337 (Jan 22 low) is still in favor. Key resistance is now located at 1.9894, only break of the level will signal the reversal to the down trend.
USDCHF Analysis.
USDCHF formed a sideways consolidation in a range between 0.9870 and 1.0249. Key resistance is now located at 1.0111, a break of this level will indicate that the sideways consolidation has completed and further rise to 1.0500 area is expected to follow. Only break below 0.9887 would pull price back to test 0.9634 (Mar 17 low).
USDCAD Analysis.
USDCAD broke below the key support at 1.0132 and dropped sharply to as low as 1.000 level. Deeper decline to 0.9900 area is still possible later today. Near term resistance is at 1.0150, as long as this resistance holds, we’d expect down trend to continue.
USDJPY Analysis.
USDJPY formed a short term cycle bottom at 100.02 level on 4-hour chart. Further rise to 105.00 area to reach the next cycle top is still possible, and a break of 102.25 resistance will confirm such case. Only break below 100.02 support will signal the reversal to the up trend.
AUDUSD Analysis.
AUDUSD rises above 0.9346 resistance and reaches as high as 0.9401, further rally to test 0.9496 (Feb 28 high) is still possible in the next several days. Near term support is at the up trend line, and as long as the trend line support holds, up trend will continue.
EURUSD Analysis.
EURUSD breaks above 1.5913 resistance and reaches as high as 1.5978. Further rally to 1.6200 area is still possible after consolidation. Near term resistance is at the up trend line from 1.5342 to 1.5510, as long as the trend line support holds, up trend will continue.
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