Short Term Analysis - Apr 18, 2008
EURUSD Analysis.
EURUSD is in up trend. Further rally to 1.6200 area is still possible after consolidation. Near term support is at the up trend line from 1.5342 to 1.5510, as long as the trend line support holds, up trend will continue.
GBPUSD Analysis.
GBPUSD breaks above 1.9894 key resistance and reaches as high as 1.9924. Further rise to 2.0055 area is expected in the next several days. Near term support is at 1.9691, only break of this level will signal the resumption of the down trend.
USDCHF Analysis.
USDCHF traded in a narrow range between 0.9887 and 1.0111. A break of 1.0111 will indicate that the sideways consolidation from 1.0249 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 rebounded sharply from 0.9987. However, the rise from 0.9987 is treated as correction to the down trend. Deeper decline to 0.9900 area is still in favor after correction. Key resistance is at 1.0273, only break above this level will signal the resumption of the up trend.
USDJPY Analysis.
USDJPY is moving to test 102.94 previous high resistance, and break above this level to reach the next short term cycle top on 4-hour chart is expected. Near term support is at the price channel, only break below the channel support will signal the reversal to the up trend.
AUDUSD Analysis.
AUDUSD is in up trend. 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.
More long term forex analysis.
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