Short Term Analysis – August 14, 2006

EURUSD

20060814_eurusd_1.gifEURUSD is in down trend, further fall to test the near term support at 1.2659 level is possible later to day. On the other side, the fall from 1.2911 is treated as in correction of the previous up trend from 1.2457 to 1.2911, more volatility may be expected during this correction, rebound towards 1.2850 area is still possible in the next several days.

GBPUSD

20060814_gbpusd_1.gifGBPUSD is in down trend. The fall from 1.9142 is treated as in correction of the previous up trend from 1.8175 to 1.9142, more volatility may be expected during this correction, rebound towards 1.9142 area is still possible in the next several days. near term support is at 1.8700, this level is more likely to be held during this correction.

AUDUSD

20060814_audusd_1.gifAUDUSD is in up trend, the fall from 0.7712 is treated as in correction to the up trend. Further rise above 0.7712 previous high resistance is possible later to day. Key support is at 0.7563, only break below this level may signal a reversal to the up trend.

USDJPY

20060814_usdjpy_1.gifUSDJPY is in up trend, further rise towards 117.00 is possible later today. key support is now at 114.67, only break below this level may signal a reversal to the up trend. On the other side, the rise from 113.96 is treated as in correction to the previous down trend from 117.87 to 113.96, more volatility can be expected during this correction, and pull back to test 114.67 support is possible in the next several days.

USDCHF

20060814_usdchf_1.gifUSDCHF is in up trend, further rise towards 1.2480 level is still possible later today. On the other side, the rise from 1.2191 is treated as in correction to the previous down trend from 1.2594 to 1.2191, more volatility can be expected during this correction, and pull back towards 1.2193 support can be expected in the next several days.

USDCAD

20060814_usdcad_1.gifUSDCAD is in up trend, further rise towards 1.1345 resistance is possible later today, a break above this level may pull price back to the medium term bullish movement, and the target of this bullish movement would be above 1.1457 previous high.