# Short Term Analysis – November 1, 2006

GBPUSD

GBPUSD is in up trend and further rise towards 1.9142 (the day high of August 8) is still possible in the next couple of days, and a sideways consolidation is needed before breaking above 1.9142. Near term support is at the bottom of the price channel, a break below this support may signal the consolidation to the up trend.

AUDUSD

AUDUSD is in up trend and further rise towards 0.7791 (the day high of May 11) is still possible in the next couple of days, and a sideways consolidation is needed before breaking above 0.7791. Key support is now at 0.7671, and as long as the key support holds, the pair stays in up trend.

EURUSD

The resistance at 1.2749 is broken above and EURUSD is back to up trend. Further rise towards 1.2829 previous high is still possible in the next couple of days. Near term support is the up trend line, and as long as the trend line support holds, up trend will continue.