# Short Term Analysis – January 18, 2007

AUDUSD

Previous high resistance at 0.7858 is broken above, AUDUSD will rise towards the top of the price channel to reach the next cycle top on 4 hours chart later today. Near term support is at the bottom of the price channel, now at 0.7821, only break below this level may signal the resumption of the down trend.

GBPUSD

GBPUSD is testing the previous high resistance at 1.9750, a sideways consolidation is needed before breaking above this level, and pullback towards the bottom of the price channel can be expected later today.

EURUSD

No change in our view, EURUSD is bottoming at 1.2865 on 4 hours chart, key resistance is at 1.2988, and a break above this level may confirm the cycle bottom. Near term support is at 1.2896, only fall below this level may signal the resumption of the down trend.