# Short Term Analysis – January 19, 2007

EURUSD

EURUSD is bottoming at 1.2865 on 4 hours chart, key resistance is at 1.2988, a break above this level may confirm the cycle bottom, and further rise above 1.3014 to reach the next cycle top on 4 hours chart is still possible later today. Near term support is at 1.2895, only break below this level may signal the resumption of the down trend.

AUDUSD

AUDUSD reached the top of the price channel, pullback towards the bottom of the channel can be expected later today. Near term support is at the bottom of the channel, and followed by 0.7812, a break below 0.7812 may signal the resumption of the down trend. Near term resistance is at 0.7904, break above this level indicate lengthier correction to the down trend is underway, and further rise towards 0.7930 is possible.

GBPUSD

GBPUSD broke above 1.9750 previous high, a sideways consolidation can be expected before the resumption of the up trend, and pullback to 1.9600 level can be expected later today. Near term resistance is at 1.9777, a break above this level may signal the resumption o the up trend.