# Short Term Analysis – January 24, 2007

EURUSD

Resistance at 1.2998 is broken above, EURUSD is in up trend, more sharply rise towards 1.3100 level is still possible later today. Near term support is at 1.2921, only break below this level may signal the reversal to the up trend.

GBPUSD

As expected, previous high resistance at 1.9846 is broken above. GBPUSD is in up trend, further rise towards 2.0000 is still possible in the next several days. Near term support is at the bottom of the price channel, and followed by 1.9715, only break below 1.9715 may signal the reversal to the up trend.

AUDUSD

AUDUSD topped at 0.7963 on 4 hours chart, further fall towards 0.7827 level to reach the next cycle bottom is still possible later today. Key resistance is at 0.7936, a break above this level indicate medium term up trend is underway and further rise above 0.7977 previous high can be expected in the next several days.