Short Term Analysis – May 3, 2007

20070503_usdcad_1.gifUSDCAD
USDCAD is in consolidation to the down trend. The rise from 1.1046 is limited by the falling price channel. One more rise towards 1.1200 level is still possible before breaking below the long term support at 1.1031 (Aug 31, 2006 low). Near term support is at 1.1046, a break below this level will signal the resumption of the down trend.

20070503_gbpusd_1.gifGBPUSD
GBPUSD fell below the rising price channel and is testing the previous low support at 1.9864, a break below this level will indicate lengthy consolidation to the up trend is underway, and the resumption of the up trend will be delayed. Key resistance is now at 2.0073, a break above this level will signal the resumption of the up trend.

20070503_usdchf_1.gifUSDCHF
USDCHF bottomed at 1.1993 on 4 hours chart. The rise from 1.1993 extended to as high as 1.2188. Further rally towards 1.2250 is still possible later today. Near term support is at the up trend line and followed by 1.2050, only break below this level will signal the resumption of the down trend.

20070503_usdjpy_1.gifUSDJPY
USDJPY is in up trend. The rise from 117.59 extended to as high as 120.27. Further rise towards 121.00 is still possible later today. Near term support is at the up trend line from 117.59 to 119.06, as long as the trend line support holds, up trend will continue.

20070503_audusd_1.gifAUDUSD
As expected, AUDUSD broke below the previous low support at 0.8233, and further fall towards 0.8150 can be expected in the next several days. Near term resistance is at the down trend line from 0.8392 to 0.8327.

20070503_eurusd_1.gifEURUSD
EURUSD broke below 1.3584 level and reached as low as 1.3560. More sideways consolidation can be expected in a couple of days. Key support of the medium term up trend is at 1.3540, a break below this level will signal the reversal to the up trend.