Short Term Analysis – May 7, 2007

20070507_eurusd_1.gifEURUSD
EURUSD broke below this previous low support at 1.3540. The pair is now in down trend. Further fall towards fall towards 1.3400 can be expected after consolidation, and a break below 1.3535 level will confirm such case. Near term resistance is at 1.3630 and key resistance is at 1.3681, only break above the key resistance will signal the resumption of the up trend.

20070507_usdcad_1.gifUSDCAD
USDCAD is testing the previous low support at 1.1031 (Aug 31, 2006 low) level. A break below this level will indicate down trend is underway and further fall towards 1.0930 (May 31, 2006 low) is still possible in the next several days. Near term resistance is at the price channel and followed by 1.1142, a break above 1.1142 level will signal the reversal to the down trend.

20070507_usdchf_1.gifUSDCHF
USDCHF broke below the up trend line support and is topping at 1.2188 on 4 hours chart. Key support is at 1.2092, a break below this level will confirm the cycle top and fall towards 1.2030 level will be seen in a couple of days. Near term resistance is at 1.2188, only break above this level will signal the resumption of the up trend.

20070507_gbpusd_1.gifGBPUSD
GBPUSD is now in down trend, and further fall towards 1.9600 level is still possible after a slightly correction, and a break below 1.9843 level will confirm such case. Near term resistance is at 1.9980 and key resistance is at 2.0073, only break above the key resistance will signal the resumption of the up trend.

20070507_usdjpy_1.gifUSDJPY
USDJPY is in up trend, the fall from 120.46 is treated as correction to the up trend. Near term support is at the up trend line from 117.59 to 119.06, now at 119.70. As long as the trend line support holds, up trend will continue. Near term resistance is at 120.46, a break above this level will signal the resumption to the up trend.

20070507_audusd_1.gifAUDUSD
AUDUSD is in down trend. The fall from 0.8392 extended to 0.8170. Further fall towards 0.8100 is still possible after consolidation. Near term resistance is at the down trend line from 0.8392 to 0.8327, now at 0.8300, and as long as the trend line resistance holds, down trend will continue.