Short Term Analysis – May 11, 2007


AUDUSD topped at 0.8334 on 4 hours chart, further fall towards 0.8170 previous low can be expected in a couple of days. The pair in a sideways consolidation to the up trend and will move without trend in a range between 0.8170 and 0.8392. The key resistance at 0.8392 will more likely be held, and the previous low at 0.8170 will be broken below by the end of the consolidation.

audusd 4 hours chart


USDJPY broke above the previous high resistance at 120.46 and pulled back from 120.53. More consolidations can be expected in a couple of days. Key resistance is at 120.53, up trend will resume after breaking above this level.

usdjpy 4 hours chart


USDCAD broke above the price channel resistance and bottomed at 1.1004 on 4 hours chart. The rise from 1.1004 extended to as high as 1.1127, a break above 1.1142 key resistance will signal the reversal to the down trend, and consolidation will be seen.

usdcad 4 hours chart


USDCHF is in up trend, further rise towards 1.2282 (Apr 9 high) can be seen. Near term support is at 1.2155 followed by the up trend line from 1.2004 to 1.2079, now at 1.2125. Key support is at 1.2079, as long as the key support holds, up trend will continue.

usdchf 4 hours chart


GBPUSD broke below the previous low support at 1.9843 and reached as low as 1.9770. More sharply fall towards 1.9650 area is still possible later today. Key resistance is at 1.9999, only break above this level will signal the reversal to the down trend.

gbpusd 4 hours chart


EURUSD is in down trend, the fall from 1.3681 extend to as low as 1.3464. More sharply fall towards 1.3400 is still possible later today. Near term resistance is at 1.3565 and followed by the down trend line, as long as the trend line resistance holds, down trend will continue.

eurusd 4 hours chart

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