Short Term Analysis – August 30, 2007

USDCAD bottomed at 1.0469 on 4 hours chart, the rise from 1.0469 extended to as high as 1.0676. Further rise towards 1.0866 previous high is expected and a break above 1.0690 will signal the resumption of the up trend. Key support is at 1.0469, only break below this level will indicate lengthier correction to the up trend.

GBPUSD
Being supported by the price channel, GBPUSD bounded from 1.9959, further rise towards 2.0350 area is expected to follow. Near term support is at 1.9959, and as long as this support holds, up trend will continue.

EURUSD
Being supported by the price channel, EURUSD bounded from 1.3562 and reached as high as 1.3680, 4 points from 1.3684 previous high. The pair is testing 1.3684 resistance, if gives way, rise towards 1.3750 area can be seen. Near term support is at 1.3562, a break below this level will signal the resumption of the down trend and further fall below 1.3360 is possible.

USDCHF
USDCHF might be bottoming at 1.1959, key resistance is now at 1.2045, a break above this level will confirm the cycle bottom and rise above 1.2214 previous high can be seen. Near term support is at 1.1959, break below this level will indicate lengthier correction to the up trend.

USDJPY
USDJPY is forming a sideways consolidation in a range between 113.86 and 117.11. Fall below 113.86 will more likely be seen in a couple of days. Key resistance is at 117.11, a break above this level will signal the resumption of the long term up trend.

AUDUSD
AUDUSD topped at 0.8334 on 4 hours chart, further fall towards 0.7950 is still possible later today. Key resistance is at 0.8334, a break above this level will signal the resumption of the up trend, and rise towards 0.8662 previous high can be seen.