Short Term Analysis – October 5, 2007

GBPUSD
GBPUSD is bottomed at 2.0278 on 4 hours chart. Rise towards 2.0600 area is expected, and a break above 2.0492 previous high will signal the resumption of the up trend. Near term support is at 2.0278, only break below this level will signal the reversal to the up trend.

EURUSD
EURUSD might be bottoming at 1.4067 on 4 hours chart, key resistance is at 1.4199, and a break above this level will confirm the cycle bottom. Near term support is at 1.4067, if gives way, fall towards 1.3930 is expected.

AUDUSD
AUDUSD is in up trend, the fall from 0.8948 is treated as consolidation to the up trend. A break above 0.8948 previous high will signal the resumption of the up trend, and further rise towards 0.9100 can be seen. Near term support is at 0.8794, as long as this support holds, up trend will continue.