Short Term Analysis – Mar 4, 2008 – Forex Market Analysis

AUDUSD Analysis.
AUDUSD formed a cycle top on 4-hour chart and the uptrend from 0.8512 might be completed at 0.9496 level. Deeper decline to 0.9100 area is expected, and a break below 0.9286 is needed to confirm such case.

GBPUSD Analysis.
No changed in our view, GBPUSD formed a sideways consolidation in a range between 1.9760 and 1.9971. Further rise to 2.0050 area to reach the next short term cycle top on 4-hour chart is still possible, and the next cycle top is nearing. Key support is now at 1.9760, a break of this level will confirm the cycle top, and then pullback to test 1.9337 (Jan 22 low) is expected to follow.

EURUSD Analysis.
EURUSD’s up trend from 1.4438 extends to as high as 1.5273. Further rise to 1.5350 area to reach the next short term cycle top on 4-hour chart is still possible and the next cycle top is nearing. Key support is at 1.5072, a break of this level will confirm the cycle top and indicate that the up trend from 1.4438 has completed.

USDJPY Analysis.
USDJPY is in down trend. Rebound from 102.61 is treated as consolidation to the down trend. Deeper decline to 101.00 area to reach the next cycle bottom on 4-hour chart is still possible in a couple of days. Near term resistance is at 104.35, as long as this resistance holds, we’d expect down trend to continue.

USDCHF Analysis.
USDCHF is in down trend. Rebound from 1.0308 is treated as consolidation to the down trend. Further fall to 1.0200 area to reach the next cycle bottom on 4-hour chart is still possible after consolidation, and the next cycle bottom is nearing. Near term resistance is at 1.0525, as long as this resistance holds, we’d expect down trend to continue.

USDCAD Analysis.
USDCAD formed a short term cycle bottom at 0.9709 level on 4-hour chart. Further rebound to 1.0000 area is still possible in a couple of days. Sideways consolidation in a range between 0.9709 and 1.0000 is expected before breaking below 0.9709 level.

More long term forex analysis.