Short Term Analysis – October 9, 2007

20071009_audusd_1.gifAUDUSD
AUDUSD is in up trend, the rise from 0.7675 (Aug 17 low) extended to as high as 0.9032. The fall from 0.9032 is treated as correction to the up trend, and pull back towards 0.8800 to reach the next cycle bottom on 4 hours chart is expected. Near term resistance is at 0.9032, a break above this level will signal the resumption of the up trend.

20071009_gbpusd_1.gifGBPUSD
GBPUSD is forming a sideways consolidation in a range between 2.0278 and 2.0492. The pair will move without trend in this range in a couple of days. Up trend will resume after consolidation, a break above 2.0492 level will signal the resumption of the up trend, and further rise towards 2.0600 is expected to follow.

20071009_eurusd_1.gifEURUSD
EURUSD is testing the previous low support at 1.4031, fall towards 1.3900 area can be seen if this support gives way. Near term resistance is at 1.4156, a break above this will signal the resumption of the up trend, and rise above 1.4281 previous high is expected to follow.

20071009_usdcad_1.gifUSDCAD
USDCAD is in down trend, the rise from 0.9787 is treated as correction to the down trend, further fall towards 0.9700 is still possible after correction, and a break below 0.9787 level will signal the resumption of the down trend.

20071009_usdjpy_1.gifUSDJPY
USDJPY is in up trend, the rise from 112.58 (Sep 10 low) extended to as high as 117.58, further rise towards 118.00 to reach the next cycle top on 4 hours chart is still possible in a couple of days. Near term support is at the up trend line, and as long as the trend line support holds, up trend will continue.

20071009_usdchf_1.gifUSDCHF
USDCHF is in correction to the down trend, further rise towards 1.1900 to reach the next cycle top on 4 hours chart is still possible in a couple of days. Near term support is at 1.1712, a break below this level will signal the resumption of the down trend.

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