Short Term Analysis - August 23, 2006

AUDUSD
AUDUSD traded in a narrow range between 0.7609 and 0.7642 and is more likely to rise above 0.7642 to reach the next cycle top later today. But still, down trend would resume after this cycle top and fall below 0.7562 is possible in the next several days. Only rise above 0.7712 may signal the resumption of the up trend.

EURUSD
As expected, EURUSD topped at 1.2937 on 4 hours chart. Further fall towards 1.2695 previous low support to reach its next cycle bottom will be seen in the next several days.
USDCHF
As expected, USDCHF bottomed at 1.2182 on 4 hours chart. Further rise above 1.2379 towards 1.2444 previous high resistance to reach its cycle top will be seen in the next several days.
GBPUSD
GBPUSD may be bottoming on 4 hours chart. Key resistance is at 1.8995, a break above this level will confirm the cycle bottom. Only break below 1.8774 may pull price back towards 1.8700 area.
USDJPY
USDJPY broke above the key support at 116.17 level. It has bottomed at 115.18 on 4 hours chart. The pair is in up trend now and further rise above 117.87 (the day high of July 19) will be seen by the end of this up trend.
USDCAD
USDCAD is testing the key support at 1.1142. Further fall towards 1.1100 is possible if this key support is broken below. On the other side, the pair would bottom at 1.1142 if this key support holds.