Short Term Analysis - August 24, 2006

AUDUSD
AUDUSD topped at 0.7668 on 4 hours chart. Further fall below 0.7562 level will be seen in the next couple of days. Key resistance is at 0.7668, only rise above this level may signal the resumption of the up trend.

EURUSD
EURUSD is in down trend, and further fall towards 1.2695 previous low support to reach the next cycle bottom is possible later today. Key resistance is now at 1.2851, as long as this resistance holds, down trend will continue.
GBPUSD
Key resistance at 1.8995 has broken above, and GBPUSD has bottom at 1.8774 on 4 hours chart. Further rise above 1.9023 towards 1.9142 is possible in the next several days. On the other side, the pair is forming a sideways consolidation, fall below 1.8774 level is still possible if key support at 1.8854 gives way.
USDCAD
USDCAD broke the key support at 1.1142 and fell to 1.1048 low yesterday. The pair is near to the end of the down trend and the end of the cycle bottom on daily chart. We don’t suggest to take short positions at this moment.
USDCHF
USDCHF is in up trend, and further rise towards 1.2444 previous high resistance to reach the next cycle top is possible later today. Key support is at 1.2292 level, as long as this support holds, up trend will continue.
USDJPY
USDJPY is in up trend and further rise above 116.83 towards 117.87 (the day high of July 19) will be seen by the end of this up trend. Near term support is the up trend line, as long as this support holds, up trend will continue.