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Windsor Brokers - Short Term Technical Analysis for Majors (07:00 GMT)

Discussion in 'Major Currency Pairs' started by WindsorBrokers, May 2, 2011.

  1. WindsorBrokers

    WindsorBrokers Content Contributor

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    EUR/USD

    Continues to consolidate above 1.4800 level after pullback from 1.4880, fresh yearly high, found temporary support at 1.4770/60 zone. Positive near-term tone sees scope for renewed attempt at 1.4876/80 highs, break of which will open 1.4900, then psychological resistance at 1.5000. Current price action is supported by 4-hour 20 day MA, currently at 1.4810, ahead of 1.4770/60, correction lows and 1.4732, 32.8% Fibonacci retracement of 1.4492/1.4880 upleg.

    Res: 1.4862, 1.4876, 1.4880, 1.4900
    Sup: 1.4826, 1.4800, 1.4772, 1.4761

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    GBP/USD

    Remains in sideways trading mode after posting fresh high at 1.6745 and subsequent pullback so far been contained at 1.6620 zone. 20 day MA on 4-hour chart, currently at 1.6658, underpins for now, with clear break above 1.6700 barrier to open way for retest of 1.6745. Break above the latter opens fresh leg higher, with initial targets at 1.6800 and 1.6877, Nov 2009 high. On the downside, potential loss of 1.6620 platform, also 38.2% Fibonacci retracement of 1.6434/1.6745 ascend, would open 1.6600/1.6550.

    Res: 1.6703, 1.6737, 1.6745, 1.6800
    Sup: 1.6642, 1.6622, 1.6600, 1.6585

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    USD/JPY

    Extended weakness after breaking below 81.26, previous low, to briefly test 81.00 level, ahead of bounce. Gains have so far been limited at 81.68, 20 day MA, along with 4-hour 55 day MA, currently at 81.95, maintaining short-term bears. Near-term focus is turned towards 81.00, loss of which will open 80.69 and psychological 80.00 supports for test.
    On the upside, clearance of 82.80/83.09 barriers is needed to signal recovery under way.

    Res: 81.68, 81.85, 82.26, 82.80
    Sup: 81.19, 81.00, 80.69, 80.24

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    USD/CHF

    Short-term bears remain in play, extending to a fresh all-time low at 0.8623, posted today. Corrective attempts have been capped by 0.690 zone, with 20 day MA, currently at 0.8705, maintaining negative tone, with loss of 0.8623 to focus 0.8600/0.8500 next. On the upside, regain of 0.8760/70, previous high / 38.2% Fibonacci retracement of 0.9007/0.8623, is needed to signal stronger recovery, and open 0.8830/60 for retest.

    Res: 0.8694, 0.8710, 0.8758, 0.8772
    Sup : 0.8650, 0.8642, 0.8623, 0.8600

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