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

Discussion in 'Major Currency Pairs' started by WindsorBrokers, May 4, 2011.

  1. WindsorBrokers

    WindsorBrokers Content Contributor

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    EUR/USD

    Continues near-term sideways trading within 1.4754/1.4900 range, after yesterday’s upside rejection near 1.4900 high and fresh weakness under 1.4800 handle being contained above 1.4754 range low. This may signal a formation of near-term consolidative cycle bottom, ahead of resumption of broader uptrend from 1.4156, 18 Apr low, towards 1.5000 level, with daily 20 day MA at 1.4570 underpinning. However, caution of overbought daily conditions that may trigger deeper correction under 1.4754, to target 1.4650/30 zone, before resuming higher.

    Res: 1.4836, 1.4888, 1.4900, 1.4950
    Sup: 1.4800, 1.4774, 1.4754, 1.4710

    [​IMG]



    GBP/USD

    Remains in a near-term downtrend from 1.6745, fresh yearly high, after yesterday’s break below 1.6620, consolidative range bottom, triggered sharp fall to 1.6450, 50% Fibonacci retracement of 1.6465/1.6745 upleg and just ahead of 1.6430 higher platform and key near-term support, as well as daily 20 day MA. A higher low here is anticipated, to maintain short-term bulls in play, with regain of 1.6600 zone needed to confirm. On the downside, break below 1.6430 support would open 1.6385, 61.8% retracement, loss of which would sideline bulls in favor of possible return towards 1.6165.

    Res: 1.6549, 1.6585, 1.6600, 1.6646
    Sup: 1.6450, 1.6430, 1.6385, 1.6340

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    USD/JPY

    Trades in a near-term corrective/consolidative mode after testing strong support at 80.69, 23 Mar higher platform. Upside regain of minimum 81.50/68 is needed to signal recovery under way, with lift above 82.00 to focus key near-term resistance at 82.80, break of which would mark a higher low of the broader ascend from 76.32, record low. On the downside, loss of 80.69 opens key support zone at 80.00/79.80 for test, break of which would suggest an end of post intervention corrective phase and turn the focus lower.

    Res: 81.09, 81.25, 81.50, 81.68
    Sup: 80.80, 80.69, 80.24, 80.00

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    USD/CHF

    Maintains bear-tone after losing previous low at 0.8617 and 0.8600 support, to post fresh all-time low at 0.8594. Mild recovery is under way and while below 0.8670, immediate focus remains at the downside. However, extremely oversold daily conditions see scope for stronger correction, with regain of 0.8900/9000 zone needed to improve daily outlook.

    Res: 0.8646, 0.8670, 0.8694, 0.8710
    Sup : 0.8619, 0.8600, 0.8594, 0.8550

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