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

Discussion in 'Major Currency Pairs' started by WindsorBrokers, May 17, 2011.

  1. WindsorBrokers

    WindsorBrokers Content Contributor

    Feb 18, 2010
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    Failed to sustain gains above 1.42 barrier, as recovery attempt stalled at 1.4223, just ahead of yesterday’s high at 1.4243. Subsequent reversal broke below near-term trendline support off 1.4046 low at 1.4145 and yesterday’s low at 1.4128, to post fresh day’s low at 1.4122. Hourly studies are pointing lower, with 1.4100/1.4090 in sight. However, potential reversal above 1.4100 would keep near-term bulls alive for fresh push higher, with regain of 1.4223/43 required to confirm, otherwise, scope is seen for retest 1.4046 and extension of broader bears towards 1.4020/1.3980 on a break.

    Res: 1.4160, 1.4175, 1.4223, 1.4243
    Sup: 1.4122, 1.4090, 1.4046, 1.4020



    Strong rally from today’s low at 1.6173 has briefly tested 1.63 barrier, ahead of sharp reversal to 1.6188, that nearly full retraced the recent gains. This weakens the near-term structure and turns immediate focus at 1.6180, trendline support and 1.6173/59, previous low, to possibly attack 1.6145 low and resume broader downtrend towards 1.6125/1.6090 on a break. However, higher low above 1.6173 would keep recovery hopes in play, with clearance of 1.6230/55, 20 day MA/Fibonacci level, needed to confirm and re-expose 1.6300/20 resistance zone..

    Res: 1.6230, 1.6255, 1.6286, 1.6302
    Sup: 1.6188, 1.6173, 1.6155, 1.6145



    Strong reversal on extremely overbought hourly conditions has followed today’s rally through 81.33, previous high and initial target at 81.68, to hit 81.76, where bulls stalled. First support at 81.30 zone has so far been tested, with possible extension towards 81.00 area, where 4-hour 20 day MA is expected to contain dips, ahead of fresh push higher. Only loss of 80.70 higher base would signal an end of recovery attempt and open 80.33/15 instead.

    Res: 81.76, 81.85, 82.00, 82.80
    Sup: 81.10, 81.03, 80.69, 80.33



    Trades in a near-term recovery mode after an upside rejection at 0.8944 triggered sharp sell-off to retest 0.8798 support zone. Current price action is limited by 4-hour 20 day MA at 0.8870, break of which is needed to resume higher at re-focus 0.8900/44 barriers. Failure to break higher, however, would signal head and shoulders developing on hourly chart, with loss of neckline at 0.88 zone required to complete the pattern and open fresh leg lower.

    Res: 0.8880, 0.8900, 0.8944, 0.8960
    Sup : 0.8838, 0.8798, 0.8781, 0.8706


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