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

Discussion in 'Major Currency Pairs' started by WindsorBrokers, May 18, 2011.

  1. WindsorBrokers

    WindsorBrokers Content Contributor

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    EUR/USD

    Attempt to form base extended gains from yesterday’s higher low at 1.4120, taking out 1.4243 initial resistance and breaking above near-term bear-channel. Immediate focus is on 1.4338, 13 May high, break of which is required to confirm near-term recovery and open key barriers at 1.4420/40. On the downside, 1.4180, 20 day MA on 4-hour chart, underpins the advance, while loss of 1.4120 weakens the structure.

    Res: 1.4305, 1.4338, 1.4400, 1.4420
    Sup: 1.4240, 1.4165, 1.4120, 1.4090

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    GBP/USD

    Maintains near-term positive structure from 1.6145 low. Clearance of 1.6300 barrier, that caps the upside for now, is required to resume recovery and open 1.6380/1.6420, while break above key near-term resistance at 1.6516, also Fib 61.8% retracement of 1.67451.6145 decline, is sought to re-focus 1.6700/45 zone. Failure under 1.63, however, risks fresh weakness, with loss of 20 day MA at 1.6220 to attract levels under 1.6200.

    Res: 1.6287, 1.6302, 1.6320, 1.6380
    Sup: 1.6237, 1.6200, 1.6185, 1.6155

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    USD/JPY

    Near-term price action remains on a back foot after break above 81.35 stalled at 81.76 and subsequent pullback dipped to 81.00 zone, where 20 day MA currently contains dip. Further weakness is looking for test of 80.70, possibly 80.33, loss of which would end hopes of fresh recovery and signal lower top at 81.76, ahead of possible attempt towards 80.00/79.55 zone. To improve immediate tone and re-focus 81.76, regain of 81.40/60 zone is needed

    Res: 81.40, 81.60, 81.76, 82.00
    Sup: 80.96, 80.69, 80.33, 80.15

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    USD/CHF

    Trades in a near-term consolidative mode after an upside rejection at 0.8944 triggered sharp sell-off to retest 0.8800 support zone. Current price action is limited by 4-hour 20 day MA at 0.8860, break of which is needed to resume gains re-focus 0.8900/44 barriers, otherwise, loss of 0.8800 neckline would signal completion of the hourly head and shoulders pattern and open way for fresh weakness towards 0.8700 area.

    Res: 0.8860, 0.8880, 0.8900, 0.8944
    Sup : 0.8783, 0.8730, 0.8706, 0.8675

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