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

Discussion in 'Major Currency Pairs' started by WindsorBrokers, May 30, 2011.

  1. WindsorBrokers

    WindsorBrokers Content Contributor

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    EUR/USD

    Has regained momentum from 1.3968, to approach 1.3944, 20 May previous high / 38.2% retracement of 1.4938/1.3968 downleg. Gains were so far capped at 1.4330 zone by daily 55 day MA, with pullback expected to find ground above 1.4200 zone, to maintain immediate bulls. Clearance of 1.4344 is required to confirm recovery and open fresh leg higher towards 1.4420/40 resistance zone. Failure to break above 1.4344, however, risks lower top and extension of the downtrend from 1.4938 and potential loss of 1.4080/70, trendline support / 26 May higher low, to focus 1.4000/1.3968 next.

    Res: 1.4305, 1.4325, 1.4344, 1.4400
    Sup: 1.4256, 1.4200, 1.4170, 1.4125

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    GBP/USD

    Remains well supported above 1.6400 zone, previous range ceiling, with latest rally attempting at 1.6516, key short-term barrier. Corrective pullback on overbought near-term conditions is expected to reverse above 1.6400/1.6380, previous low / 4-hour 20 day MA, ahead of fresh attempt higher. Clear break above 1.6516, to focus 1.6570/80, 04 May high / 76.4%b retracement of 1.6745/1.6057. Loss of 1.6400/1.6380 support zone, would delay immediate bulls and allow for stronger correction into 1.6340/1.6300 zone.

    Res: 1.6501, 1.6516, 1.6542, 1.6573
    Sup: 1.6460, 1.6400, 1.6380, 1.6334

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    USD/JPY

    Remains at the back foot as upside rejection at 82.20 and fresh decline through trendline support at 81.55 and 80.93 previous low, extended losses to 80.70, strong support, so far. Near-term consolidation is seen here, before fresh leg lower to focus 80.33/15, ahead of psychological support at 80.00 and possible extension lower, to target 79.55, 05 May low. On the upside, 81.10, daily 20 day MA offers immediate resistance and potential break here to signal fresh near-term recovery. However, regain of 82.00/20 zone, daily 55 / 90 day MA / previous high, is needed to confirm.

    Res: 80.94, 81.10, 81.28, 81.44
    Sup: 80.70, 80.33, 80.15, 80.00

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    USD/CHF

    Maintains strong bear-tone after minor recovery from previous record low at 0.8531 was capped by hourly 20 day MA at 85.90 zone and fresh weakness extended through 0.831 and important support at 0.8500, post new all-time low at 0.8463. Bounce on oversold hourly conditions, faces immediate barrier at 0.8530/50 zone, with regain of minimum 0.8600 needed to ease immediate bear pressure.

    Res: 0.8531, 0.8550, 0.8593, 0.8660
    Sup : 0.8500, 0.8463, 0.8450, 0.8400

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