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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, 2013.

  1. WindsorBrokers

    WindsorBrokers Content Contributor

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    EUR/USD

    The Euro failed to sustain gains on yesterday’s rally through key 1.3200 barrier, as the price reversed lower after posting fresh high at 1.3240. Gains were capped by 50% retracement of larger 1.3710/1.2744 descend, with reversal below 1.3200 handle, softening near-term structure. The pullback found temporary support at 1.3150, 50% of 1.3053/1.3241 upleg and above trendline support / 61.8% / 20 day EMA at 1.3125. While above the latter, scope exists for fresh attempt at 1.3200, initial resistance and extension higher, as 4h structure is positive and favors further bulls, as a part of larger recovery from 1.2950. Conversely, loss of 1.3125 and psychological 1.3100, also 50% of 1.2950/1.3241, would signal top at 1.3241 and bring bears back to play.

    Res: 1.3184, 1.3200, 1.3222, 1.3241
    Sup: 1.3145, 1.3125, 1.3115, 1.3100



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    GBP/USD

    Cable consolidates yesterday’s rally that dented initial target at 1.5605, 50% retracement of 1.6380/1.4830, with pullback being contained by 55 day EMA at 1.5540, for now. Positive structure on lower timeframes keeps the upside in focus, as clearance of 1.5605 is seen as a trigger for fresh extension of recovery rally from 1.4830. Any deeper pullbacks should be held above 1.5400 zone, to avert downside risk.


    Res: 1.5570, 1.5605, 1.5650, 1.5700
    Sup: 1.5540, 1.5500, 1.5465, 1.5417


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    USD/JPY

    The pair holds above freshly established base at 97.00, but downside pressure persists, as recovery attempts stay capped under initial 98.00 barrier and lower timeframes indicators hold in the negative territory. With descending 55 day EMA maintaining slide, immediate focus lays at 97.00, loss of which to resume larger downtrend from levels just under 100.00 barrier and expose breakpoint at 96.70, Fib 76.4% of 95.80/99.87 ascend / 12 Mar previous high. Alternatively, confirmation of near-term base at 97.00, requires clearance of 55 day EMA at 97.45 and more significant 98.00/25 resistance zone, 30/29 Apr highs / 50% retracement of 99.87/97.00 downleg.

    Res: 97.45, 97.65, 98.00, 98.25
    Sup: 97.00, 96.70, 96.34, 96.00


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    AUD/USD

    Aussie dollar lost ground after upside rejection just under key 1.0400 barrier, as subsequent sharp reversal fully retraced 1.0220/1.0383, near-term recovery rally. With bears now full in play, penetration through psychological 1.0200 support, is expected to open way towards 1.0114, 04 Mar low, multi-month range floor and near 50% of med-term 0.9579/1.0623 ascend. Previous higher base at 1.0260, now offers initial resistance, with any further extension higher, seen limited under 1.0300 for now.

    Res: 1.0260, 1.0300, 1.0320, 1.0338
    Sup: 1.0200, 1.0180, 1.0114, 1.0100


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