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Windsor Brokers - Short Term Technical Analysis for Majors (07:30 GMT)

Discussion in 'Major Currency Pairs' started by WindsorBrokers, Aug 1, 2011.

  1. WindsorBrokers

    WindsorBrokers Content Contributor

    Feb 18, 2010
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    Returns to strength after the recent1.4536 high found support at reversal from 1.4228 last Friday. Fresh strength broke above 4-hour 20 day MA at 1.4375 and regained important 1.4400 barrier, Friday’s high / main bear-trendline. Sustained break here is required to confirm higher low at 1.4228 and focus 1.4500/36 next, ahead of strong resistance at 1.4576, 04 July high. On the downside, hourly 20 day MA underpins the advance, while loss of 1.4345 higher platform, would weaken immediate tone.

    Res: 1.4418, 1.4438, 1.4455, 1.4500
    Sup: 1.4378, 1.4345, 1.4300, 1.4253



    Extends short-term strength after brief correction off 1.6438, 27 July previous high, found ground at 1.6260. Fresh strength cleared 1.6438 barrier, to test 1.6471, 07 June high so far. Corrective pullback is under way and needs to find support above 1.6380, today’s low / 27 July high / 4-hour 20 day MA, to maintain immediate bull tone. However, MACD bearish divergence on four-hour chart would signal deeper reversal, with loss of 1.6260 to put near-term bulls on hold.

    Res: 1.6455, 1.6474, 1.6500, 1.6546
    Sup: 1.6400, 1.6385, 1.6354, 1.6300



    Last week’s price action has seen bearish extension under 77.00 mark, to test 76.87 so far, just ahead of record low of 76.32, posted on 16 Mar. Today’s strong bounce tested our important resistance at 78.00, where bulls stalled. However, this is seen corrective while the upside remains capped at 79.00/60 zone and only regain of the latter to signal short-term base and trigger stronger correction. Meantime, short-term bears will be looking for retest of 76.32 target.

    Res: 77.75, 78.03, 78.16, 78.45
    Sup: 77.41, 77.12, 76.87, 76.32



    Extends the broader weakness after sharp decline followed the last week’s narrow range sideways trading, dipping below 0.7900 mark, to post fresh historical low at 0.7851. Corrective action is under way, with 0.7951 high seen so far. However, regain of 0.7990, range bottom, is needed to signal stronger correction and above 0.8045, range ceiling to open 0.8075/0.8100 next. On the downside, loss of 0.7900 support would turn near-term outlook bearish and re-focus 0.7851.

    Res: 0.7951, 0.7990, 0.8045, 0.8075
    Sup: 0.7902, 0.7859, 0.7851, 0.7800


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