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

Discussion in 'Major Currency Pairs' started by WindsorBrokers, Aug 10, 2011.

  1. WindsorBrokers

    WindsorBrokers Content Contributor

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    EUR/USD

    Maintains the near-term momentum from last Friday’s low at 1.4056, with succession of higher lows just above trendline support drawn off 1.4056, keeping near-term bulls in play. Renewed attempt through bear trendline from 1.4536 high, at 1.4300 zone, holds gains for now, however, regain of 1.4429, Monday’s high and 1.4452, high of 01 Aug, also daily Ichimoku cloud ceiling is required to confirm strength and open 1.4536 for retest. On the downside, 20 day MA on 4-hour chart, currently at 1.4240, underpins the advance, while only break blow 1.4200 support zone would soften near-term structure.

    Res: 1.4400, 1.4429, 1.4452, 1.4500
    Sup: 1.4309, 1.4287, 1.4206, 1.4194

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    GBP/USD

    Yesterday’s break below key near-term support at 1.6223, recent consolidative range floor, weakens the near-term structure and opens way for further retracement of the recent 1.5779/1.6475 ascend. Yesterday’s fresh low at 1.6175 marks of Fib 38.2% with fresh leg lower, after mild correction into 1.6300 zone, looking for retest of 1.6175, below which to expose 1.6128, 50% retracement, next. On the upside, overnight’s high at 1.6309 offers immediate cap, while only break above 1.6400 zone improves.

    Res: 1.6309, 1.6388, 1.6409, 1.6470
    Sup: 1.6241, 1.6207, 1.6175, 1.6128

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    USD/JPY

    Continues to trend lower after post-intervention rally stalled at 80.23, and subsequent weakness erased completely the recent gains, losing 77.00/76.77 support. Losses so far reached 76.64, with focus now at 01 Aug record low at 76.28, break of which to extend broader weakness and look for test of 76.00/75.50 next. Daily 20 day MA, currently at 79.00 zone, maintains bear-tone.

    Res: 77.30, 77.54, 77.81, 78.00
    Sup: 76.64, 76.28, 76.00, 75.50

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    USD/CHF

    Bears remain fully in play, after loss of yesterday’s low at 0.7361, triggered sharp decline, to post fresh record low at 0.7067 and approach psychological support at 0.7000. Near-term correction is under way, with 0.7360/0.7400 zone expected to cap, ahead of fresh leg lower. 20 day MA on 4-hour chart, currently at 0.7500 maintains near-term bears and only break here to signal stronger correction.

    Res: 0.7330, 0.7361, 0.7403, 0.7481
    Sup: 0.7203, 0.7179, 0.7129, 0.7067

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