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Windsor Brokers - Short Term Technical Analysis for Majors (08:00 GMT)

Discussion in 'Major Currency Pairs' started by WindsorBrokers, Jan 28, 2011.

  1. WindsorBrokers

    WindsorBrokers Content Contributor

    Feb 18, 2010
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    Trades in a narrow consolidative range after reaching fresh high at 1.3757. Yesterday’s closing above 1.37 level keeps short-term focus to the upside. Initial target lies at 1.3784, with possible attempt at longer term trendline resistance at 1.4050 not ruled out. Intraday studies remain supportive but entering overbought zone warns of correction preceding fresh strength. Supports at 1.3632 and 1.3573/39 should contain dips to keep immediate bulls in play. Only loss of 1.3245, key near-term support would weaken the structure.

    Res: 1.3738, 1.3757, 1.3784, 1.3800
    Sup: 1.3678, 1.3636, 1.3573, 1.3539


    Recovery attempt from 1.5750, 25 Jan higher platform, stalled on approach to 1.6016 resistance at 1.5989, with subsequent reversal under way. Formation of hourly head and shoulders pattern and break through neckline at 1.5877, suggests further weakness , with break below 1.5850/40 support zone to signal return back to 1.5750. Only upside regain of 1.5935 would improve the near-term outlook.

    Res: 1.5910, 1.5936, 1.5989, 1.6016
    Sup: 1.5852, 1.5846, 1.5835, 1.5768


    Maintains near-term positive tone after downside rejection at 82.00 area and yesterday’s strong rally through 83.11, previous high. Current pullback is seen corrective, while above 82.50, with upside clearance of 83.20 needed to re-focus key short-term resistance at 83.67. However, loss of 82.50 support would risk return to 82.00/81.84, key near-term supports, break of which would signal an end of recovery phase from 80.92.

    Res: 82.92, 83.07, 83.20, 83.45
    Sup: 82.56, 82.47, 82.27, 81.97


    Continues to trend lower after recovery attempt from 0.9301, historical low, failed at 0.9782, and subsequent reversal almost fully retraced the recent 0.9301/0.9782 upleg, reaching 0.9388 thus far. Pair is currently trading in a narrow consolidative range, with bounces higher seen limited by 0.9520 zone, ahead of fresh attempt at 0.9301. Above 0.9520 to trigger recovery, though clearance of 0.9620/85 needed to re-focus 0.9782.

    Res: 0.9480, 0.9493, 0.9520, 0.9550
    Sup: 0.9415, 0.9399, 0.9388, 0.9365


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