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Windsor Brokers - Short Term Technical Analysis for Majors (13:30 GMT)

Discussion in 'Major Currency Pairs' started by WindsorBrokers, May 19, 2011.

  1. WindsorBrokers

    WindsorBrokers Content Contributor

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    EUR/USD
    Near-term price action remains capped at 1.4300 zone, today’s high / daily 55 day MA, after renewed attempt higher stalled on approach to 1.4300 and subsequent pullback looking for test of near-term range bottom at 1.4200 zone, 20 day MA, today/18 May low, also 38.2% Fibonacci retracement of 1.4046/1.4300 upleg. Break here would signal near-term top at 1.4300 and further reversal towards 1.4175/45, 50% / 61.8%, where a higher low is seen to maintain bulls from 1.4046. Reversal above 1.4200, however, would prompt fresh attack at 1.4300/38, key near-term barriers.

    Res: 1.4294, 1.4305, 1.4338, 1.4400
    Sup: 1.4205, 1.4194, 1.4120, 1.4090

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    GBP/USD

    Trades in a narrow range after bounce from 1.6100 support failed to break above 1.6200, 20 day MA. While the latter caps, immediate scope is for retest of 1.6100 support and extension of a broader downtrend towards 1.6090 initially. Above 1.6200, strong resistance lies at 1.6280/1.6300 zone, daily 55 day MA / 17/18 May highs..

    Res: 1.6205, 1.6250, 1.6287, 1.6302
    Sup: 1.6130, 1.6100, 1.6090, 1.6060

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    USD/JPY

    Maintains short-term bulls from 79.55 after correction from 81.76, 17 May high, found footstep at 81.52 and fresh rally cleared 81.76 and 82.00, daily 55 day MA, to test 90 day MA at 82.18 so far. Immediate focus is at 82.80, 27 Apr high and 200 day MA, break of which would turn broader outlook bullish and open way for possible attempt at 85.50, key short-term barrier. Hourly / 4-hour studies are in overbought zone, warning of corrective pullback. Strong support lies at 81.80 zone.

    Res: 82.50, 82.80, 83.09, 83.77
    Sup: 81.80, 81.50, 81.28, 81.08

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    USD/CHF

    Fresh strength has emerged from 0.8794, today’s low / daily 20 day MA, after downside failure to sustain break under 0.88.00, strong support zone. Clearance of 0.8842, yesterday’s high, extended gains towards 0.8880, break of which is required to confirm higher low at 0.8764 and open way for test of key near-term barrier at 0.8944. Overbought hourly conditions, however, suggest correction, with 0.8820/15 zone expected to contain dips. Dynamic support, 20 day MA, currently at 0.8825, underpins the advance.

    Res: 0.8881, 0.8900, 0.8944, 0.9007
    Sup : 0.8842, 0.8820, 0.8795, 0.8764

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