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

Discussion in 'Major Currency Pairs' started by WindsorBrokers, May 24, 2011.

  1. WindsorBrokers

    WindsorBrokers Content Contributor

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    EUR/USD

    Extends near-term recovery off 1.3968, yesterday’s fresh low, regaining 1.4100 handle, also 38.2% retracement of 1.4938/1.3968 decline and approaching initial barriers at 1.4120/35. Dynamic resistance of 20 day MA comes at 1.4150 and break here would signal further recovery towards 1.4200/30 zone. However, wider picture shows broader uptrend being seriously eroded, after reversing near 50% of 1.2872/1.4938 ascend, with fresh weakness towards 1.3860/1.3750 zone seen favored, while 1.4300 zone caps.

    Res: 1.4115, 1.4120, 1.4135, 1.4200
    Sup: 1.4069, 1.4036, 1.4000, 1.3968

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    GBP/USD

    Corrects the latest leg lower from 1.6300 after temporary support was found at 1.6060, longer-term trendline support, drawn off 1.4230. Regain of 1.6100, previous range floor, extended gains near 1.6180, 50% retracement of 1.6303/1.6057 decline, also 20 day MA on 4- hour chart. However, short-term outlook remains bearish while 1.6300 limits the upside, with daily Ichimoku studies showing the pair breaking below the cloud, and loss of 1.6057 needed to confirm and open way towards 1.5935 next.

    Res: 1.6177, 1.6200, 1.6215, 1.6232
    Sup: 1.6113, 1.6090, 1.6057, 1.6030

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    USD/JPY

    Keeps bulls from 79.55, 05 May low, in play after pullback from 82.22, fresh high posted on 19 May found support at 81.31, 12 May previous high. Upside clearance of 82.07/22 barriers is needed to resume gains towards 82.80/83.09 next. Immediate support lies at 81.61, today’s higher low 81.30 zone, previous high/low and trendline support, underpins the advance.

    Res: 82.20, 82.80, 83.09, 83.30
    Sup: 81.61, 81.31, 81.15, 80.93

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    USD/CHF

    Break above triangle resistance at 0.8840 and 0.8878, 19 May lower high, stalled on approach to 0.8900 level, and subsequent reversal finding temporary support at 0.8800 zone. This threats trendline support at 0.8780, and 0.8750, previous lows, loss of which would suggest a lower top at 0.8890 and open way towards 0.8700 zone next. Holding above 0.8800/0.8780 zone, however, keeps hopes of fresh attack at 0.8900/44 and possible extension of corrective phase from 0.8550.

    Res: 0.8830, 0.8863, 0.8890, 0.8900
    Sup : 0.8780, 0.8750, 0.8706, 0.8675

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