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

Discussion in 'Major Currency Pairs' started by WindsorBrokers, May 25, 2011.

  1. WindsorBrokers

    WindsorBrokers Content Contributor

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    EUR/USD

    Near-term price action was capped just under 1.4100 level, maintaining negative tone from 1.4135, yesterday’s high. Immediate focus is on 1.4014/00, then 1.3985, daily 100 day MA and 1.3968, previous low, loss of which to trigger fresh weakness towards strong support at 1.3904, Fib 50% retracement of 1.2872/1.4938 upleg. On the upside, regain of 1.4100/35 is required to improve near-term structure and open 1.4200/30 for test.

    Res: 1.4093, 1.4106, 1.4132, 1.4200
    Sup: 1.4014, 1.4000, 1.3968, 1.3904

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    GBP/USD

    Eases the near-term bear pressure after holding above main trendline support at 1.6140, after fresh strength regained 1.6200 and extended gains to 1.6257 so far. Overbought hourly conditions suggest pullback before attempt at key near-term barrier and range ceiling at 1.6300 zone, break of which would signal near-term base and possible extension towards 1.6400 zone. Hourly 20 day MA at 1.6185, maintains rally, while only loss of 1.6140/30 support area would weaken the structure.

    Res: 1.6257, 1.6275, 1.6300, 1.6375
    Sup: 1.6200, 1.6165, 1.6140, 1.6130

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    USD/JPY

    Continues to trade in 81.30/82.20 consolidative range after recovery from 79.55, 05 May low, was capped at 82.20. Short-term uptrend from 79.55, however, remains intact while main trendline support, currently at 81.46 and 81.30, range floor holds, with clearance of 82.20 sought for fresh leg higher, to focus 82.80/83.09, 27/20 Apr highs, also near Fib 61.8% retracement of 85.50/79.55 decline, break of which to confirm higher low at 79.55 and re-focus 85.50.

    Res: 82.20, 82.80, 83.09, 83.30
    Sup: 81.78, 81.61, 81.31, 81.15

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    USD/CHF

    Remains on the back foot near-term, after false break above triangle resistance has triggered sharp reversal below 0.8800, that broke below main trendline off 0.8550, record low of 04 May, also Fib 38.2% of 0.8550/0.8944 ascend. Fresh losses reached 0.8735 so far, over 50% retracement. Next targets lie at 0.8700 zone, 61.8% retracement / 10 May low, below which would signal possible end of recovery attempt from 0.8550. To ease immediate bear pressure, regain of 0.8800 zone is required.


    Res: 0.8780, 0.8800, 0.8812, 0.8830
    Sup : 0.8735, 0.8706, 0.8675, 0.8644

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