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

Discussion in 'Major Currency Pairs' started by WindsorBrokers, Aug 2, 2011.

  1. WindsorBrokers

    WindsorBrokers Content Contributor

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    EUR/USD

    Extends short-term bears off 1.4536, after leaving a lower top at 1.4452 and completing 4-hour head and shoulders pattern. Break through 1.4184, yesterday’s low, to post fresh low of the day at 1.4150. Near-term outlook remains negative, as hourly 20 day MA, currently at 1.4234, limits the corrective attempts, with focus on 1.4137, 21 July low and 1.4100, Fib 61.8% of 1.3836/1.4536 ascend. Only regain of 1.4280/1.4300 would provide near-term relief.

    Res:1.4234, 1.4257, 1.4281, 1.4300
    Sup: 1.4150, 1.4137, 1.4100, 1.4067

    [​IMG]


    GBP/USD

    Maintains near-term negative tone after reversal from 1.6474, yesterday’s high, lost strong support at 1.6260, 27 July low / 22/25 July higher platform, and short recovery from 1.6236 ran out of steam at 1.6328, to extend losses to 1.6223 so far. Immediate downside targets lie at 1.6207, Fib 38.2% of 1.5779/1.6474 ascend, then 1.6192, 14 July high, below which to open 1.6126, 50% retracement and 1.6100 zone. On the upside, 1.6328, today’s high, is expected to cap.

    Res: 1.6302, 1.6328, 1.6350, 1.6387
    Sup: 1.6223, 1.6207, 1.6192, 1.6126

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    USD/JPY

    Remains in a near-term corrective mode after extending broader bear trend through previous low at 76.87, to test previous all-time low at 76.32, posted on 16 Mar and hit marginally fresh record low at 76.28. Corrective bounce has so far regained 77.81, just ahead of 78.00, strong barrier, break of which is required to ease bear pressure and open way for stronger recovery towards 78.16/45 next. Failure under 77.81, however, would signal a lower top and resumption of downtrend.

    Res: 77.46, 77.71, 77.81, 78.03
    Sup: 77.16, 77.05, 76.82, 76.41

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    USD/CHF

    Ends corrective attempt of the latest sharp fall that resulted in posting fresh record low at 0.7728 yesterday. Gains were capped at 0.7853, previous 29 July low, and while below here, immediate scope remains for test of 0.7728 and fresh phase lower, with 0.7700 in focus. Regain of 0.7853, however, would provide near-term relief, while only clearance of 0.7930/0.8000 zone would improve short-term outlook.

    Res: 0.7800, 0.7821, 0.7832, 0.7853
    Sup: 0.7757, 0.7728, 0.7700, 0.7650

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