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Windsor Brokers - Short Term Technical Analysis for Majors (14:30 GMT)

Discussion in 'Major Currency Pairs' started by WindsorBrokers, Mar 23, 2011.

  1. WindsorBrokers

    WindsorBrokers Content Contributor

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    EUR/USD

    Extends reversal from fresh high at 1.4247 after losing the initial support at 1.4135, to test 38.2% retracement of 1.3867/1.4247, at 1.4100. Bounce from here needs to clear 20 day MA, currently at 1.4173 and 1.4213, today’s high, to resume bulls towards 1.4247 and 1.4280/1.4303 on a break. Failure under 1.4213, however, would signal further correction and focus 1.4057/40, 50% retracement / 18 Mar low.

    Res: 1.4148, 1.4173, 1.4213, 1.4247
    Sup: 1.4100, 1.4073, 1.4057, 1.4040

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    GBP/USD

    Slides further after reversal from 1.6400, 14-month high, lost initial support at 1.6300. Market has so far retraced over 38.2% of 1.5957/1.6400 ascend at 1.6218, just ahead of 1.6200 higher platform support. Fresh gains are looking for test of 1.6290/1.6326 zone, break of which will return 1.6400 in focus. Otherwise, loss of 1.6218/00 will open 1.6180/30 Fibonacci levels for test and signal near-term top.

    Res: 1.6290, 1.6305, 1.6326, 1.6385
    Sup: 1.6218, 1.6200, 1.6180, 1.6150

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    USD/JPY

    Continues to trade in a narrow range after sharp recovery off 79.25 record low peaked at 82.00. Downside remains supported by 80.57, Friday’s low / 20 day MA, for now, with clearance of 81.30, range ceiling and 82.00 needed to resume recovery. 82.66, 90 day MA on a daily chart, and 83.30, 11 Mar high, are seen on a break. However, loss of 80.57 will signal fresh weakness under 80.00 handle. Longer-term outlook remains bearish.

    Res: 81.31, 81.74, 81.98, 82.41
    Sup: 80.57, 80.16, 80.00, 79.17

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    USD/CHF

    The recent narrow consolidative band floor at 0.9000 has been briefly broken, ticking 0.8976, just above key near-term support at 0.8961. Fresh strength has so far regained 0.9060, ahead of 0.9086, range ceiling, break of which is needed to signal fresh recovery under way and expose 0.9139 and 0.9200 on a break. 0.8976/61 underpin the advance for now.

    Res: 0.9065, 0.9089, 0.9139, 0.9200
    Sup: 0.9000, 0.8976, 0.8961, 0.8900

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