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Short Term Technical Analysis for Majors (07:00 GMT)

Discussion in 'Market Predictions and Reports' started by WindsorBrokers, Mar 26, 2012.

  1. WindsorBrokers

    WindsorBrokers Windsor Brokers Representative

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    EUR/USD
    The pair maintains near-term positive tone off last week’s low at 1.3132, as price action during the most of Asian session moved just under last Friday’s high at 1.3292. Immediate support at 1.3250, trendline drawn off 1.3132, so far holds the downside, with near-term studies in the positive territory, keeping the upside favored. However, clearance of past two week’s range top at 1.3290/1.3300, 08 Mar high / Fib 61.8% of 1.3485/1.3000, is required to resume short-term bulls off 1.3000, 15 Mar low and opens next barriers at 1.3331/55. Improving studies on a daily chart, may give an additional boost to the pair’s price. Below 1.3250, strong supports lie at 1.3220/00 and 1.3180 zone, with loss of the latter to weaken the near-term structure.

    Res: 1.3283, 1.3292, 1.3300, 1.3331
    Sup: 1.3246, 1.3220, 1.3200, 1.3190

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    GBP/USD
    Bounce off last week’s low at 1.5769, keeps the near-term structure positive but gains stay short of near-term range ceiling at 1.5922, last week’s high, posted on 22 Mar. Weekly closure above 200 day SMA, currently at 1.5850, keeps the upside in focus, as daily studies moved above the centerlines. Regain of highs above 1.5900 is required to re-focus short-term top at 1.5991 and signal possible break above past two month range of 1.5600/1.5991. Immediate support lies at 1.5850, 55 day EMA / bull trendline off 1.5769, ahead of 1.5820/00, break of which to turn near-term focus lower and expose 1.5760/70, last week’s low / Fib 50% of 1.5600/1.5922 upleg.

    Res: 1.5885, 1.5900, 1.5907, 1.5922
    Sup: 1.5850, 1.5820, 1.5805, 1.5769

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    USD/JPY
    Reversal from 84.17, 15 Mar fresh 11-month high, briefly broke below main bull-trendline off 76.00 base, also probing under 82.00 handle, during the past week. Firm break here would signal stronger reversal, as daily studies are now pointing lower. Near-term structure remains negative, with the recent sideways movement above last week’s low at 81.96, seen corrective, as 4H 55 day EMA keeps the upside capped for now, with, loss of 81.86/96 breakpoint, to open next significant supports at 81.05, 50% retracement and 80.55, 06/07 Mar higher platform. On the upside, 82.76 offers immediate resistance, ahead of 83.00/40 zone and only break above the latter to ease bear-pressure.

    Res: 82.76, 82.94, 83.00, 83.15
    Sup: 82.29, 81.95, 81.86, 81.45

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    USD/CHF
    Short-term negative tone off 0.9333, 15 Mar top, remains in play, as the latest leg lower off last week’s high at 0.9177, briefly broke below very strong support at 0.9086/70 zone, Fib 61.8% of 0.8930/0.9333 ascend. Clear break here to signal a resumption of short-term downtrend off 0.9333 and expose 0.9020/00, next static support. Current bounce is seen corrective, with initial barrier at 0.9100 been tested so far, ahead of next levels at 0.9114 and 0.9136/50 zone. To improve the near-term picture, we need to see break above strong resistance at 0.9177, 19/22 Mar highs

    Res: 0.9114, 0.9136, 0.9150, 0.9177
    Sup: 0.9075, 0.9065, 0.9020, 0.9000

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