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

Discussion in 'Market Predictions and Reports' started by WindsorBrokers, Mar 29, 2012.

  1. WindsorBrokers

    WindsorBrokers Windsor Brokers Representative

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    EUR/USD
    The pair remains supported, as yesterday’s brief test of strong support zone at 1.3300/1.3280 was followed by bounce higher. Break above overnight’s range top at 1.3330 in early hours of European session, would signal fresh strength and possible attack at upside barriers at 1.3372/84, to open way for gains above 1.3400, psychological barrier and test of key short-term target at 1.3485. Near-term studies are pointing higher, with 20 day EMA at 1.3310, underpinning the advance. Only loss of 1.3260/50, 55 day EMA / main bull trendline off 1.3000, would weaken the near-term structure.

    Res: 1.3360, 1.3372, 1.3384, 1.3400
    Sup: 1.3310, 1.3300, 1.3290, 1.3280

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    GBP/USD
    Pullback from 1.6000 peak, lost important supports at 1.5920/00, to dip below 1.5857, Fib 61.8% of 1.5769/1.6000 upleg, finding support at 1.5841, 200 day MA, ahead of strong recovery. Regain of 1.5900/20, 20 day EMA / previous tops, improves near-term structure, however, sustained break here is required to sideline near-term bears and bring focus back to 1.6000, as daily studies remain positive. Above 1.5920, to focus next barriers at 1.5960/70 zone. On the downside, supports lie at 1.5900 and 1.5880, loss of which to signal return to weakness.

    Res: 1.5925, 1.5940, 1.5963, 1.5972
    Sup: 1.5900, 1.5880, 1.5871, 1.5841

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    USD/JPY
    The pair’s near-term price action seems to be running out of steam, as yesterday’s repeated attempt through initial barrier at 83.00, failed under Tuesday’s recovery peak at 83.38, with subsequent weakness, losing 83.00 and more significant 82.60, Main bull trendline off 76.00 / near-term range floor. Near-term studies entered negative territory and see risk of further easing towards key near-term support and breakpoint at 81.95/85 zone, loss of which to open way for stronger pullback and expose Fibonacci level at 81.00. Immediate resistances lie at 83.00/16, while only break above 83.38 improve the near-term structure.

    Res: 83.38, 83.50, 83.74, 84.00
    Sup: 82.43, 82.29, 81.95, 81.85

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    USD/CHF
    The near-term price action remains in a sideways mode, but tone is turning negative, as yesterday’ s recovery attempt failed to clearly break above strong barrier at 0.9070, previous support. Subsequent easing is now turning focus at yesterday’s low at 0.9015, below which the only obstacle on the way towards 0.8930, end-February double-bottom, lies at 0.9000, round-figure support. Overall picture remains negative and only break above 0.9135, 26 Mar high, to ease bear pressure.

    Res: 0.9070, 0.9080, 0.9100, 0.9135
    Sup: 0.9015, 0.9000, 0.8950, 0.8930

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