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

Discussion in 'Market Predictions and Reports' started by WindsorBrokers, Apr 19, 2012.

  1. WindsorBrokers

    WindsorBrokers Windsor Brokers Representative

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    EUR/USD
    Short-term price action remains within 1.3000/1.3250 range, moving in a sideways mode and trading around 1.3100 handle for most of the time. Studies on lower timeframes hold neutral tone, with overnight’s trade being entrenched within 30-pips range. Immediate upside barriers lie at 1.3140 and 1.3170 and strong resistance at 1.3200, bear trendline / 55 day MA, capping the short-term action. Yesterday’s low at 1.3056 offers good support, ahead of key one at 1.3000. Release of data from Spain and US later today would likely trigger more action.

    Res: 1.3140, 1.3171, 1.3200, 1.3211
    Sup: 1.3104, 1.3090, 1.3056, 1.3032

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    GBP/USD
    Maintains short-term bullish tone, after 200 day MA and main bull trendline off 1.5233, contained the recent dips. Fresh rally cleared initial barriers at 1.5980/1.6000 zone, heading north towards key barrier at 1.6061, yearly high of 02 Apr. Near-term studies remain positive, though, overextended conditions may signal corrective action. Previous resistances now offer immediate supports, while break above 1.6061opens next targets at 1.6090/1.6100, ahead of 1.6030/64.

    Res: 1.6044, 1.6061, 1.6090, 1.6100
    Sup: 1.6013, 1.6000, 1.5991, 1.5984

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    USD/JPY
    Near-term recovery off 80.28, 16 Apr low, remains in play after the pair cleared initial hurdles at 81.00/18, to test the next one at 81.50 so far. Brief correction that followed was contained above 81.00, with renewed attempt higher required to break above 81.50, to resume rally and open the next barrier at 82.00. Loss of momentum on hourly chart warns of possible reversal, however, more positive tone is seen on 4-hour chart. Loss of 81.20/00 zone support, overnight’s low / 55 day EMA, would soften the near-term tone.

    Res: 81.55, 81.82, 82.00, 82.54
    Sup: 81.32, 81.15, 81.00, 80.82

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    USD/CHF
    Failure at 0.9250 on 16 Apr, and yesterday’s upside rejection at 0.9208, keep the upside limited for now, with bear-trendline from 0.9593 capping, as hourly studies start to point lower. Immediate support at 0.9150, near-term range lows and main bull trendline off 0.9000 base, comes under pressure and break here to weaken the structure and open next supports at 0.9120/00 area.

    Res: 0.9173, 0.9208, 0.9221, 0.9250
    Sup: 0.9150, 0.9120, 0.9100, 0.9090

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