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

Discussion in 'Market Predictions and Reports' started by WindsorBrokers, Apr 23, 2012.

  1. WindsorBrokers

    WindsorBrokers Windsor Brokers Representative

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    EUR/USD
    The pair starts the week at the back foot, following last week’s strong gains off 1.3000 base that slightly exceeded previous peak at 1.3211. Overnight’s gap lower opening sees potential of corrective action, as hourly studies are pointing lower. Initial supports lie at 1.3170/60, ahead of 1.3140 zone where 55day EMA and Fib 38.2% of 1.2993/1.3223 ascend should contain dips to keep bullish short-term structure intact. Only loss of 1.3110, 90 day MA and 1.3100, figure support, would weaken the structure. Immediate resistance lies at 1.3223, last Friday’s peak, ahead of 1.3235, Fib 61.8% of 1.3385/1.2993 descend and 1.3250/77, 29 Mar / 02 Apr lows.

    Res: 1.3200, 1.3211, 1.3223, 1.3235
    Sup: 1.3170, 1.3160, 1.3140, 1.3120

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    GBP/USD
    Remains in a steady uptrend from last week’s low at 1.5817, with fresh high posted last Friday at 1.6142. Daily structure remains bullish, focusing the next target and strong resistance at 1.6164, 31 Oct 2011 high and Fib 61.8% of longer-term descend from 1.6745, 2011 peak, to 1.5233, low of 2012. Overextended studies on 4H chart, however, would signal corrective pullback, with initial support at 1.6100, coming under pressure, ahead of 1.6061, previous high / 20 day EMA. Loss of breakpoint at 1.6000 would turn focus lower.

    Res: 1.6142, 1.6164, 1.6200, 1.6223
    Sup: 1.6100, 1.6061, 1.6037, 1.6008

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    USD/JPY
    The near-term structure weakens as the pair, unable to clear 81.80, bear-trendline off 84.08 high, breaks below past few day’s range floor at 81.40. Hourly studies are below their midlines, with 4H chart ones, pointing lower. Immediate focus lies at 81.00 zone, also 50% of 80.28/81.77 upleg, below which to confirm lower top, ahead of possible return to 80.28, last week’s low. Initial barriers lie at 81.40/65, while only break above 81.74/77, trendline resistance / previous peak would signal an extension of short-term bulls from 80.28.

    Res: 81.40, 81.65, 81.77, 82.00
    Sup: 81.16, 81.00, 80.85, 80.28

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    USD/CHF
    Maintains negative short-term tone off last weeks’ peak at 0.9250, with break below 0.9100 zone, short-term range floor / Fib 61.8%, further weakening the structure. Today’s gap higher opening, with hourly studies emerging from their extremes, sees potential for stronger corrective action, with initial resistance at 0.9125 being tested so far. Trendline resistance at 0.9156, comes next and only sustained break here to avert immediate downside risk, as studies on 4H chart remain negative. Daily indicators are still holding neutral tone.

    Res: 0.9134, 0.9156, 0.9173, 0.9194
    Sup: 0.9100, 0.9090, 0.9084, 0.9069

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