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


Windsor Brokers Representative
No significant changes from last Friday, when the pair reached fresh 4-week high at 1.3269. Overnight price action moved within narrow range , hovering around 1.3250. Positive tone on short-term studies keeps the upside favored, with immediate targets at 1.3269 and 1.3277, 02 Apr low, above which to expose psychological barrier at 1.3300. Overnight’s low at 1.3230 offers initial support, ahead of 1.3200, figure support / 55 day MA, while only break below 1.3157/64, last Friday’s low / Fib 38.2% of 1.2993/1.3269 ascend, would delay bulls.

Res: 1.3269, 1.3277, 1.3300, 1.3366
Sup: 1.3229, 1.3211, 1.3200, 1.3157

Maintains strong bullish tone, with gains accelerating after clearance of 1.6200 barrier. Overnight’s gap higher opening confirms upside action towards 1.6300, initial resistance, with clear break here to expose 1.6388, Fib 76.4% of longer-term 1.6745/1.5233 descend. However, overextended conditions on lower timeframes, see risk of corrective pullback. Initial supports lie at 1.6263/28, while strong support at 1.6200 zone is expected to contain.

Res: 1.6300, 1.6350, 1.6388, 1.6400
Sup: 1.6263, 1.6253, 1.6228, 1.6205

Remains under strong pressure after upside rejection at 81.77/68, with loss of previous low at 80.28, confirming lower top at 81.77 and extension of broader downtrend from 84.17, annual high. The pair is currently testing 80.00 zone, 50% of 76.00/84.17 and daily Ichimoku cloud base, loss of which to open next support at 79.52, Oct 2011 post-intervention peak. Negative near-term studies keep the downside in focus, however, overextended hourlies, see potential for corrective bounce. Previous low and overnight’s high at 80.28/38, offer initial resistance, with regain of 81.00, 55 day EMA, required to ease bear-pressure and allow for stronger correction.

Res: 80.28, 80.38, 80.50, 80.74
Sup: 80.07, 80.00, 79.52, 79.00

Continues to trend lower after losing important support at 0.9100 zone. Last Friday’s upside rejection at trendline resistance at 0.9130 and sharp fall to 0.9050 so far, keeps our next target at 0.9000 in focus. Any bounce higher would be seen as corrective, while only clearance of 0.9130 barrier provides near-term relief. Short-term studies hold negative tone, as the pair attacks daily triangle support at 0.9050.

Res: 0.9077, 0.9100, 0.9130, 0.9170
Sup: 0.9050, 0.9015, 0.9000, 0.8930