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

Discussion in 'Market Predictions and Reports' started by WindsorBrokers, May 3, 2012.

  1. WindsorBrokers

    WindsorBrokers Windsor Brokers Representative

    Nov 2, 2010
    Likes Received:
    Failure to reclaim key barrier at 1.3300 has resulted in steep decline that so far retraced over 50% of 1.2993/1.3282 upleg. Temporary support was found at 1.3120, 90 day MA, with subsequent recovery attempt so far unable to clear the initial barrier at 1.3160, increasing risk of test of strong support zone at 1.3100, 23 Apr low / Fib 61.8% and possible extension lower, as near-term studies remain negative. Break below 1.3100 to open 1.3060 and 1.3032 static supports. On the upside, yesterday’s intraday high and recovery top, offers initial resistance, while 1.3200 zone, 01 May low / 20/55 day EMA crossover, is expected to cap.

    Res: 1.3157, 1.3166, 1.3200, 1.3232
    Sup: 1.3121, 1.3100, 1.3068, 1.3056


    Remains under pressure, after losing initial support at 1.6200, with recovery attempt of 1.6159, yesterday’s fresh low, being capped at 1.6200, now acting as initial resistance, along with bear trendline connecting 1.6300 and 1.6237 peaks. Negative tone continues to dominate on short-term studies, with break below initial support at 1.6159, also 55 day EMA, to open way for further retracement and expose Fib 38.2% at 1.6115, ahead of figure support at 1.6100 and key short-term support and pivotal point at 1.6080/60 area. Bears remain intact as long as 1.6200 trendline resistance and 20 day EMA limit the upside, while only regain of 1.6250 would turn near-term focus higher.

    Res: 1.6200, 1.6237, 1.6250, 1.6300
    Sup: 1.6159, 1.6115, 1.6100, 1.6080


    Near-term recovery off fresh low at 79.63, seems to be running out of steam, as gains were limited at initial resistance at 80.60. Dips are holding above 80.00 for now, however, weakening hourly studies, see risk of fresh weakness, unless initial barrier at 80.60, also 55 day EMA is cleared, with regain of minimum 81.00, required to confirm recovery. Daily structure holds bearish tone and sees potential for further retracement of 76.00/84.17 ascend.

    Res: 80.60, 80.85, 81.00, 81.20
    Sup: 80.00, 79.63, 79.52, 79.00


    Extension of near-term recovery from 0.9041, 01 May low, broke above initial barrier at 0.9100, also triangle resistance to retrace over 50% of 0.9250/0.9041 downleg so far. With the recent corrective pullback being held above 0.9100 and positive near-term studies, further recovery towards 0.9170, Fib 61.8% and possible regain of next hurdle at 0.9200, break of which is required to re-focus 0.9250 peak. On the downside, loss of 0.9120/00 would be bearish.

    Res: 0.9145, 0.9155, 0.9170, 0.9200
    Sup: 0.9120, 0.9100, 0.9072, 0.9050


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