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

Discussion in 'Market Predictions and Reports' started by WindsorBrokers, May 16, 2012.

  1. WindsorBrokers

    WindsorBrokers Windsor Brokers Representative

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    EUR/USD
    The single currency spirals lower after yesterday’s break below 1.2800 handle and longer-term bull trendline at 1.2770 and today’s loss of the last obstacle at 1.2700, towards 1.2622, January’s yearly low. Negative sentiment keeps the pair under heavy pressure and despite short-term studies being at their extreme levels, the price action continues to increase the pace of descending. Break below 1.2622 to open 1.2586 Aug 2010 low next, with 1.2000/zone expected to come in short-term focus. Initial resistance lies at 1.2720, with more significant barriers at 1.2800/15 and 1.2868.

    Res: 1.2700, 1.2720, 1.2800, 1.2815
    Sup: 1.2622, 1.2586, 1.2550, 1.2500

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    GBP/USD
    The pair accelerated losses after losing key supports at 1.6050 and 1.6000, with break below 55 day MA at 1.5959, looking for test of round figure support at 1.5900 and possible extension towards 1.5850, Fib 38.2% of larger 1.5233/1.6300 ascend. Loss of bullish momentum on daily studies sees risk of further weakness, with test of 200 day MA at 1.5828 and strong support and higher platform at 1.5800, seen on a break below 1.5900. Near-term studies are overextend, yet no firm signals of any corrective action. Previous supports at 1.6000/50 are now reverted to initial barriers.

    Res: 1.5971, 1.6000, 1.6050, 1.6065
    Sup: 1.5947, 1.5900, 1.5852, 1.5900

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    USD/JPY
    Clearance of strong resistance zone at 80.00, where 90 day MA and main bear trendline off 84.08, were limiting recent upside attempt, has so far extended gains to 80.43. Positive near-term sentiment keeps the upside in focus, with next target at 80.60, 02 may high / Fib 38.2% of 81.77/79.42 downleg. Break here is required to confirm base at 79.42 and allow for stronger recovery, with 80.90/81.00 to come in focus. Broken 90 day MA, now underpins the rally, along with 20/55 day EMA’s crossover at 80.00.

    Res: 80.43, 80.60, 80.90, 81.00
    Sup: 80.32, 80.15, 80.00, 79.67

    [​IMG]

    USD/CHF
    Accelerates gains after clearance of strong barriers at 0.9330 and 0.9400, with yearly high at 0.9593, posted in mid January, now coming in focus. No significant obstacles seen on a way towards 0.9593, with positive but extremely overextended near-term studies, underpinning the advance and not showing any signs of fatigue for now. Initial support lies at 0.9400, ahead of 0.9360 zone, Fibonacci support / 20 day EMA. On the upside, figure resistance comes first at 0.9500, ahead of 0.9545, 15 Dec 2011 high and 0.9593, 13 Jan 2012 peak.

    Res: 0.9468, 0.9500, 0.9545, 0.9593
    Sup: 0.9429, 0.9400, 0.9360, 0.9330

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