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

Discussion in 'Market Predictions and Reports' started by WindsorBrokers, May 21, 2012.

  1. WindsorBrokers

    WindsorBrokers Windsor Brokers Representative

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    EUR/USD
    Extends the near-term recovery above initial barriers at 1.2750 zone, after temporary footstep was found at 1.2640, last Friday. Bounce from here briefly broke above 1.2800 barrier, also Fib 23.6%, where descending trendline, connecting 1.3282/1.3177 tops, limited gains at 1.2811, with corrective easing on overbought hourly studies under way. Dips need to be contained at 1.2760/40 zone, to maintain positive near-term tone for possible fresh attack at upper barriers. Lift above 1.2800, to face significant resistances at 1.2886, Fib 38.2% and 1.2900 zone, clearance of which to confirm near-term base and open way for stronger retracement of 1.3282/1.2641 downleg, with 1.2950/80 seen next. On the downside, loss f 1.2740 and psychological support at 1.2700, would turn focus lowercase larger timeframes outlook remains negative.

    Res: 1.2800, 1.2811, 1.2868, 1.2886
    Sup: 1.2757, 1.2748, 1.2736, 1.2713

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    GBP/USD
    Undergoes near-term corrective action, after finding ground at 1.5731, fresh 2-month low, posted last Friday. Bounce above 1.5800 has so far been capped by daily 200 day MA, daily Ichimoku cloud base and hourly 55 day EMA at 1.5830 zone. With hourly indicators starting to point lower and 4H chart ones still in the negative territory, there is not much to expect from the current rally, However, sustained break above 200 day MA, with regain of 1.5877, Fib 38.2% of 1.6112/1.5731 downleg and 1.5900, psychological barrier, would bring more optimism in the near-term outlook. On the downside, loss of 1.5731 and 1.5700 support would risk further extension of broader downtrend from 1.6300 and expose 1.5640, mid February lows and Fib 61.8% of 1.5233/1.6300 ascend.

    Res: 1.5841, 1.5877, 1.5889, 1.5900
    Sup: 1.5800, 1.5780, 1.5731, 1.5700

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    USD/JPY
    Last week’s steep decline through strong psychological support at 80.00 and previous low at 79.42, so far tested our next target at 79.00, also near Fib 61.8% of 76.00/84.17 upleg. Temporary support was found here and the pair is attempting to base for some stronger recovery action. However, studies on both, lower and larger timeframes remain in the negative territory that increases risk of fresh weakness, with regain of initial resistance at 79.45 and more significant one at 80.00, required to improve near-term structure and open way for possible stronger correction. Otherwise, retest of 79.00 and extension towards our next downside target at 78.30 zone, would be the likely short-term scenario.

    Res: 79.45, 79.60, 79.77, 80.00
    Sup: 79.10, 79.00, 78.50, 78.30

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    USD/CHF
    The pair trades in a near-term corrective mode, after testing our upside target at 0.9500, where gains were limited for now. Dips need to be contained above 0.9324, Fib 38.2% of 0.9041/0.9500 ascend and more significant 0.9300 support, to keep short-term bullish structure off 0.9041 intact, for possible extension above 0.9500 and test of our next targets at 0.9545 and yearly high at 0.9593. Only loss of 0.9300 would weaken the near-term structure and allow for stronger reversal.

    Res: 0.9420, 0.9444, 0.9480, 0.9500
    Sup: 0.9373, 0.9330, 0.9324, 0.9300

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