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

Discussion in 'Market Predictions and Reports' started by WindsorBrokers, Jul 2, 2012.

  1. WindsorBrokers

    WindsorBrokers Windsor Brokers Representative

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    EUR/USD
    The Euro corrects past two trading days strong rally, sparked by positive news from EU summit. The single currency has registered the strongest daily gains in a past eight months, as rally from last Thursday’s base at 1.2406, extended close to 1.2700, psychological barrier, after clearing main bear trendline off 1.3282 peak at 1.2600. Short-term outlook maintains positive sentiment, as risk appetite comes back in play. Corrective pullback after slight gap higher opening, is testing broken bear-trendline, with further easing not ruled out and ideal reversal above 1.2550, to maintain short-term bulls. Clearance of key short-term barrier at 1.2745, 18/20 June double top, is required to open way for stronger recovery and expose 1.2800/25, next.

    Res: 1.2642, 1.2679, 1.2691, 1.2700
    Sup: 1.2610, 1.2600, 1.2582, 1.2552

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    GBP/USD
    The pair consolidates recent strong rally from 1.5484, 28 June low, that briefly tested psychological 1.5700 barrier so far. Corrective/consolidative action off last Friday’s 1.5805 high has been contained at 20 day EMA and Fib 23.6% of 1.5484/1.5705, for now, keeping the upside in focus. However, clear break above 1.5700 barrier and clearance of more significant 1.5750, 200 day MA and 1.5776, 20 June peak, is required to confirm higher low at 1.5484 and resume short-term recovery off 1.5267, 01 June low. Short-term studies maintain positive structure for now, while only break below 1.5600 handle would weaken the tone.

    Res: 1.5678, 1.5705, 1.5732, 1.5745
    Sup: 1.5650, 1.5622, 1.5600, 1.5570

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    USD/JPY
    Short-term outlook remains positive, as the pair’s latest rally from 79.12, 50% of 77.65/80.60 ascend, where the footstep was found, approached our key barrier at 80.00 last Friday, ahead of current corrective easing. The near-term price action is hovering around broken bull trendline in attempt to find ground, however, rather weak near-term studies keep the downside still vulnerable. Risk is seen on extension towards key near-term supports at 79.00 zone, previous lows / 200 day MA, loss of which to soften short-term structure.

    Res: 79.72, 79.98, 80.00, 80.60
    Sup: 79.50, 79.35, 79.12, 79.00

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    USD/CHF
    The pair losses ground after reversal off 0.677, 28 June high, erased a good part of 0.9420/0.9677 rally. Bounce from last Friday’s low at 0.9461, is seen corrective, as near-term studies remain negative and descending 20 day EMA keeps the upside limited at 0.9520 zone for now. Possible further extension higher needs to clear another strong barriers at 0.9570/0.9600 to improve the near-term structure, otherwise, revisit of short-term base at 0.9420 and possible break lower, would be the likely scenario.

    Res: 0.9523, 0.9544, 0.9570, 0.9594
    Sup: 0.9500, 0.9471, 0.9461, 0.9420

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