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

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

  1. WindsorBrokers

    WindsorBrokers Windsor Brokers Representative

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    EUR/USD
    The pair find footstep at strong 1.2580 support, where Fib 38.2% of 1.2406/1.2691 ascend, along with hourly 55 day EMA that started to point higher, contained near-term reversal off 1.2700. Negative near-term structure does not see much of the latest bounce, as long as 1.2666, yesterday’s high, stays intact, with break here and more important 1.2700 barrier, needed to resume rally from 1.2400 base. Larger picture shows the pair’s short-term price action entrenched within 1.2400 and 1.2700 range, with tone aligned towards the upside. However, clearance of 1.2700 hurdle, where daily 20 day MA caps for now, would be a spark for fresh gains and test of key 1.2745 peak.

    Res: 1.2613, 1.2642, 1.2666, 1.2679
    Sup: 1.2582, 1.2552, 1.2515, 1.2500

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    GBP/USD
    The near-term price action remains congested t 1.5700 zone, as yesterday’s spike higher failed to regain 1.5732/49 barriers. Hourly studies are in a neutral mode, while 4H chart outlook shows more positive tone, however, the downside remains vulnerable as long as price stays under 200 day MA. Break here and 1.5776 is required to open way for fresh extension from 1.5484 higher low. Ascending 20 day EMA on the hourly chart, offers initial support at 1.5690, while risk of fresh weakness would be seen on a break below 1.5650, broken bear-trendline and 1.5640/30, yesterday’s higher platform / Fib 38.2% that would spark stronger reversal. Loss of 1.5600 will bring bears back in play.

    Res: 1.5712, 1.5721, 1.5732, 1.5749
    Sup: 1.5690, 1.5650, 1.5640, 1.5630

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    USD/JPY
    Regains strength after upside rejection at 80.00 and subsequent reversal finding ground at 79.30 yesterday, where fresh has emerged. Break above broken bull-trendline at 79.70 and regain of yesterday’s lower high at 79.83, sees potential for revisiting key near-term barrier at 80.00, break of which to re-focus 80.60, next upside target. Hourly studies are moving into positive territory, while larger timeframes indicators are in the neutral mode, moving within 79.00 and 80.00 range, with break of either side to define direction.

    Res: 79.84, 79.98, 80.00, 80.60
    Sup: 79.60, 79.50, 79.40, 79.30

    [​IMG]



    USD/CHF
    Near-term recovery off last Friday’s low at 0.9461, remains capped at 0.9550 zone, Fib 38.2% of 0.9677/0.9461 decline / 55 day EMA, with sideways mode seen during the overnight session. As short-term studies remain negative and descending 20 day EMA, limits the upside, not much would be seen in the near-term, unless regain of 0.9600 barrier, also Fib 61.8% occurs. Hourly studies are losing traction, with loss of initial 0.9520 and more significant 0.9500 supports, to turn focus lower again and expose 0.9461, possibly 0.9420 base, on a break.

    Res: 0.9557, 0.9570, 0.9590, 0.9600
    Sup: 0.9522, 0.9500, 0.9482, 0.9461

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