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Short Term Technical Analysis for Majors (07:30 GMT)

Discussion in 'Market Predictions and Reports' started by WindsorBrokers, Jul 31, 2012.

  1. WindsorBrokers

    WindsorBrokers Windsor Brokers Representative

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    EUR/USD
    The pair consolidates after yesterday’s drop that ended at 1.2225 and during the Asian session have tested 1.2290 but failed to break. A retest of 1.2225 is expected today while bears remain in play below 1.2290, Fibo 38.2% pullback of 1.2390/1.2225 fall. A break of 1.2290 would open 1.2325 and 1.2350 next, while a drop below 1.2290 would open the path for 1.2165, 25th of July high, which would allow further down risk on the medium run.

    Res: 1.2290, 1.2310, 1.2325, 1.2350
    Sup: 1.2225, 1.2185, 1.2170, 1.2120

    [​IMG]

    GBP/USD
    Neutral outlook continues after the sideway action that dominated the Cable during the past 30 hours while the pair remains below 1.5770 medium term barrier. Currently consolidating between 1.5665 support and 1.5725 first near term resistance. Range traders remains in play while 1.5675/65 zone remains intact, a drop there would open the path for further downside towards 1.5645 and 1.5590 next, opening 1.5550 5th of July high. On the other hand a break of 1.5725/30 would open 1.5755 and 1.5775 next.


    Res: 1.5725, 1.5730, 1.5755, 1.5775
    Sup: 1.5675, 1.5665, 1.5590, 1.5550

    [​IMG]

    USD/JPY
    After yesterday’s drop, the pair neutral action moved in narrow range while it still holds below 78.40. From the downside, a fall below 78.05 would open 77.95 zone that would trigger further acceleration towards 77.66 1st of Jun low. On the upside, 78.30 would open 78.40, a break on the latter would open way to bulls for a test of 78.68 peak.

    Res: 78.30, 78.40, 78.65, 78.95
    Sup: 78.10, 77.95, 77.65, 77.35

    [​IMG]



    Gold
    The precious have edged higher yesterday towards medium term barrier zone 1640-1635, while yesterday’s action was contained at 1629.20, bears are on call if price action dropped below 1615 and 1610 next, targeting 1600 and 1590 next, below the latter would open further downside towards 1565 zone. On the other hand, the upside is still intact for a continuation of the uptrend; however 1635-40 zone should be the boiling point for a rally higher towards 1670/80 zone and 1700 next.

    Res: 1629, 1635, 1640, 1670
    Sup: 1615, 1610, 1600, 1590

    [​IMG]
     

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