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Short Term Technical Analysis for Majors (08:00 GMT)

Discussion in 'Market Predictions and Reports' started by WindsorBrokers, Feb 29, 2012.

  1. WindsorBrokers

    WindsorBrokers Windsor Brokers Representative

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    EUR/USD
    Maintains positive near-term tone off 1.3365, 27 Feb low, retracing fully the recent 1.3485/1.3365 pullback. Hourly studies are supportive for fresh attempt through 1.3485, to test 1.3500, figure resistance and 1.3547, 02 Dec high. 20 day EMA, currently at 1.3460, underpins, ahead of static supports at 1.3388 and 1.3365/56, loss of which would delay immediate bulls. Larger timeframe’s outlook is bullish, as 20 day SMA is crossing above 90 day and break above current congestion to signal resumption of broader uptrend.

    Res: 1.3485, 1.3500, 1.3547, 1.3567
    Sup: 1.3450, 1.3400, 1.3388, 1.3365

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    GBP/USD
    The pair regained strength after yesterday’s renewed attempt lower found ground at 1.5800, previous low, with fresh rally breaking above very strong barrier at 1.5900, 200 day SMA / last Friday’s high and previous peak of 08 Feb at 1.5926. This may signal fresh bull-phase, as price breaks above one-month 1.5900/1.5650 range and expose upside targets at 1.6000, round figure resistance and 1.6090/1.6129, 14 / 08 Nov 2011 highs, ahead of key medium-term barrier at 1.6164, 31 Oct 2011 peak. Daily studies are positive, while overbought hourly conditions see potential for corrective pullback, before fresh rally. Previous high at 1.5900 offers initial support, where also 20 day EMA lies, with reversal above 1.5850 required to keep bulls intact.

    Res: 1.5937, 1.5950, 1.5989, 1.6000
    Sup: 1.5900, 1.5871, 1.5865, 1.5850

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    USD/JPY
    Remains in defensive, following pullback off the latest high at 81.65, posted on 27 Feb, with downside protected for now at 80.00, yesterday’s low. Upside attempts, however, remain capped by hourly Ichimoku cloud base at 80.70 zone, keeping the downside still vulnerable, along with weak hourly studies that hold below their midlines. Break above 80.68/77, previous highs and figure resistance at 81.00 is required to turn focus higher and open 81.65 peak for retest. Otherwise, risk is seen towards 80.00 base, loss of which to trigger further correction and expose 79.50 and 79.00 supports.

    Res: 80.68, 80.77, 81.00, 81.24
    Sup: 80.24, 80.00, 79.84, 79.50

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    USD/CHF
    Near-term negative tone after upside rejection at 0.9000 barrier, continues to pressure, as price action holding just above last Friday’s high at 0.8929. Bounces higher are seen corrective, while below 0.9000, as larger timeframes show bears fully in play. Loss of 0.8929/00 handles to open way towards 200 day SMA and Fibonacci 61.8 expansion at 0.8765. Only lift above 0.9000 would delay for possible extension towards another strong barriers at 0.9070/0.9100 zone.

    Res: 0.9000, 0.9009, 0.9025, 0.9063
    Sup: 0.8934, 0.8929, 0.8900, 0.8850

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