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

Discussion in 'Market Predictions and Reports' started by WindsorBrokers, Mar 5, 2012.

  1. WindsorBrokers

    WindsorBrokers Windsor Brokers Representative

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    EUR/USD
    Near-term outlook remains negative, as the pair probes below 1.3200, to test next target at 1.3170, Fib 61.8% of 1.2973/1.3485 upleg and signal an end of overnight’s consolidation around 1.3200. Further weakness to focus 1.3100 zone next, as 20 day EMA caps the upside just above 1.3200. Daily chart shows studies turning negative, with break below 90 day SMA and current attempt at main bull trendline off 1.2973, to open way fresh extension lower. Daily congestion at 1.3485 limits the upside attempts on larger timeframe outlook. Immediate resistance lies at 1.3212, while only regain of 1.3265/81, 55 day EMA / 01 Mar low, would ease immediate bear pressure.

    Res: 1.3200, 1.3212, 1.3265, 1.3281
    Sup: 1.3169, 1.3145, 1.3114, 1.3100

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    GBP/USD
    Continues to trend lower at the beginning of new week, with break below 50% retracement of 1.5650/1.5991 ascend, currently testing strong support at 1.5800 zone, 27/28 Mar higher platform / 4H Ichimoku cloud. Break here to further weaken the near-term structure, as 1/4H studies remain negative and turn immediate focus at next strong support zone at 1.5778/70, Fib 61.8% / Nov / Dec 2011 range ceiling, below which targets 1.5720/00. Daily studies are losing traction after false break above 200 day SMA. Initial resistance lie at 1.5844, also 20 day EMA, ahead of 1.5877/95, 55 day EMA / 01 Mar low, regain of which to improve near-term structure.

    Res: 1.5844, 1.5877, 1.5895, 1.5935
    Sup: 1.5808, 1.5800, 1.5778, 1.5770

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    USD/JPY
    Near-term structure is weakening after the pair hit fresh 9-month high at 81.85 at the opening of Asian session. Profit taking pulled the price lower, with break below 81.50 support, also 20 day EMA, accelerating losses. Hourly indicators turned negative, as price broke below 55 day EMA, with immediate focus at strong support at 80.80 and very strong one at 80.00 zone, loss of which would risk temporary top and deeper reversal. Daily studies, however, remain positive, but overextended, that may suggest stronger corrective action ahead. At the upside, initial targets lie at 82.00/20.

    Res: 81.44, 81.78, 81.85, 82.00
    Sup: 81.00, 80.82, 80.77, 80.24

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    USD/CHF
    The pair stays in a near-term recovery mode, after finding ground at 0.8930 zone. Upside clearance of 0.9000 and 0.9100 barriers, is currently attempting through short-term bear-channel resistance, above which to open way towards next significant barrier at 0.9200 and key levels at 0.9250/0.9300. Daily studies are regaining momentum, although still below their midlines, while lower timeframes maintain positive tone, as 20 day EMA at 0.9126, hold the downside for now.

    Res: 0.9157, 0.9200, 0.9250, 0.9300
    Sup: 0.9121, 0.9100, 0.9090, 0.9070

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