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

Discussion in 'Market Predictions and Reports' started by WindsorBrokers, Mar 7, 2012.

  1. WindsorBrokers

    WindsorBrokers Windsor Brokers Representative

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    EUR/USD
    The pair remains under pressure, as yesterday’s break below main bull trendline off 1.2973, triggered fresh weakness that so far tested our next target at 1.3100. Current bounce remains limited at 1.3150 for now and is seen corrective, as long as 1.3200, figure resistance / 20 day EMA and more significant 1.3240, 05 Mar high, stay intact. Near-term studies remain in negative field and keep the downside favored. Break below 1.3100, to focus 1.3080, ahead of strong support zone at 1.3026/00.

    Res: 1.3152, 1.3159, 1.3186, 1.3207
    Sup: 1.3132, 1.3100, 1.3080, 1.3026

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    GBP/USD
    Negative near-term tone continues to drive the pair lower, as recovery attempt stalled at 1.5880, keeping strong resistance at 1.5900 zone, previous lows / 200 day SMA, intact. Fresh weakness through 1.5800/1.5770, strong supports, lost another handle at 1.5700, bringing key short-term support at 1.5650 in focus. Lower timeframe studies remain negative, but hitting extreme levels that suggest corrective action, before fresh bears come in play. Current bounce off 1.5695, yesterday’s low, faces resistance at 1.5740, hourly 20 day EMA, while only sustained break above 1.5800, 05 Mar low / 55 day EMA, would ease bear pressure and allow for possible attempt towards 1.5880/1.5900 barriers.

    Res: 1.5740, 1.5770, 1.5785, 1.5800
    Sup: 1.5720, 1.5700, 1.5695, 1.5650

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    USD/JPY
    Yesterday’s failure to sustain recovery from 81.00 and upside rejection at 81.57, triggered fresh weakness. Loss of 81.00 handle found temporary ground at 80.50 zone, with consolidation under way. Negative hourly studies, however, keep the downside vulnerable, as 4H chart indicators are breaking below their midlines, suggesting possible extension and test of 80.24, ahead of key short-term support at 80.00, as larger timeframe studies started pointing lower. Loss of 80.00 to signal stronger correction of strong rally from 76.00 base and mar near-term top at 81.86. to aver immediate downside risk, barriers at 81.00 and 81.33 must be regained.

    Res: 80.93, 81.00, 81.14, 81.33
    Sup: 80.62, 80.56, 80.24, 80.00

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    USD/CHF
    Extends steady near-term recovery off 0.8930 double bottom, after break above 0.9160, 05 Mar previous high, approaches next barrier at 0.9200. Current easing on overbought hourly conditions is so far seen corrective, as 0.9160 holds dips and price moves around 20 day EMA. However, further reversal into 0.9150/00 is not ruled out, as hourly structure still sees space for further easing, but only loss of 0.9100 would delay bulls. Upside regain of 0.9200 to open key short-ter. barriers at 0.9250/0.9300. Daily studies are improving after break above bear-channel resistance, with 90/55 day SMA’s at 0.9231/54 seen as next hurdles on the way towards 0.9300.

    Res: 0.9185, 0.9200, 0.9231, 0.9250
    Sup: 0.9165, 0.9150, 0.9100, 0.9070

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