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

Discussion in 'Market Predictions and Reports' started by WindsorBrokers, Mar 14, 2012.

  1. WindsorBrokers

    WindsorBrokers Windsor Brokers Representative

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    EUR/USD
    Negative short-term sentiment continues to push the pair lower. Break below yesterday’s low at 1.3050, 50% retracement of 1.2973/1.3485 upleg, approaches our next target at 1.3026, 01/06 Feb lows, ahead of Fibonacci 161.8 projection at 1.3007 and figure support at 1.3000, with key short-term support at 1.2973, 16 Feb low, coming in focus. Near-term studies are negative and keep the downside favored, with strong resistance at 1.3080/90 zone, today’ s high / 12 Mar low / 20 day EMA, expected to limit the upside. Only lift above 1.3120/30, yesterday’s intraday low / Fib 61.8% of 1.3190/1.3030, to improve near-term structure.

    Res: 1.3077, 1.3090, 1.3100, 1.3120
    Sup: 1.3030, 1.3026, 1.3007, 1.2973

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    GBP/USD
    Yesterday’s strong rally off 1.5720 higher low, extended near-term recovery from 1.5600, hitting 1.5745, just under 55 day EMA and short-term bear-trendline off the recent high, before returning below 1.5700. Near-term studies are losing traction, however, while 1.5650, today’s low and previous strong support holds, we see potential for fresh attempt higher. Clearance of yesterday’s high and bear-trendline at 1.5745, is required to improve and signal a resumption of rally from 1.5600, for possible test of key near-term barriers at 1.5800/30. Loss of 1.5650, however, risks lower top and extension of broader downtrend off 1.5991, with initial support at 1.5600 and 1.5523/00, seen on a break.

    Res: 1.5693, 1.5700, 1.5711, 1.5745
    Sup: 1.5647, 1.5620, 1.5600, 1.5550

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    USD/JPY
    The pair maintains strong uptrend off 76.00 base, as the latest leg higher followed near-term 82.63/82.00 consolidation. Fresh gains through our initial target at 83.00, so far reached 83.30, with 84.00/50 levels seen next, ahead of strong barriers and short-term targets at 85.27, 50% retracement of 94.97/75.56 bear-phase and 85.51, 2011 high, posted on 03 Apr 2011. Near-term studies remain supportive, however, corrective pullback on overbought conditions, not ruled-out. Initial support lies at 83.00, ahead of previous high at 82.63. Only loss of 82.00 higher base, would delay.

    Res: 83.30, 83.50, 84.00, 84.50
    Sup: 83.00, 82.63, 82.50, 82.00


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    USD/CHF
    Continues to trend higher after leaving higher low at 0.9138 yesterday, with clearance of strong barriers at 0.9200/50, to open way towards key short-term resistance at 0.9300. Hourly studies are at their highs that suggests pause in current rally, in favor of corrective easing. Supports lie at 0.9250/20, ahead of 0.9200, previous high / 55 day EMA, which is expected to contain dips.

    Res: 0.9273, 0.9300, 0.9338, 0.9350
    Sup: 0.9250, 0.9220, 0.9200, 0.9187

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