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

Discussion in 'Market Predictions and Reports' started by WindsorBrokers, Mar 20, 2012.

  1. WindsorBrokers

    WindsorBrokers Windsor Brokers Representative

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    EUR/USD
    Steady recovery off last week’s 1.3000 low surged through 1.3190/1.3200 barriers on yesterday’s strong rally, to break above 50% retracement of 1.3485/1.3000 downleg and reach 1.3264 high so far. The pair holds above 1.3200 handle for now, as slight easing on overbought hourly studies was seen during the Asian session. Near-term studies remain positive, as 20 day EMA crossed above 55 day EMA on 4H chart, with hourly 20 day EMA holding the price for now. Immediate targets lie at 1.3290/1.3300, 08 Mar high / Fib 61.8%, above which to open way towards recent highs of end of Feb. Previous highs at 1.9190 zone offer strong support, ahead of yesterday’s low at 1.3141, loss of which would delay.

    Res: 1.3243, 1.3264, 1.3290, 1.3300
    Sup: 1.3224, 1.3200, 1.3190, 1.3141

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    GBP/USD
    Daily structure improves after regain of 200 day SMA, with studies breaking above the centerlines and looking for extension towards recent highs at 1.6000 zone. Lower timeframes hold positive tone, with the latest corrective easing, finding for now footstep at 1.5860, previous high, however, possible further easing towards strong support at 1.5830/00 is not ruled out and only break here to weaken short-term bullish structure.

    Res: 1.5900, 1.5913, 1.5974, 1.5991
    Sup: 1.5860, 1.5830, 1.5820, 1.5800

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    USD/JPY
    Near-term price action shows consolidation at 83.50 zone, after reversal from 84.17 high, found support at 83.00. The pair currently moves sideways, holding within narrow range, with hourly studies being neutral, while larger timeframe’s structure remains positive, despite hitting extreme points. Break above the recent range ceiling at 83.60 is required turn focus higher and open 84.00/17, above which to resume broader uptrend and expose targets at 85.30/50 zone. On the downside, risk is seen on loss of 83.00, yesterday’s low and 82.80, Fib 38.2% that would allow for stronger correction.

    Res: 83.55, 83.60, 83.93, 84.00
    Sup: 83.28, 83.00, 82.80, 82.50

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    USD/CHF
    Remains in a near-term downtrend off 0.9333, 15 Mar high, as yesterday’s fresh slide through 0.9200 handle tested 0.9086, Fib 61.8% of 0.8930/0.9333 upleg. Corrective bounce holds under 20 day EMA at 0.9120 for now, with strong barriers at 0.9150/76, expected to cap, as near-term studies remain weak. Break below yesterday’s low and 08 Mar higher low at 0.9070, to sideline short-term bulls and turn focus towards 0.8930 double bottom, as daily studies are attempting below their midlines.

    Res: 0.9120, 0.9150, 0.9176, 0.9200
    Sup: 0.9100, 0.9090, 0.9070, 0.9020

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