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Short Term Technical Analysis for Majors (15:00 GMT)

Discussion in 'Market Predictions and Reports' started by WindsorBrokers, Mar 12, 2012.

  1. WindsorBrokers

    WindsorBrokers Windsor Brokers Representative

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    EUR/USD
    Stays flat during the European and early hours of US session, after bounce off day’s low at 1.3077, where daily 55 day SMA contained losses, holds at 1.3130. Hourly studies are gaining momentum, signaling possible stronger correction, however, clearance of 20 day EMA, where the price currently hovers and 55 day EMA at 1.3150, is seen required to improve the structure. Larger timeframes show more negative outlook, as 4H studies hold below the centerlines, while daily ones currently attempting below. Loss of 1.3077 to open next array of supports at 1.3026/00, ahead of key short-term support at 1.2973.

    Res: 1.3134, 1.3150, 1.3164, 1.3200
    Sup: 1.3100, 1.3077, 1.3026, 1.3000

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    GBP/USD
    Continues to travel south after losses from 1.5830/00 zone were initially held at 1.5650, key short-term support, where the price consolidated. Fresh weakness through 1.5650, so far tested figure support at 1.5600, with more losses seen, as the pair breaks below one-month range-trading phase, base of which was at 1.5650. Next targets lie at 1.5523, Fib 61.8% of 1.5233/1.5991 and 1.5500, round figure support. Daily structure is losing momentum, as break below 90/55 day SMA’a at 1.5671/65, further weakens the structure. Hourly studies are negative, holding at their extreme levels, however, no signal of reversal yet.

    Res: 1.5640, 1.5694, 1.5700, 1.5722
    Sup: 1.5600, 1.5523, 1.5500, 1.5422

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    USD/JPY
    Remains in a near-term consolidative mode, holding just above 82.00, previous resistance, now reverted to support, also 55 day EMA, following the last Friday’s strong rally that posted fresh high at 82.63. Downside pressure is still seen on near-term picture, as hourly studies are losing momentum that may result in stronger correction of the recent 80.55/82.63 upleg. Below 82.00, to focus Fibonacci level of 38.2% at 81.84, while only break below Fib 61.8% at 81.36 and figure support at 81.00 would significantly weaken near-term structure and risk return to strong support at 80.55. Wider picture’s outlook remains positive, despite indicators being at their highs, with lift above 82.63 to open 82.97, Fib 38.2% of downleg from 2010 high at 94.97 to record low at 75.56.

    Res: 82.38, 82.50, 82.63, 82.97
    Sup: 82.10, 82.00, 81.84, 81.60

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    USD/CHF
    Extends near-term corrective action of day’s high at 0.9217, after break below initial support at 0.9200, so far tested Fib 23.6% of 0.9070/0.9217 at 0.9180. Near-term studies continue to point lower, as ROC 22 attempts below the centerline, suggesting that deeper correction is not ruled out. Immediate supports lies at 0.9160/43, 55 day EMA / 38.2% / 50%, ahead of 61.8% retracement at 0.9126, loss of which to confirm near-term top and re-focus 0.9100/0.9070, support zone. Larger timeframes, such as 4H, show more positive tone, however, clearance of 0.9217, required to open next array of strong barriers at 0.9250/0.9300, previous range ceiling / 90/55 day SMA’s and previous high of 16 Feb high / daily Ichimoku cloud base.

    Res: 0.9200, 0.9217, 0.9250, 0.9260
    Sup: 0.9188, 0.9177, 0.9160, 0.9126

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