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Short Term Technical Analysis for Majors (09:00 GMT)

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Short Term Technical Analysis for Majors (09:00 GMT)

Postby WindsorBrokers » Thu Aug 02, 2012 10:38 am

EUR/USD
After the FOMC rate statement the single currency has dropped sharply to 1.2218 few pips lower our initial support at 1.2225 30th July low, hourly oversold conditions could drive the pair higher towards 1.2270 and probably to 1.2284 zone, maintaining those resistance levels would signal further acceleration again lower for another test of 1.2225 and 1.2165 next. Only a break of 1.2284 would signal an uptrend.

Res: 1.2270, 1.2284, 1.2350, 1.2390
Sup: 1.2225, 1.2195, 1.2170, 1.2120

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GBP/USD
Still in negative tone, the cable managed to break all three support during yesterdays drop, lowest price reached was 1.5522 ahead of 1.5500 zone. From the upside a corrective action could take place reaching 1.5582 and 1.5622 next, which would open further upside for bulls. Oversold conditions could add a little to the upside to the previously mentioned resistance levels, however, 1.5470 could be in sight ahead of 1.5400 medium term barrier.

Res: 1.5570, 1.5620, 1.5690, 1.5725
Sup: 1.5520, 1.5500, 1.5470, 1.5400

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USD/JPY
A rise was established towards 30th July high at 78.54 ahead of previous peak of 29th July high at 78.68, this 15 pips zone would open the path for more acceleration to the upside, if broken, towards 79.15 strong resistance level. Any drop below 78.30/25 level would trigger a negative tone towards 77.95 zone.

Res: 78.55, 78.68, 78.95, 79.15
Sup: 78.30, 78.25, 77.95, 77.65

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NZDUSD
Trading in a side way for the past week between 0.8070 and 0.8140 zone, the Kiwi dropped in a sharp move reaching 0.8067 zone ahead of support at 0.8055 19th July high, ahead of 0.8030 support. Holding these supports will keep the positive tone to test the 0.8240 zone 30th April high, however, a break of 0.8143 yesterdays high is needed to confirm bulls. And drop below 0.8030 would signal the go to bears for a drop to 0.07920

Res: 0.8130, 0.8143, 0.8180, 0.8240
Sup: 0.8070, 0.8055, 0.8030, 0.7990

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