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Short Term Technical Analysis for Majors (13:30 GMT)

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Short Term Technical Analysis for Majors (13:30 GMT)

Postby WindsorBrokers » Mon Apr 18, 2011 2:00 pm

EUR/USD

Reversal from 1.45 zone dipped to 1.4261, marking over 50% retracement of 1.4020/1.4518 upleg, where a temporary footstep was found. Strong rally has exceeded 1.43 barrier, testing 1.4350, ahead of 1.4370/86, 20 day MA / Friday’s intraday high, break of which is sought for fresh recovery above 1.4400/20, to open way for fresh attempt at 1.4500/18. Early upside rejection, however, risks lower top, ahead of fresh leg lower to target 1.4240/11, 07 Apr low / 61.8% retracement.

Res: 1.4349, 1.4370, 1.4386, 1.4420
Sup: 1.4261, 1.4240, 1.4211, 1.4150

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GBP/USD

Has extended losses off 1.6382, 14 Apr recovery high, to test levels just above key near-term support at 1.6226, ahead of strong bounce through 1.63. The first resistance at 1.6324 has been briefly exceeded, with 1.6360/82 in focus and break here required to re-open 1.6400/26 highs. Near-term studies are turning positive, with sustained gains above 1.63 needed to continue recovery. Today’s low at 1.6231 and 1.6226, 12 Apr low, remain key, with potential loss of the latter to mark lower top at 1.6382, ahead of fresh leg lower.

Res: 1.6327, 1.6369, 1.6382, 1.6400
Sup: 1.6231, 1.6226, 1.6200, 1.6175

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USD/JPY

Recovery attempt from 82.63, today’s low, was capped by 20 day MA at 82.94. Fresh weakness is under way, with break below 82.63/55 supports, looking for further descend towards 82.00, 38.2% retracement of 76.32/85.50 upleg and 81.54, 29 Mar low, next. On the upside, 83 zone offers strong resistance.

Res: 82.94, 83.25, 83.42, 83.77
Sup: 82.00, 81.83, 81.54, 81.00

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USD/CHF
Falls sharply after recovery attempt from 0.8894, fresh historical low, stalled on approach at 0.8990 barrier. 0.89 area was tested so far, with near-term studies entering negative zone and suggesting fresh attack at 0.8894, loss of which will open way for fresh all-time lows. Only break above 0.8990 would improve immediate tone.

Res: 0.8988, 0.8994, 0.9017, 0.9060
Sup : 0.8904, 0.8894, 0.8850, 0.8800

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