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Short Term Technical Analysis for Majors (07:00 GMT)

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Short Term Technical Analysis for Majors (07:00 GMT)

Postby WindsorBrokers » Thu Apr 21, 2011 7:35 am

EUR/USD

Yesterday’s break through key barriers at 1.4500/18 initially reached 1.4545, followed by correction to 1.4484, where the support was found. Fresh strength surged through 1.4579, 2010 yearly high and 1.4600, psychological barrier, to hit 1.4619 high so far. Near-term studies remain positive and looking for further upside extension towards 1.4650/85 and 1.47 level. Overbought conditions, however, warn of pullback. Initial supports lie at 1.4562 and 1.4545, with 20 day MA, currently at 1.4535, underpinning.

Res: 1.4619, 1.4650, 1.4685, 1.4700
Sup: 1.4562, 1.4545, 1.4535, 1.4484

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GBP/USD

Surges through 1.6400/26, previous highs and key resistances, after initial attempt stalled at 1.6425 and subsequent reversal found footstep at 1.6385, where the fresh strength emerged. Clearance of 1.6456, 2010 high is now approaching 1.6500 level, with clear break here to open way towards 1.6700 zone in a coming days. Immediate support lies at 1.6426, today’s intraday low / previous high, ahead of 20 day MA, currently at 1.6412.

Res: 1.6396, 1.6400, 1.6426, 1.6456
Sup: 1.6370, 1.6363, 4.6340, 1.6307

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USD/JPY

Extends broader downtrend after recovery attempt from 82.17 previous low, stalled at 83.09. Fresh weakness lost 82.24/17 support, extending losses below 82.00 level, with 81.54/30 levels in sight. On the upside, 20 day MA, currently at 82.55, maintains bears, along with consolidative range highs at 82.60. Only break above 83.09 would improve the near-term outlook.

Res: 82.31, 82.60, 82.87, 83.09
Sup: 81.86, 81.54, 81.30, 80.69


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USD/CHF

Extended losses after an upside rejection at 0.9007, to break below 0.8900 handle and previous low at 0.8894, and post series of fresh historical lows. Near-term bears are now firmly in play for fresh push lower towards 0.8800/0.8750, with hourly studies in oversold territory and suggesting corrective bounce before fresh leg lower. Immediate resistance lies at 0.8890.

Res: 0.8890, 0.8930, 0.8947, 0.9007
Sup : 0.8800, 0.8750, 0.8700, 0.8650

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