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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 » Thu Apr 21, 2011 1:57 pm

EUR/USD

Extends rally from 1.4484 higher platform, through 1.4579/4.4600 barriers, to post fresh high at 1.4648, ahead of correction. Initial support at 1.4562, 20 day MA / minor consolidation floor, has so far contained dips, with fresh gains approaching 1.4600 level. Break here to open 1.4648, clearance of which will focus 1.4685/1.4700 next. Potential loss of 1.4562, however, would allow for deeper correction and open 1.4484/59, yesterday’s higher platform / 38.2% retracement of 1.4156/1.4648 upleg.

Res: 1.4600, 1.4619, 1.4648, 1.4685
Sup: 1.4568, 1.4562, 1.4545, 1.4484

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GBP/USD

Continues to trend higher after clearance of 1.6426 barrier, extending gains through 1.6456/1.6500, to test 1.6600 zone. Near-term bears are firmly in play, with 1.6700 seen on clear break of 1.66. Overbought hourly conditions, however, suggest correction, with 1.6460/20 expected to hold dips.

Res: 1.6600, 1.6650, 1.6700, 1.6720
Sup: 1.6538, 1.6490, 1.6460, 1.6426

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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, en-route to 81.54/30, with 81.70 seen so far. On the upside, 20 day MA, currently at 82.50, maintains bears, along with consolidative range highs at 82.60. Only break above 83.09 would improve the near-term outlook.

Res: 82.16, 82.50, 82.60, 82.87
Sup: 81.70, 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 below 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: 0.8839, 0.8890, 0.8930, 0.8947
Sup : 0.8778, 0.8750, 0.8700, 0.8650

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

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