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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 » Tue Apr 26, 2011 1:59 pm

EUR/USD

Regains strength after corrective pullback from 1.4648 high found support at 1.4492, with subsequent rally breaking above 1.4614, trendline resistance, and slightly exceeding previous yearly high at 1.4648, to post fresh one at 1.4651. Holding above 1.4600 level and 1.4575, 20 day MA, keeps the immediate focus on the upside, and clearance of 1.461 to expose 1.4684/1.4700. On the downside, 1.4492/84 remains key near-term support.

Res: 1.4645, 1.4651, 1.4684, 1.4700
Sup: 1.4597, 1.4575, 1.4537, 1.4506

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GBP/USD

Maintains negative near-term tone off 1.6600, fresh yearly high, after recovery attempt from today’s low at 1.6437 left lower high at 1.6531, ahead of fresh weakness. Loss of 1.6437/33, previous low / 38.2% Fibonacci level, would signal further retracement of 1.6165/1.6600 upleg and open 1.6380/25, 50%/61.8% levels next. 20 day MA, currently at 1.6480, maintains near-term bears.

Res: 1.6500, 1.6531, 1.6547, 1.6600
Sup: 1.6437, 1.6433, 1.6400, 1.6380

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USD/JPY

Corrective attempt from 81.61, 22 Apr fresh low, has ended, after gains stalled at 82.41 and subsequent reversal fell below 82.00 zone, 38.2% retracement of 76.32/85.51 ascend, to briefly break below 81.61, previous low. This may signal fresh leg of the broader weakness, with break below 81.61/56 supports, to open way for test of levels below 81.00, with strong support standing at 80.70/60 zone. 20 day MA, currently at 81.90 offers immediate resistance, while 82.40 caps for now, and only break here to improve near-term outlook and open 83.00 zone for test.

Res: 81.96, 82.08, 82.23, 82.40
Sup: 81.56, 81.00, 80.69, 80.24

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USD/CHF
Remains in a downtrend after corrective attempt from all time low at 0.8778 stalled at 0.8873, with fresh weakness exceeding the previous and posting fresh record lows, with last seen at 0.8744. Near-term studies remain negative, with 4-hour 20 day MA, currently at 0.8827, maintain bears and and favoring further decline below 0.8744 towards 0.8700. 0.8850/75 zone caps for now, and potential break above the latter would delay immediate bears in favor of stronger correction towards 0.9000 resistance zone.

Res: 0.8850, 0.8875, 0.8890, 0.8930
Sup : 0.8744, 0.8700, 0.8650, 0.8600

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