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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 » Wed Apr 27, 2011 2:07 pm

EUR/USD

Surged above 1.4651 previous high, to briefly break above 1.4700 barrier and post fresh annual high at 1.4712. Corrective/consolidative phase is so far holding above 1.4650 zone. However, deeper reversal towards 1.4630/00 Fibonacci levels / 20 day MA on 4-hour chart, where a higher low is anticipated for fresh push higher. Above 1.4712 to open 1.4750/1.4800 next.

Res: 1.4695, 1.4712, 1.4750, 1.4780
Sup: 1.4650, 1.4630, 1.4600, 1.4585

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GBP/USD

Sharp rally emerged from correction lows at 1.6430/34, clearing 1.6530/50 resistances and opening way for retest of 1.6600 barrier. Hourly studies have turned positive, with previous highs at 1.6550/30 now turned to support, ahead of 1.6510, 20 day MA, that maintains current strength. Clearance of 1.6600 is needed to target 1.6700/20. Only loss of key near-term support at 1.6430 would weaken the structure.

Res: 1.6580, 1.6600, 1.6650, 1.6700
Sup: 1.6550, 1.6530, 1.6520, 1.6510

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USD/JPY

Has dipped to a fresh one-month low at 81.26, after 82.40 capped the upside, with subsequent rebound breaking above 82.00 level to approach 82.40 barrier. Break here and 82.50, daily 55 day MA is required to continue recovery and open 83.00 zone for test., while rejection under 82.50/40 risks lower top and fresh weakness towards 82.00/81.26.

Res: 82.34, 82.40, 82.87, 83.09
Sup: 82.10, 82.00, 81.66, 81.51

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USD/CHF

Recovery attempt from 0.8669, today’s fresh all-time low is approaching the first barrier at 0.8807, yesterday’s intraday high and 20 day MA on 4-hour chart, break of which is sought for fresh gains towards 0.8850/73, where a lower top is anticipated, before continuing downtrend, with loss of 0.8669 to open 0.8600 next.

Res: 0.8794, 0.8807, 0.8850, 0.8873
Sup : 0.8735, 0.8712, 0.8700, 0.8669

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