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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 28, 2011 2:18 pm

EUR/USD

Trades in a near-term corrective mode after posting fresh yearly high at 1.4880, testing currently 1.4785/65 support, 38.2% Fibonacci retracement of 1.4630/1.4880 / today’s low, where a higher low is anticipated for fresh attempt higher, as near-term studies remain positive, with bulls supported by 20 day MA, currently at 1.4680, and 1.4630 higher low. Break above 1.4880 to open 1.4900/1.5000 next.

Res: 1.4815, 1.4864, 1.4880, 1.4900
Sup: 1.4765, 1.4712, 1.4680, 1.4630

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GBP/USD

Extended rally from yesterday’s higher platform at 1.6430, breaking through 1.6600/1.6700 barriers, to reach Sep 2009 high and fresh annual high at 1.6745. Further gains are looking for break through 1.6800 for possible test of 1.6877, Nov 2009 high. Correction on overbought hourly studies is seen preceding fresh move higher, with 1.6620/00 zone offering strong support.

Res: 1.6676, 1.6727, 1.6745, 1.6800
Sup: 1.6633, 1.6620, 1.6600, 1.6580

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USD/JPY

Strong bounce from yesterday’s fresh one-month low cleared initial resistance at 82.40, but stalled at 82.80, just ahead of key near-term barrier at 83.09, ahead of sharp reversal under 82.00. Bearish near-term outlook favors downside test of 81.26, with break lower to expose 80.69, 23 Mar low and possibly 80.00, psychological support. Hourly 20 day MA, currently at 82.09 and today’s high at 82.26, caps for now, while only break above 82.80 improves the near-term picture.

Res: 81.81, 82.09, 82.26, 82.40
Sup: 81.26, 81.00, 80.69, 80.00

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USD/CHF

Recovery attempt from 0.8669, fresh all-time low, has run out of steam at 0.8832, ahead of key barriers at 0.8850/75, with subsequent fall under 0.8700, testing 0.8688, just ahead of 0.8669 low. Fresh attempt higher has so far tested initial resistance at 0.8755, with clear break here needed to signal near-term higher low at 0.8688 and open way 0.8832 barrier. Failure to clear 0.8755, however, would re-focus 0.8688/69 and resume broader downtrend.

Res: 0.8758, 0.8790, 0.8817, 0.8832
Sup : 0.8720, 0.8688, 0.8669, 0.8650

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