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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 » Tue May 03, 2011 7:35 am

EUR/USD

Remains in consolidative range after yesterday’s extension above 1.4880 posted fresh yearly high at 1.4900. Downside remains supported at 1.4760 zone, with break above hourly 20 day MA at 0.4832 to turn near-term focus higher. Break above 1.4900 is needed to resume bulls towards 1.5000, while loss of 1.4760 would delay and allow for deeper correction towards 1.4700 zone initially.

Res: 1.4843, 1.4882, 1.4900, 1.4950
Sup: 1.4810, 1.4770, 1.4760, 1.4745

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GBP/USD

Breaks below the recent consolidative range support at 1.6620, to extend losses to 1.6585 and test short-term trendline support, connecting 1.6165/1.6434 lows. This may signal further weakness, as hourly studies are pointing lower, to target 1.6554, Fibonacci level, ahead of 1.6500, 27 Apr higher low. Hourly 20 day MA, currently at 1.6655, maintains near-term negative tone, with potential break above and regain of 1.6700 area, required to signal return to strength.

Res: 1.6646, 1.6660, 1.6700, 1.6721
Sup: 1.6607, 1.6600, 1.6585, 1.6554

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USD/JPY

Maintains bear tone after recovery attempt from 81.00, yesterday’s low, stalled at 81.68. Fresh leg lower extended below 81.00 handle, to post fresh one-month low at 80.89, just ahead of 80.69, post intervention higher platform. Immediate resistance lies at 81.30 zone, with corrective attempts seen capped under 81.68 and fresh weakness to focus 80.89/69, ahead of key short-term supports at 80.00 and 79.80.

Res: 81.30, 81.68, 81.85, 82.26
Sup: 80.89, 80.69, 80.24, 80.00

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USD/CHF

Short-term bears remain in play, after posting fresh all-time low at 0.8623 and recovery attempts been capped by 0.8690 zone. Loss of 0.8623 will open way for further decline towards 0.8600, then 0.8500 zone. Today’s high at 0.8668 offers immediate resistance, while regain of 0.87 zone is needed to improve near-term outlook.

Res: 0.8668, 0.8694, 0.8710, 0.8758
Sup : 0.8623, 0.8600, 0.8550, 0.8500

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