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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 May 03, 2011 2:00 pm

EUR/USD

Continues to trade sideways within 1.4760/1.4900 range, with the latest bounce higher crossing above 20 day MA at 1.4812 and looking for regain of 1.4843, today’s high, to re-focus 1.4900. Break here is sought for extension of short-term upleg from 1.4156 towards 1.5000 next. Failure under 1.4843, however, would soften the near-term tone for downside attempt at 1.4760 support, loss of which would open way for deeper reversal and expose 1.4630/20, then 1.4500 zone.

Res: 1.4843, 1.4882, 1.4900, 1.4950
Sup: 1.4800, 1.4770, 1.4760, 1.4710

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GBP/USD

Extends reversal from 1.6745 high after losing 1.6620 consolidation floor and 1.6600 trendline support, to dip sharply under 1.6500. 1.6466 low was seen so far, just above strong support at 1.6430 higher platform. Corrective bounce on oversold hourly conditions, faces immediate resistance at 1.6585, previous low / hourly 20 day MA, where a lower high is expected, to maintain immediate bears, with break below 1.6430 handle, to focus 1.6385, 61.8% retracement of 1.6165/1.6745 upleg. Only break above today’s highs at 1.6646/60 would improve near-term tone.

Res: 1.6585, 1.6600, 1.6646, 1.6660
Sup: 1.6466, 1.6430, 1.6385, 1.6340

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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 test 80.69, post intervention higher platform and. However, the recent pullback off 85.50 is still seen as correction of the broader 76.32/85.50 ascend, while 80.00/79.80 zone stays intact. Immediate resistance lies at 81.00, with corrective attempts seen capped at 81.68 for now.

Res: 81.00, 81.25, 81.68, 81.85
Sup: 80.69, 80.24, 80.00, 79.80

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USD/CHF

Trades in a near-term consolidative mode, just above fresh historical low, as today’s spike low briefly broke under 0.8623 to post new low at 0.8617. Immediate bounce higher was capped at 0.8670 zone, with break above the latter and 0.8700 needed to ease bear pressure. Below 0.8617 to focus 0.8600/0.8500 next.

Res: 0.8670, 0.8694, 0.8710, 0.8758
Sup : 0.8617, 0.8623, 0.8600, 0.8550

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