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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 » Wed Nov 28, 2012 10:18 am

EUR/USD

The Euro eases after unsuccessful attempt to clear 1.3000 that proved to be tough barrier, with completion of evening star – like pattern, signaling fresh bears. Hourly studies turned negative and see immediate risk on test of important 1.2900 support, also Fib 38.2% of 1.2735/1.3007 upleg, violation of which to confirm near-term bulls are on hold in favor of deeper reversal, with 1.2870/50, 50% retracement / 55 day EMA, seen on a break. Only bounce above 1.2950 would ease immediate bear pressure.

Res: 1.2844, 1.2885, 1.3007, 1.3020
Sup: 1.2911, 1.2900, 1.2874, 1.2858

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GBP/USD

Cable remains under pressure, as repeated failure at 1.6050 barrier and double Doji candlestick questions recent rally. Brief break below initial 1.6000 support and hourly indicators in the negative territory, suggest that further easing is likely, with important 1.5975 support, 50% of 1.5926/1.6055 / 22 Nov high, coming in near-term focus. Hourly Ichimoku cloud top and 20 day EMA at 1.6020, offer initial resistance and break here would shift near-term focus higher.

Res: 1.6020, 1.6032, 1.6050, 1.6092
Sup: 1.6000, 1.5992, 1.5977, 1.5956

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USD/JPY

Yesterday’s recovery rejection at 82.31 and fresh slide below here, keep near-term bears in play, as the pair hits series of fresh lows, with the latest posted at 81.71, where 55 day EMA contained dip for now. Hourly studies are negative and 4h indicators attempting below the midlines that sees more potential for bearish extension towards the next supports at 81.58, previous high and 81.39, Fib 38.2% of 79.06 / 82.83 ascend. Immediate resistance lies at 82.00, reinforced by descending 20 day EMA, while yesterday’s high at 82.31, along with tentative bear-trendline off 82.83, is expected to cap rallies for now.

Res: 82.00, 82.20, 82.31, 82.45
Sup: 81.71, 81.58, 81.39, 81.00

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USD/CHF

Brief recovery off yesterday’s fresh low at 0.9253, struggles to sustain gains above initial 0.9300 barrier, with daily Ichimoku cloud base at 0.9320, limiting recovery for now. However, improved hourly conditions, see potential for further corrective action, with Fibonacci resistances and 55 day EMA at 0.9330/50, seen as immediate targets on a break above 0.9320. With larger picture bears still in play, current move could be described as corrective, as long as pivotal 0.9400 barrier stays intact.

Res: 0.9323, 0.9335, 0.9350, 0.9378
Sup: 0.9300, 0.9268, 0.9253, 0.9237

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