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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 May 04, 2011 2:00 pm

EUR/USD

Breaks above recent 1.4754/1.4900 channel, to post fresh one-year high at 1.4930 so far. Near-term bulls are firmly in play, with focus at key psychological barrier at 1.5000. Immediate support lies at 1.4850, while dynamic support of 20 day MA, currently at 1.4830, underpins the advance.

Res: 1.4930, 1.4950, 1.5000, 1.5000
Sup: 1.4900, 1.4877, 1.4850, 1.4800

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GBP/USD

Remains in a near-term downtrend from 1.6745, fresh yearly high, extending losses to 1.6450, 50% Fibonacci retracement of 1.6165/1.6745 upleg and upper boundary of broken multi-month bull channel, now reversed to support. Temporary support was found at 1.6454, with break above 1.6550, yesterday’s intraday high, increasing hopes for fresh gains towards 1.6600, 21 Apr high, 20 day MA, break of which is needed to signal higher low at 1.6454 and turn focus towards 1.6700/45.

Res: 1.6585, 1.6600, 1.6646, 1.6661
Sup: 1.6454, 1.6430, 1.6385, 1.6340

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USD/JPY

Trades in a near-term corrective/consolidative mode after testing strong support at 80.69, 23 Mar higher platform. Upside regain of minimum 81.50/68 is needed to signal recovery under way, with lift above 82.00 to focus key near-term resistance at 82.80, break of which would mark a higher low of the broader ascend from 76.32, record low. On the downside, loss of 80.69 opens key support zone at 80.00/79.80 for test, break of which would suggest an end of post intervention corrective phase and turn the focus lower.

Res: 81.18, 81.25, 81.50, 81.68
Sup: 80.80, 80.69, 80.24, 80.00

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USD/CHF

Mild correction from yesterday’s fresh low at 0.8594 was capped at 0.8650 zone, ahead of fresh weakness that sent pair below 0.8600, to post fresh record low, and look for further downside extension towards 0.8500. Daily studies, deeply in oversold territory, however, suggest correction, with regain of 0.8700 zone needed to turn the broader picture positive.


Res: 0.8625, 0.8646, 0.8670, 0.8694
Sup : 0.8579, 0.8550, 0.8500, 0.8420

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