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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 » Thu May 05, 2011 7:40 am

EUR/USD

Remains bid above 1.4800 after yesterday’s stretch above 1.4900 barrier posted fresh high at 1.4938. Subsequent reversal was contained at 1.4804, along with 1.4754, range bottom, supporting advance for fresh attempt higher, and through 1.4938 to focus psychological resistance at 1.5000. Key near-term support lies at 1.4647/30 zone, 21 Apr high/27 Apr low, also near 38.2% retracement of 1.4156/1.4938 upleg.

Res: 1.4888, 1.4900, 1.4938, 1.4950
Sup: 1.4804, 1.4774, 1.4754, 1.4712

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GBP/USD

Trades in a corrective mode after pullback from 1.6745, annual high, found support at 1.6450, 50% Fibonacci retracement of 1.6165/1.6745 ascend, with initial recovery attempt being rejected at 1.6573. Fresh push higher needs to clear the latter to signal further recovery and expose 1.6620/46 barriers, ahead of possible attack at 1.6700/45 zone. Wider picture remains positive, with 1.6450 low and daily 20 day MA, along with 1.6430, expected to hold. Otherwise, loss of the latter would allow for deeper reversal and expose 1.6385 next.

Res: 1.6573, 1.6585, 1.6600, 1.6646
Sup: 1.6481, 1.6450, 1.6430, 1.6385

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USD/JPY

Continues to trend lower after losing 50% retracement level at 80.91 and previous higher platform at 80.69, en-route to key support zone at 80.00/79.80, psychological support / 61.8% retracement of 76.32/85.50 upleg. Break here would signal an end of post intervention corrective attempt and resumption of the broader downtrend, with 79.00 seen as next target. On the upside, 4-hour 20 day MA at 81.00, maintains bears.

Res: 80.69, 81.00, 81.25, 81.68
Sup: 80.24, 80.00, 79.80, 79.06

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USD/CHF

Continues to travel south after losing 0.8600, 5-month support line, to test 0.8550 so far. Overall trend remains firmly bearish but deeply oversold daily conditions suggest correction that may delay immediate bears, with 0.8700 zone, previous high / trendline resistance, expected to cap.


Res: 0.8625, 0.8646, 0.8670, 0.8694
Sup : 0.8550, 0.8500, 0.8420, 0.8400

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