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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 Jul 06, 2011 1:58 pm


Reversal from 1.4576 high emerges below daily Ichimoku cloud, to confirm negative near-term structure. Strong support at 1.4300 zone has been tested, ahead of Fibonacci 61.8% at 1.4282 and possible extension to 1.4236, 28 June low, seen on a break. Corrective bounce on extremely overextended hourly studies is expected to precede fresh leg lower, with initial resistance at 1.4400 zone, yesterday’s low / 20 day MA, ahead of 1.4465, today’s high, clearance of which would improve near-term outlook.

Res: 1.4369, 1.4396, 1.4465, 1.4495
Sup: 1.4301, 1.4282, 1.4236, 1.4200



Maintains near-term negative tone after yesterday’s recovery attempt from fresh lows under 1.6000 failed to sustain gains above 1.6100 handle. Fresh weakness is under way, extending losses to the l levels under 1.6000/1.5990 supports. Bounce on oversold hourly conditions emerged from today’s fresh low at 1.5984, with 1.6038/48, yesterday’s low / hourly 20 day MA, offering initial barrier. On the downside, loss of 1.5982/70 supports would risk fresh weakness into 1.5910/1.5880.

Res: 1.6038, 1.6048, 1.6090, 1.6126
Sup: 1.5984, 1.5970, 1.5910, 1.5880



Struggles to hold gains above 81.00 mark, as yesterday’s fresh strength stalled on approach to 81.26, 28 June high and key near-term barrier, with subsequent reversal dipping under 81.00, to dent the trendline connecting 80.25/80.52, at 80.81. Clear break here would expose 80.52 and then 80.30/25, 30 June low / main trendline support, break of which would weaken the short-term positive structure off 79.68. Regain of 81.00, 20 day MA, is required to signal return to strength and expose 81.18/26 for retest.

Res: 80.94, 81.09, 81.18, 81.26
Sup: 80.79, 80.62, 80.52, 80.30



Weakens the near-term positive tone after strong rally from 0.8300 stalled at 0.8524, just ahead of key barrier at 0.8550, with subsequent reversal losses to the levels under 0.8400 after losing yesterday’s low at 0.8427. Over 50% of ascend from 0.8273 to 0.8524 has so far been retraced, posting fresh low at 0.8382. Corrective attempt was capped at 0.8441, with further easing towards 0.8300 support been favored, as broader bearish outlook remains intact while under 0.8550.

Res: 0.8441, 0.8456, 0.8470, 0.8504
Sup: 0.8382, 0.8366, 0.8336, 0.8304

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