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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 » Tue Mar 26, 2013 9:39 am

EUR/USD

The Euro fell sharply yesterday after unsuccessful attempt above 1.3000, with 1.3047 double-top left, before the pair spiraled lower. Loss of previous low and near-term range floor, as well as close below 200 day MA, would be a signal of further weakness, as a part of broader downtrend from 1.3710, annual high. Bounce from fresh low at 1.2826, posted yesterday, is so far seen corrective and triggered by oversold hourly conditions, while 4h indicators maintain bearish tone and 20/55 day EMA’s bearish crossover, keeping the downside pressured. Rallies could extend to 1.2940/50 zone, 50% retracement of yesterday’s fall, before bears re-assert. Only regain of 1.2980 would bring some more positive tone and delay bears. As the downside remains vulnerable, possible penetration of 1.2800 psychological support and low of Sep 2012, would open way towards the next significant levels at 1.2679/60, Fib 61.8% of 1.2042/1.3710 rally and Nov 2012 low.

Res: 1.2910, 1.2937, 1.2963, 1.2977
Sup: 1.2826, 1.2800, 1.2780, 1.2750


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GBP/USD

Cable maintains positive tone, correcting the recent rally that posted fresh high at 1.5259 yesterday. Cracking the previous very strong support and med-term range bottom, now reversed to resistance, suggests that further recovery is likely. As the pullback from 1.5259 was contained by bull-trendline off 1.4830 and 50% retracement of 1.5026/1.5259 upleg, 4h studies see room for fresh gains and attack at initial 1.5259/67 targets that would open psychological 1.5300 barrier and 1.5320, 21 Feb high. However, near-term downside risk is still present, as hourly studies are weak, with violation of the trendline at 1.5162 and yesterday’s low at 1.5142, to trigger fresh weakness and expose immediate targets at 1.5115/00, Fib 61.8% / round figure support.

Res: 1.5206, 1.5220, 1.5259, 1.5267
Sup: 1.5162, 1.5142, 1.5100, 1.5070

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USD/JPY

The pair dipped further after completing bearish pennant and fresh weakness extended to 93.52, over 50% of 90.85/96.70 rally. Firm bearish tone, seen on 4h chart studies, keeps the downside favored for now, with 20/55 day EMA’s bearish crossover, pressuring. Corrective bounce off 93.52, faces trendline resistance / 55 day EMA at 94.60, as initial resistance, with any further extension higher, seen capped under 95.00 barrier. Continuation of bear-trend through 93.52, to open 93.00/92.90, Fib 61.8% / 05 Mar low.

Res: 94.60, 95.00, 95.12, 95.50
Sup: 93.85, 93.52, 93.00, 92.90


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AUD/USD

The pair remains steady and continues to post fresh highs, following break above 1.0400 congestion. Fresh high at 1.0478, posted yesterday, comes under pressure, following shallow consolidation, with near-term focus at psychological 1.0500 resistance and 1.0526, 03 Jan high. Near-term studies are well positioned, with hourly RSI/MACD bearish divergence, so far being ignored by the price action.

Res: 1.0500, 0.0526, 1.0550, 1.0577
Sup: 1.0457, 1.0441, 1.0420, 1.0400

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