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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 Apr 24, 2013 8:01 am

EUR/USD

The remains weak, following yesterday’s fall that cracked 1.3000 support and dipped to 1.2972, where the pair found temporary footstep at 50% retracement of 1.2744/1.3200 rally. With quiet overnight trading, concentrated around 1.3000 handle, near-term focus is shifted towards the downside, as 1 and 4h studies hold negative tone and daily diamond pattern has been completed. Penetration through 1.2972 would look for another significant support zone at 1.2930/20, 200 day MA / Fib 61.8% retracement. The upside is seen capped at 1.3080/1.3100, while clearance of 1.3130 barrier would turn focus towards the upside.

Res: 1.3027, 1.3050, 1.3083, 1.3100
Sup: 1.2972, 1.2930, 1.2918, 1.2900



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GBP/USD

Cable continues to trade within 1.5200/1.5300 range, as yesterday’s fresh attempt through the near-term base failed. Near-term studies remain negatively aligned and keep 1.5200 in focus, while 1.5286/1.5300 highs are expected to limit the upside attempts. From the other side, larger picture bulls remain in play, as pullback from 1.5410 high, found support at 50% of 1.4830/1.5410 ascend and bull trendline off 1.4830 at 1.5200 zone. Violation of the latter would weaken the daily structure and sideline bulls from 1.4830, in favor of further reversal.

Res: 1.5286, 1.5300, 1.5328, 1.5367
Sup: 1.5225, 1.5200, 1.5175, 1.5121


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USD/JPY

The pair recovered most of 22/23 Apr reversal, when repeated failure on approach to 100.00 barrier triggered fresh weakness. With dips finding support at 98.50 and fresh strength through 99.00, approaching 100.00 barrier, near-term bulls are fully in play. Yesterday’s price action was briefly interrupted by news that triggered increased volatility, but price quickly returned to its initial direction. Studies on 1 and 4h charts maintain positive tone and keep the upside favored for another attempt at psychological 100.00 barrier, while 99.00 offers initial support and 98.50, reinforced by ascending 55 day EMA, expected to protect the downside.

Res: 99.74, 99.87, 99.93, 100.00
Sup: 99.22, 99.00, 98.50, 98.00


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AUD/USD

The pair remains under pressure, as recovery attempt off yesterday’s fresh low at 1.0220, stayed limited under initial 1.0300 barrier. Downside acceleration, seen overnight and triggered by weaker than expected Australian data, maintain negative sentiment for renewed attempt at 1.0220 and psychological 1.0200 support, ahead of med-term range support at 1.0114, low of 04 Mar 2013.


Res: 1.0274, 1.0300, 1.0336, 1.0357
Sup: 1.0230, 1.0220, 1.0200, 1.0114


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