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Windsor Brokers - Short Term Technical Analysis for Majors (07:00 GMT)

Discussion in 'Major Currency Pairs' started by WindsorBrokers, Feb 19, 2013.

  1. WindsorBrokers

    WindsorBrokers Content Contributor

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    EUR/USD

    The near-term price action remains in a sideways mode, moving in a bearish pennant-shape consolidation. Yesterday’s spike higher failed to reach range top and initial barrier at 1.3400, keeping the upside limited by descending 20 day EMA, with negative structure on 4h chart, holding the downside at risk. However, near-term indecision is evident, as double Doji appears on a daily chart and while 1.3300/1.3275 base / trendline support hold the downside, further consolidation is not ruled out. Resumption of underlying bear-trend requires slide below the trendline and higher base at 1.3265, for extension towards main bull trendline, drawn off 1.2042 at 1.3220 and possible test of pivotal 1.3185/70, 50% of 1.2660/1.3710 / Sep 2012 peaks. On the upside, break above 1.3400, would ease bear-pressure, however, to revive bulls and shift focus higher, regain of 1.3500 barrier and 50% of 1.3710/1.3305 is required.


    Res: 1.3355, 1.3365, 1.3378, 1.3392
    Sup: 1.3335, 1.3320, 1.3305, 1.3275


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    GBP/USD

    Cable continues to trend lower, with fresh low at 1.5437 being posted yesterday, as the price failed to fill weekly-opening gap. Negative near-term studies keep the downside favored, with initial targets lying at psychological 1.5400 and 1.5390, July 2012, as broader weakness off 1.6380 peak, keeps focus at key supports and larger range floor at 1.5267/33. Overextended 4h studies do not rule out consolidative / corrective action, with initial barrier at 1.5550, seen capping for now. Only lift above 1.5600/40, Fib 38.2% / 50% of 1.5843/1.5437 downleg, would spark stronger recovery.

    Res: 1.5500, 1.5550, 1.5571, 1.5600
    Sup: 1.5455, 1.5437, 1.5392, 1.5320

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    USD/JPY

    The pair remains in a near-term 92.00/94.40 range, as yesterday’s rally, despite regaining 94.00 barrier, stalled on approach to range tops at 94.40/45. Loss of 94.00 handle, weakens the hourly structure that sees room for further retracement, as 38.2% of 92.21/94.21 upleg, has been reversed so far. Next targets lie at 93.21 and 92.97, 50%v / 61.8% retracement levels, while 94.00 offers initial resistance. However, holding within the range will keep the price directionless.

    Res: 93.75, 94.00, 94.21, 94.40
    Sup 93.21, 93.00, 92.68, 92.21


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    USD/CHF

    No big changes seen in the near-term price action that stays in a consolidative 0.9200/50 range, as a part of steady recovery from 0.9020 base. Overall picture remains bullish in the near-term, with regain of the next barrier at 0.9300, also 76.4% of 0.9387/0.9020 and daily Ichimoku cloud top, required to trigger stronger recovery towards key barriers and breakpoint at 0.9400 zone. Initial support at 0.9200 guards 0.9150/40, previous range floor / mid-point of recent recovery and only break here will bring bears back in play.

    Res: 0.9241, 0.9256, 0.9300, 0.9323
    Sup: 0.9221, 0.9200, 0.9150, 0.9140

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