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

Discussion in 'Major Currency Pairs' started by WindsorBrokers, Feb 21, 2013.

  1. WindsorBrokers

    WindsorBrokers Content Contributor

    Feb 18, 2010
    Likes Received:

    The Euro lost ground after leaving an hourly double top at 1.3433, unable to sustain gains above recent consolidative range top at 1.3400. Losses accelerated on a break below 1.3400, losing also near-term base at 1.3300 and bull trendline off 1.2660 at 1.3275, to dip to 1.3235 so far, just ahead of main bull trendline, drawn off 1.2042 at 1.3230. Consolidation above the latter is seen likely, as hourly studies are oversold, however, 4h chart studies show room for further extension lower. The notion is supported by daily indicators sliding into negative territory, with break below trendline support, seen as a trigger for fresh weakness towards strong support area at 1.3185, 50% of 1.2660/1.3710 / daily Ichimoku cloud top and 1.3170, Sep 2012 highs. Previous base at 1.3300, now acts as initial resistance and along with 1.3330, 50% of yesterday’s slide and 55 day EMA, seen capping for now.

    Res: 1.3270, 1.3300, 1.3330, 1.3357
    Sup: 1.3235, 1.3200, 1.3185, 1.3170



    Cable slumped to 1.5130 after sharp sell-off was triggered on a break below 1.5400. More significant is loss of multi-year range floor at 1.5233 and monthly Ichimoku cloud base that confirm bearish breakout and commences fresh bear-phase. Immediate focus turns towards 1.5100, Fib 261.8% expansion of the extended wave from 1.6380 and psychological 1.5000 support. Corrective action on extremely stretched near-term studies, faces initial barriers at 1.5200/50 zone, with key near-term levels seen at 1.5290/1.5325, 50% / 61.8% of yesterday’s fall and only break above the latter would spark more significant recovery.

    Res: 1.5200, 1.5250, 1.5290, 1.5325
    Sup: 1.5130, 1.5100, 1.5050, 1.5000



    The pair’s near-term price action shows no significant changes, compared to the previous few sessions, moving within 93.00/94.00 range. Near-term studies hold neutral stance, while overall bulls are showing initial signals of fatigue, as daily indicators started to move lower and ADX shows bulls sidelined. However, break below 92.00 base and breakpoint is to confirm bearish reversal and conversely, lift above 94.45 to open next upside target at 95.00, May 2010 high.

    Res: 93.80, 94.00, 94.21, 94.40
    Sup: 93.34, 93.00, 92.68, 92.21



    Near-term bulls regained ground after yesterday’s brief break below 0.9200 higher base, found ground above 0.9150 breakpoint. Fresh extension through 0.9256, previous range top, so far tested our next target at 0.9300, Fib 76.4% of 0.9387/0.9020 and daily Ichimoku cloud top, where overbought hourly studies limited rally. However, fresh attempt above midlines of 4h chart indicators, suggests that extension towards key near-term barriers at 0.9381/87 is likely, with clearance of 0.9300 barrier required to confirm. Corrective easing should ideally find support at / above 0.9250 area, previous tops and Fib 38.2% of yesterday’s rally, to keep near-term bulls intact, with further easing seen not very harmful for near-term bears, as long as 0.9200 and yesterday’s low at 0.9182 hold.

    Res: 0.9300, 0.9323, 0.9345, 0.9381
    Sup: 0.9271, 0.9254, 0.9227, 0.9210


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