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

Discussion in 'Major Currency Pairs' started by WindsorBrokers, Apr 18, 2013.

  1. WindsorBrokers

    WindsorBrokers Content Contributor

    Feb 18, 2010
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    The single currency erased recent gains on yesterday’s fall, as risk-off mode returns to play. Failure to clear important 1.3200 barrier, left a double-top that triggered sharp fall to psychological 1.3000 support. Denting the near-term base above 1.3000, turns the sentiment negative, as 4h indicators are breaking below their midlines and price holds below 20 and 55 day EMA’s that keeps the downside at increased risk. Break of initial 1.3000 support to open for further easing, with next level to watch at 1.2972/18, 50% / 61.8% of 1.2744/1.3200 rally. Recovery attempts are seen limited for now, with 1.3100 barrier, 50% of yesterday’s fall and near 20/55 EMA’s bearish crossover, seen capping.

    Res: 1.3075, 1.3100, 1.3122, 1.3150
    Sup: 1.3020, 1.3000, 1.2972, 1.2918



    Cable remains in a negative mode, following upside rejection at 1.5400, with 4h H&S pattern being completed on a break below the neckline at 1.5270. Fresh extension below the latter that also marks previous tops, keeps the downside at risk, with psychological 1.5200 support being in near-term focus, as the price retraced 50% of 1.5032/1.5410 upleg. Hourly indicators are pointing higher, correcting the oversold conditions, butt holding in the red territory, while 4h studies maintain negative tone and the price holds below moving averages. Downside targets lie at 1.5200 and 1.5175, with corrective rallies expected to be limited under 1.5300/40 barriers.

    Res: 1.5300, 1.5316, 1.5340, 1.5378
    Sup: 1.5220, 1.5200, 1.5175, 1.5120



    The pair stabilizes around 98.00 level, following recovery rally from fresh low at 95.80, posted on 16 Apr. Near-term price action is entrenched within 97.20/98.40 consolidation range, with hourly structure holding neutral tone. Slight improvement on 4h studies still lacks momentum for fresh extension higher that requires break above range top at 98.42, to expose next barrier at 99.00 and shift near-term focus higher. Conversely, loss of range bottom at 97.20, would risk fresh weakness.

    Res: 98.42, 98.70, 99.00, 99.52
    Sup: 97.62, 97.20, 97.00, 96.57



    The pair remains under pressure, as near-term corrective phase, capped at 1.0400, has been completed and the price posted fresh low at 1.0267. With near-term studies maintaining negative tone and risk-aversion being in play, further weakness is seen as likely scenario, with Fib 76.4% at 1.0224 and psychological 1.0200 levels seen as next target. However, overextended 4h conditions, do not rule out fresh corrective action that is seen for now capped at 1.0400.

    Res: 1.0332, 1.0375, 1.0400, 1.0435
    Sup: 1.0280, 1.0267, 1.0224, 1.0200


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