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

Discussion in 'Major Currency Pairs' started by WindsorBrokers, May 9, 2013.

  1. WindsorBrokers

    WindsorBrokers Content Contributor

    Feb 18, 2010
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    The Euro holds positive near-term tone after yesterday’s rally above hourly triangle resistance that peaked at 1.3192. Corrective easing has so far been contained by 20 day EMA at 1.3150 zone, near Fib 38.2% of 1.3070/1.3192 upleg. Indicators on 1 and 4h charts are in the positive territory that keep the upper boundary of near-term range at 1.3241 in focus, with initial barrier standing at 1.3200. On the downside, below 1.3150, next solid support lays at 1.3030, 50% retracement / previous high of 07 May and reinforced by 55 day EMA. Potential break here to weaken near-term structure

    Res: 1.3192, 1.3200, 1.3217, 1.3241
    Sup: 1.3150, 1.3130, 1.3100, 1.3085



    Cable remains steady, following yesterday’s test of levels near 1.5600 tops and subsequent pullback that found support at 1.5530, Fib 38.2% of 1.5445/1.5590 rally. Hourly indicators are reversing higher and holding above the midlines, with bullish 20/55 EMA’s crossover at 1.5520, also 50% retracement, underpinning the action. On the other side, 4h indicators are struggling at their midlines that would keep the downside risk in play, as long as 1.5600 barrier stays intact. Break here to resume short-term rally from 1.4830 and open next target at 1.5630.

    Res: 1.5590, 1.5605, 1.5630, 1.5650
    Sup: 1.5530, 1.5518, 1.5500, 1.5470



    The pair remains in descending mode, following upside rejection at 99.44 on Monday and series of lower tops, confirming near-term downtrend that reached the lowest so far at 98.57, low of yesterday. While 99.00 barrier caps, the downside risk will persist, as hourly studies are negative and 4h indicators running out of steam. Break below 98.50, Fib 38.2% of 97.00/99.44 upleg and 55 day EMA, is required to confirm reversal and signal lower top at 99.44. Conversely, lift above 99.00 would avert immediate downside risk, however clearance of 99.34/44 highs is required to shift focus towards initial target and psychological barrier at 100.00.

    Res: 99.00, 99.14, 99.34, 99.44
    Sup: 98.57, 98.50, 98.20, 98.00



    The pair got boosted by fundamentals and rallied from the near-term base at 1.0150 zone, with break above strong 1.0200/20 barriers reducing bear pressure, as gains reached 1.0250, Fib 61.8% of 1.0321/1.0154 downleg. With hourly studies turning bullish, situation on 4h chart is still fragile, as indicators hold in the negative territory. Break above trendline resistance at 1.0290 and psychological 1.0300 barrier would provide relief and avert scenario of slide below 1.0150 and test of multi-month range floor at 1.0114, 04 Mar low.

    Res: 1.0257, 1.0290, 1.0300, 1.0321
    Sup: 1.0220, 1.0200, 1.0180, 1.0154


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