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

Discussion in 'Major Currency Pairs' started by WindsorBrokers, Jul 24, 2013.

  1. WindsorBrokers

    WindsorBrokers Content Contributor

    Feb 18, 2010
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    The Euro ticked higher and posted fresh high at 1.3237, following shallow correction that was contained by daily Ichimoku cloud top at 1.3160. Daily close and sustained above 1.3200 handle, also bull-trendline off 1.3066, along with positive short-term studies, keep the upside targets in focus. Immediate barrier lies at 1.3258, Fibonacci 76.4% retracement of 1.3414/1.2754, break of which to open 1.3300, round figure resistance and 20/06 high. The notion is supported by daily indicators moving into positive territory and gaining bullish momentum. However, hesitation at the upper levels could be expected, as short-term technicals are approaching overbought zone, with Tuesday’s low and daily cloud top at 1.3160, reinforced by 20DMA, offering solid support, where dips should be ideally contained.

    Res: 1.3217; 1.3237; 1.3258; 1.3300
    Sup: 1.3190; 1.3160; 1.3142; 1.3120



    Cable extended gains from 1.5324, Tuesday’s higher low to post marginally higher high at 1.5390 and cracking daily Ichimoku cloud base / Fibonacci 61.8% of 1.5751/1.4812 downleg. Clearance of 1.5390/1.5400 barrier is required to extend the third wave of recovery from 1.4812 that commenced at 1.5026, towards its 100% Fibonacci expansion at 1.5434. Next barriers lay at 1.5476, 25/06 lower top and psychological 1.5500 resistance. Short-term studies maintain positive tone, however, RSI/MACD bearish divergence on hourly chart, signal corrective action. Immediate supports lay at 1.5324/00, with deeper dips not to exceed next support zone at 1.5265/50.

    Res: 1.5390; 1.5400; 1.5434; 1.5476
    Sup: 1.5324; 1.5300; 1.5265; 1.5250



    The pair came under pressure again, as Tuesday’s recovery rally from 99.13 low, failed to sustain gains above psychological 100 barrier. Rally stalled at 100.17, Fibonacci 61.8% of 100.85/99.13 downleg, with subsequent weakness forming Head and Shoulders pattern on 4-hour chart, with completion seen on break below the neckline at 99.17 and psychological 99.00 support. This could trigger fresh extension of the fifth wave off 100.17 that could, according to the wave principles, extend to 98.00, equivalent of the third wave. Studies on 1 and 4-hour chart are negatively aligned and keep the downside favored, while corrective rallies require break above 100.17 barrier, to shift near-term focus higher.

    Res: 100.00; 100.17; 100.47; 100.61
    Sup: 99.34; 99.22; 98.88; 98.56



    The pair remains supported as fresh attempts higher cracked 0.9300 barrier, Fibonacci 38.2% of 0.9790/0.8997 downleg and 3-week range top. Positive short-term studies remain supportive, however, corrective pullback on overbought hourly conditions would precede fresh rally, with dips to be ideally contained at/above 0.9220/00 supports. Completion of short-term consolidative phase requires break above 0.9300/43 barriers to signal short-term base at 0.9000 and open way for stronger correction. Next target lies at 0.9394 and marks 50% retracement of 0.9790/0.8997 descend. Tuesday’s low at 0.9221, reinforced by 20DMA, offers initial support.

    Res: 0.9284; 0.9316; 0.9343; 0.9392
    Sup: 0.9240; 0.9200; 0.9173, 0.9136


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