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

Discussion in 'Major Currency Pairs' started by WindsorBrokers, Aug 5, 2013.

  1. WindsorBrokers

    WindsorBrokers Content Contributor

    Feb 18, 2010
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    EURUSD managed to recover most of Thursday’s losses after finding support at 1.3190 and rising around 100 pips in the wake of below consensus US job growth figures on Friday. It is currently trading just below important resistance 1.3300 which if broken open the way for 1.3345 (31st July High). Current Trading above 20 and 55 moving averages on the H1 chart confirm upward momentum. European economic figures to watch out for today include Spanish Services PMI (07:15 am GMT) and Italian Services PMI (07:45 am GMT).
    Res: 1.3415, 1.3380 1.3345, 1.3300
    Sup: 1.3190, 1.3165, 1.3145, 1.3100


    Friday was a good day for the cable as it managed to close 176 pips higher than its open price gaining momentum from Friday’s weak US jobs data. It continued its rise today breaking 1.5307 (Fridays high) and 1.5360 on UK Services PMI which came at 60.2, higher than the already optimistic 57.4 expectation and above last month’s reading of 56.9
    Res: 1.5530, 1.5475, 1.5430, 1.5375,
    Sup: 1.5250, 1.5180, 1.5100, 1.5075,

    Weak US jobs data on Friday caused the Yen to drop to 98.65, which it managed to break below during today’s trading to make a new low at 98.27. And the question is will we see a complete wipe out of the 230 pip gain we saw last Thursday and early Friday if it drops back 97.60 support. Currently most indicators point down on H1 chart among them MACD below Zero line and Momentum 22 below 100. Only if we see trading go back above 99.50 will we reverse our bearish outlook
    Res: 100.86, 100.40, 100.00, 99.50
    Sup: 98.27, 97.60, 97.20, 97.00


    Trading at 3 year lows, AUDUSD has no difficulty achieving new trend lows. Expectations are high that Australia’s central bank will further cut the country’s benchmark interest rate. Analysts largely expect a rate cut of a quarter-percentage point at Tuesday’s meeting to a new record low of 2.5%. Currently the pair seems in a retracement phase as it rose 65 pips from the trend low of 0.8845.
    Res: 0.9075, 0.9045, 0.9000, 0.8950
    Sup: 0.8845, 0.8810, 0.8760, 0.8620


    We saw gold try to form a new downtrend by breaking key support 1300 and dropping to 1283 (new support), however it managed to recover that loss in the same day closing at 1312. If trading manages to stay above psychological level 1300 then outlook will remain bullish with targets at 1320 and 1331.
    However it’s important to note that the general uptrend is weak as it ended on 24th July when it reached a peak of 1348 and hasn’t been able to break above since
    Res: 1365, 1348, 1331, 1320
    Sup: 1300, 1283, 1270, 1260


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