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

Discussion in 'Major Currency Pairs' started by WindsorBrokers, Aug 6, 2013.

  1. WindsorBrokers

    WindsorBrokers Content Contributor

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    EUR/USD

    The pair currently lacks a trend on the H1 chart with range trading between 1.3300 and 1.3230, this range was further narrowed during the Asian session. This lack of trend makes it difficult to get any good signals from our technical indicators. The outlook remains as before, if we see a break above 1.3300 then this will open the way for 31st July high 1.3345, while a drop below 1.3230 makes leaves the next support at 1.3190 (low of 1st & 2nd of July).

    USD Trade balance at 12:30pm GMT is the figure to monitor today with the deficit expected to decrease from 45B to 43.1B

    Res: 1.3415, 1.3380 1.3345, 1.3300
    Sup: 1.3230, 1.3190, 1.3165, 1.3145

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    GBP/USD

    Better than expected UK Services PMI caused the sterling to jump 40 pips breaking resistances and finally setting the daily high at 1.5375, which we will take as today’s resistance. Since then it retraced finding support at 1.5315. If it manages to hold above this level, then the outlook remains bullish with key target at 1.5430, the previous uptrend high reached on 25th of July

    UK Manufacturing Production m/m is at 8:30am GMT with expectation of 0.9% much higher than the previous -0.8%

    Res: 1.5530, 1.5475, 1.5430, 1.5375
    Sup: 1.5315, 1.5250, 1.5180, 1.5100

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    USD/JPY

    Yen continues its fall breaking 98.27 support (previous low), the current downtrend on the H1 chart is from 99.93 (2nd Aug) to today’s low 97.82. Currently it’s still in retracement mode rising more than 65 pips to currently trade near 98.50. The biggest barrier to the current downtrend would be 97.60, a support it failed to break many times during 31st Jul to 1st Aug sessions and that ended the previous downtrend.

    Res: 100.40, 100.00, 99.15, 98.80
    Sup: 97.82, 97.60, 97.20, 97.00

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    AUD/USD

    Australia’s currency rose against the U.S. dollar breaking 0.8950 resistance switching the outlook from bearish to bullish and making key psychological level 0.9000 the next target of the bulls. Since hitting a 3 year low at 0.8845, the Aussie has regained 145 pips.

    Australia's central bank cut its main cash rate by a quarter point to a record low of 2.5 percent on Tuesday as it tries to prepare the economy for life after the mining boom. A move already factored in the market

    Res: 0.9100, 0.9075, 0.9045, 0.9000
    Sup: 0.8845, 0.8810, 0.8760, 0.8620

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    Gold

    Gold falls back below 1300 support and looks heading towards 2nd of August low 1283. This came after it twice failed rise above 1320. Currently it’s trading below both moving averages 20 & 55 with RSI also showing clear downward trend line on the H1 chart. Gold prices have been steadily dropping since the 23rd of July from 1348

    The decline comes as investors wrestle with uncertainty about the Federal Reserve’s timeline for reducing the flow of monetary stimulus.

    Res: 1365, 1348, 1331, 1320
    Sup: 1283, 1270, 1260, 1243

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