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

Discussion in 'Major Currency Pairs' started by WindsorBrokers, Aug 19, 2013.

  1. WindsorBrokers

    WindsorBrokers Content Contributor

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    EURUSD

    Euro’s weekly close level was barely changed, compared to the previous week’s close, despite wide price amplitude during past sessions. Daily chart shows the price action entrenched within 200-pips consolidation, capped for now at 1.3400 zone, with daily technicals being positively aligned. Positive tone also prevails on 4-hour chart that keeps the upside focused, following last week’s sharp fall and quick recovery the reached levels close to the range top. Clearance of key 1.3399/1.3414 barriers is expected to trigger fresh phase higher, as resumption of larger uptrend from 1.2754, 09/07 low. From the other side, bulls may be delayed by weakening hourly studies, with corrective easing seen preceding fresh rally. Initial support lies at 1.3300, 50% of 1.3187/1.3399 range, while violation of range floor at 1.3187 will be bearish.

    Res: 1.3342; 1.3379; 1.3399; 1.3414
    Sup: 1.3300; 1.3272; 1.3260; 1.3232

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    GBPUSD

    Cable remains in an uptrend from 1.4812 low, with near-term price action being in a consolidative mode off 1.5655, fresh 2-month high, posted last week. Weekly close above 1.5600 handle and positively aligned near-term studies keep the upside in focus for eventual push through psychological 1.5700 barrier, to open way for full retracement of 1.5751/1.4812 downleg. Previous peak at 1.5573 offers initial support, ahead of psychological 1.5500 level and key near-term support and higher platform at 1.5420.

    Res: 1.5655; 1.5700; 1.5721; 1.5751
    Sup: 1.5600; 1.5573; 1.5538; 1.5500

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    USDJPY

    Near-term structure remains weak, as corrective bounce off 97.04, last Friday’s low, remains congested at 97.80, near 50% of 98.64/97.04 downleg. Failure to clear psychological 98.00 barrier as initial resistance, would risk further downside, as a part of broader weakness from 101.52 high that is maintained by bear-trendline, currently standing at 99.20. Break below 97.00 handle would open key near-term support at 95.78, 08/08 low.

    Res: 97.84; 98.03; 98.64; 98.75
    Sup: 97.34; 97.18; 97.00; 96.40

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    AUDUSD

    The Aussie dollar maintains positive near-term tone and cracks the upper boundary of one-week consolidation range at 0.9220, as a part of larger recovery rally from 0.8846, 05/08 low. Positively aligned studies on lower timeframes keep focus at the upside, with 0.9240, daily Ichimoku cloud base, seen as the next barrier. Break here to complete daily cup ad holder reversal pattern and open key short-term hurdles at 0.9316/43, also 50% of 0.9790/0.8846 descend, for possible stronger recovery of larger downtrend. Alternative scenario sees risk of upside rejection at 0.9220 and double-top formation that requires confirmation on a break below 0.9080/60 supports.


    Res: 0.9240; 0.9255; 0.9316; 0.9343
    Sup: 0.9167; 0.9140; 0.9123; 0.9072

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