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

Discussion in 'Major Currency Pairs' started by WindsorBrokers, Sep 3, 2013.

  1. WindsorBrokers

    WindsorBrokers Content Contributor

    Feb 18, 2010
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    The Euro maintains negative tone and attempts again through strong 1.3180/70 support zone, higher platform / Friday’s low, after brief recovery rally failed to sustain gains above 1.3200 barrier. Near-term technicals are bearish and favor further extension lower, with 200DMA / daily Ichimoku cloud top at 1.3140 and 1.3100, 50% retracement of 1.2754/1.3450, coming in near-term focus. However, hesitation above the downside targets may be triggered by oversold 4-hour conditions. Immediate resistance lay at 1.3200, round figure and 1.3225, Monday’s high, while more significant recovery requires break above 1.3258/84, Fibonacci barriers 50% / 61.8% retracement.

    Res: 1.3200; 1.3258; 1.3284; 1.3300
    Sup: 1.3140; 1.3100; 1.3087; 1.3066



    Cable regained some strength on a bounce from 1.5461 higher low and approached psychological 1.5600 barrier. Failure to break higher, sees increased downside risk, as the price reversed to 1.5530, where temporary footstep was found at 55DMA. Holding above the latter would keep fresh upside attempts in play, as 4-hour indicators are pointing higher and breaking above their midlines, with regain of 1.5600 and 1.5636 required to confirm higher low and shift focus towards 1.5700/16 barriers. Alternatively, loss of 1.5530 and psychological 1.5500 support, would increase risk of fresh weakness that would bring key short-term support and pivotal point at 1.5420/00 zone in focus.

    Res: 1.5592; 1.5636; 1.5700; 1.5716
    Sup: 1.5530; 1.5500; 1.5461; 1.5427



    The pair continues to trend higher, off 96.80 low, with break above psychological 99.00 barrier and 99.14, 23/08 high, heading towards psychological 100 barrier. Sustained break above bear-channel brings near-term bulls fully in play, with daily indicators breaking above the midlines and supporting the notion. Break and close above 100 barrier is required to completion of weekly bullish pennant and open next targets at 100.85 and 101.52.

    Res: 99.69; 100.00; 100.44; 100.85/.
    Sup: 99.14; 99.00; 98.50; 98.27



    Near-term structure remains positive, as the price heads higher off near-term base and double-bottom at 0.8891. Sustained break above psychological 0.9000 barrier, opens way for extension towards 0.9068, 26/08 high, to complete the downleg and confirm double-bottom formation, break of which to signal possible stronger recovery. Positive near-term studies remain supportive. From the other side, larger picture remains bearish, with downside risk being in play as long as 0.9230/40 barriers cap.

    Res: 0.9000; 0.9026; 0.9068; 0.9100
    Sup: 0.8962; 0.8923; 0.8890; 0.8846


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