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

Discussion in 'Major Currency Pairs' started by WindsorBrokers, Sep 17, 2013.

  1. WindsorBrokers

    WindsorBrokers Content Contributor

    Feb 18, 2010
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    The Euro remains steady ahead of Fed tomorrow and consolidates after fresh rally that peaked at 1.3384 on Monday. Pullback has so far found support at 1.3320, previous high / hourly 55DMA, with positively aligned 4-hour studies, keeping the upside focused. Key barriers lay at 1.3400 and 1.3450, clearance of which to signal break above multi-month congestion. From the other side, weak hourly studies, keep the downside vulnerable for possible test of important 1.33 support, Fibonacci 61.8% of 1.3252/1.3384 upleg, loss of which would sideline near-term bulls and open key support at 1.3350/40 higher platform, also 50% retracement of 1.3103/1.3384 rally.

    Res: 1.3353; 1.3384; 1.3400; 1.3450
    Sup: 1.3324; 1.3300; 1.3274; 1.3252



    The pair trades in near-term corrective mode, after posting marginally higher high at 1.5961 on Monday. Reversal was so far contained at 1.5887, 55DMA / 38.2% of 1.5775/1.5961 upleg and just ahead of 1.5878, last Friday’s closing price and 1.5868, 50% retracement, below which to trigger stronger pullback, suggested by weakening hourly studies. However, bullish tone, prevailing on larger timeframes, keeps final push towards psychological 1.6000 barrier and favored scenario, once corrective phase ids completed.

    Res: 1.5929; 1.5961; 1.6000; 1.6010
    Sup: 1.5887; 1.5870, 1.5838; 1.5819



    The pair recovered over 38.2% of 100.60/98.44 fall, as bounce from 98.44 filled Monday’s gap and reached so far 99.35, with 99.00, now acting as immediate support. Hourly studies turned positive and see potential for further recovery, however, weak 4-hour conditions see regain of 99.96, 13/09 lower top, required to sideline downside risk towards 98.25/00 targets and open levels above 100 barrier instead.

    Res: 99.35; 99.52; 99.77; 99.96
    Sup: 98.44; 98.25; 98.00; 97.70



    The Aussie erased Monday’s gains that peaked at 0.9392 and turned in defensive mode, mainly being driven by fundamentals. Dips found footstep just below 0.9300 support for now, with weak hourly studies, seeing risk of further easing, before bulls return to play. On the 4-hour chart, positive tone prevails, however, the price is losing momentum. Also, formation of RSI/MACD bearish divergence, keeps the downside vulnerable. Loss of 55DMA at 0.9232 and higher platform at 0.9222, would be initial signal of stronger correction. From the other side, break above key 0.9300/50 resistance zone, would open way for further recovery and expose psychological 0.9500 barrier in the near-term.

    Res: 0.9333; 0.9353; 0.9392; 0.9430
    Sup: 0.9284; 0.9265; 0.9232; 0.9222


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