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

Discussion in 'Major Currency Pairs' started by WindsorBrokers, Sep 24, 2013.

  1. WindsorBrokers

    WindsorBrokers Content Contributor

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    EURUSD

    Hourly structure weakened, as the price broke below initial 1.35 support. Fibonacci 38.2% of 1.3337/1.3567 upleg at 1.3480 was tested so far, with further corrective easing not ruled out. However, positive 4-hour studies see scope for shallow correction, before bulls re-assert for fresh attempt higher, as overall positive sentiment keeps near-term focus at the upper targets at 1.3567 and 1.3600 in extension, with key barrier at 1.3710, coming in sight. Strong supports lay at 1.3450, previous top and 1.34 zone, double Fibonacci support, 76.4% of 1.3337/1.3567 / 38.2% of 1.3103/1.3567 and should contain stronger pullback.

    Res: 1.3547; 1.3567; 1.3600; 1.3658
    Sup: 1.3479; 1.3450; 1.3425; 1.3400

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    GBPUSD

    Cable remains in extended consolidative phase above 1.6000, where the pullback from 1.6161 peak found temporary support. Hourly studies are neutral, while overall positive tone on the larger timeframes favors further upside. Break above initial barrier and near-term consolidation top at 1.6070, is required to confirm rebound and open 1.6100 and 1.6161 barriers for retest. Short-term targets at 1.6300 and 1.6380 remain in focus. The scenario would be delayed in case of further easing below 1.6000, while extension below 1.5900 and 1.5880, higher platform / Fibonacci 38.2% of 1.5427/1.6161, would sideline bulls.

    Res: 1.6070; 1.6100; 1.6140; 1.6161
    Sup: 1.6000; 1.5985; 1.5954; 1.5890


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    USDJPY

    The pair consolidates pullback from 99.65, after finding temporary support at 98.65, near 50% retracement of 97.75/99.65 upleg. However, negative tone persists on the lower timeframes studies and keeps the downside at risk, with immediate supports at 98.48, Fibonacci 61.8% and 98.20 trendline support and psychological 98.00 level, loss of which would expose key near-term support at 97.75, 18/09 low. Only break above 99.65 would bring bulls fully in play and open 100 and 100.60 instead.

    Res: 99.16; 99.65; 99.96; 100.21
    Sup: 98.65; 98.44; 98.22; 98.00


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    AUDUSD

    The Aussie remains in a sideways consolidative mode, after pullback from 0.9526 high found ground at 0.9365, weekly low. Neutral tone prevails on hourly chart studies, while 4-hour structure remains bullish, with price action being underpinned by ascending 55DMA at 0.9355. Upside extension above consolidation tops at 0.9455 is required to confirm near-term base and shift focus higher, while further easing below 0.9365 would risk further corrective action that should be ideally contained at 0.9300/0.9280, to keep bulls in play.

    Res: 0.9455; 0.9483; 0.9500; 0.9526
    Sup: 0.9393; 0.9365; 0.9340; 0.9300

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