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

Discussion in 'Major Currency Pairs' started by WindsorBrokers, Oct 9, 2013.

  1. WindsorBrokers

    WindsorBrokers Content Contributor

    Feb 18, 2010
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    The Euro fell to the near-term range floor at 1.3540 zone, reinforced by 4-hour Ichimoku cloud top, after repeated failure at 1.3600 barrier triggered quick pullback. Having cracked 4-hour 55DMA that so far protected the downside, the pair risks further easing, as hourly studies are negatively aligned and 4-hour indicators breaking into negative territory. The initial trigger will be loss of 1.3540 that would open way towards 1.3500 and more significant 1.3460 higher platform, below which to confirm reversal and near-term top at 1.3645. Alternatively, holding above 1.3540, would signal prolonged sideways movements, with only break above 1.3600, required to shift near-term focus higher and re-expose key 1.3645 peak.

    Res: 1.3562; 1.3583; 1.3600; 1.3630
    Sup: 1.3544; 1.3537; 1.3500; 1.3460



    Cable’s near-term recovery attempt off 1.6005 low failed of repeated attack at 1.6123, yesterday’s high and immediate reversal brought the price the mid–point zone of entire 1.6005/1.6123 rally. With hourly indicators sliding below the midlines, as price action establishes below hourly 20/55DMA’s bearish crossover, as well as negative 4-hour structure, immediate risk is seen on renewed attempt at 1.6000 base. Break here to confirm formation of the double-top at 1.6123/21 and the third wave of the downmove from 1.6259 that could extend to 1.5955, 24/09 higher low and Fibonacci 61.8% expansion. Alternative scenario requires clearance of 1.6121/23 peaks, as well as 50% retracement of 1.6259/1.6005 descend at 1.6132, to ease immediate bear-pressure and allow for further recovery.

    Res 1.6085; 1.6100; 1.6123; 1.6132
    Sup: 1.6024; 1.6005; 1.5980; 1.5955



    The pair trades in near-term corrective mode off fresh low at 96.55, where broken bear-trendline from 101.52 and previous channel resistance, contained losses for now. The price action regained important 97.47 lower high of 04/10, extending the upleg from 96.81, where higher low was left. Positive hourly structure supports further correction, with dips expected to hold above 97.00, 20/55 bullish crossover, to maintain positive sentiment. Clear break above 97.47 to confirm near-term base and open way towards next significant barriers at 97.86, 03/10 lower top and 98.10, 50% retracement of 99.65/96.55 downleg. Conversely, failure to sustain break above 97.47, would keep the downside at risk, as larger picture bears remain in play and eye full retracement of 97.58/101.52 rally.

    Res: 97.47; 97.86; 98.10; 98.28
    Sup: 97.10; 96.81; 96.55; 96.00



    Near-term focus shifts higher, as the price extends rally from 0.9280 near-term base and breaks above pivotal 0.9455 barrier. Pullback from fresh high at 0.9483, could be seen as corrective, despite weakened hourly studies, as the fall was contained at 0.9410 base, reinforced by 55DMA and 50% retracement of 0.9526/0.9280 descend. Fresh attempt higher is supported by positive 4-hour studies, with break above 0.9483 and psychological 0.9500 hurdles, to open way for final push towards key 0.9526 barrier and possibly resume larger recovery rally from 0.8891. Conversely, loss of 0.9400 support, would weaken the near-term structure.

    Res: 0.9454; 0.9483; 0.9500; 0.9526
    Sup: 0.9410; 0.9389; 0.9368; 0.9350


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