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

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

  1. WindsorBrokers

    WindsorBrokers Content Contributor

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    EURUSD

    The Euro resumes bulls and cracks psychological 1.38 barrier, after near-term consolidation under the latter was completed. Extension of the third wave that commenced from 1.3103, 06/09 higher low that broke above its 100% Fibonacci expansion at 1.3797, focuses the next target at 1.3832, Fibonacci 38.2% retracement of larger 1.4938/1.2744 bear-phase, above which, psychological 1.4000 barrier would come in near-term focus. Near-term studies are positive and support further upside, with overbought 4-hour conditions suggesting a pause in current rally. Consolidation range floor at 1.3740 offers initial support, ahead of 1.3710/00, previous peak / round figure support.

    Res: 1.3832; 1.3857; 1.3900; 1.3935
    Sup: 1.3773; 1.3740; 1.3710; 1.3650

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    GBPUSD

    Cable heads higher after quick pullback from 1.6254, yesterday’s upside rejection, found support at 1.6115, previous low of 22/10 and Fibonacci 38.2% retracement of 1.5892/1.6254 upleg. Hourly studies are gaining traction, with caution required on 4-hour RSI / MACD bearish divergence, as failure to clear important 1.6254/59 barriers, would trigger further consolidation. However, while 1.6115/00 support zone holds, near-term focus will remain at the upper boundary of congestion, otherwise more negative tone would be seen on a break below 1.6100 that would increase risk of attempts through psychological 1.6000 support and re-visit of key near-term support and higher platform at 1.5900 zone.

    Res: 1.6223; 1.6254; 1.6259; 1.6300
    Sup: 1.6160; 1.6115; 1.6100; 1.6073


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    USDJPY

    The pair came remains under pressure, as near-term technicals maintain negative tone, with price action being entrenched within narrow consolidative range above fresh low at 97.13, also Fibonacci 76.4% retracement of 95.55/98.99. Extension of near-term downtrend from 98.99 and full retracement of 96.55/98.99 upleg, is seen as preferred scenario, with loss of 97.00 handle, required to confirm. Further consolidation, howvere, cannot be ruled out, with psychological / 20/55DMA’s bullish crossover barrier, expected to cap. Only break above 98.47, 22/10 lower top, would revive bears and turnd focus higher.

    Res: 97.85; 98.00; 98.18; 98.47
    Sup: 97.13; 97.00; 96.55; 96.00

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    AUDUSD

    Near-term risk of further easing from fresh high at 0.9755 increases, as near-term studies are losing traction and rally was capped by 200DMA, despite sharp pullback from 0.9755 finding ground at 0.9600 zone, also 55DMA, where basing attempt is evident. Positively aligned hourly studies are lacking strength for push through 0.9680/0.9700 barriers and Fibonacci 50% / 61.8% retracement of 0.9755/0.9606, break of which is required to re-focus 0.9755. Otherwise, risk of further correction of larger 0.9280/0.9577 rally, would persist, as loss of 0.9600 handle is expected to confirm and open next targets at 0.9574, 38.2% and 0.9526/18, previous peak / 50% retracement of the entire rally, along with psychological 0.9500 support that should contain any extension lower. Overextended daily technicals also suggest that caution is required.

    Res: 0.9678; 0.9700; 0.9755; 0.9770
    Sup: 0.9643; 0.9600; 0.9574; 0.9526

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