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

Discussion in 'Major Currency Pairs' started by WindsorBrokers, Oct 29, 2013.

  1. WindsorBrokers

    WindsorBrokers Content Contributor

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    EURUSD

    The Euro trades in extended consolidative phase, off fresh high at 1.3831, with price holding for now within 1.3760/1.3831 range. Negatively aligned hourly studies keep the downside risk in play while the price stays below 1.38 barrier, as 4-hour indicators are heading south and support the notion. Break below initial support at 1.3760 and more significant 1.3740 higher low / 50% retracement of 1.3649/1.3831 upleg, to spark stronger pullback and expose next layer of supports at 1.3700 zone. Overall bullish structure, however, keeps the upside favored, with 1.3900 target seen on extension through 1.3831.

    Res: 1.3800; 1.3817; 1.3831; 1.3857
    Sup: 1.3760; 1.3740; 1.3700; 1.3650

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    GBPUSD

    Cable lost traction, as the upside remains capped at 1.62 barrier and fresh weakness through 1.6114, near-term range floor and psychological 1.61 handle, weaken the structure. The price reached the mid-point of larger 1.5892/1.6254 range, with negatively aligned technicals, seeing risk of extension towards the range floor and higher base at 1.59 zone. Loss of psychological 1.6000 support is required to confirm. On the larger picture, one-month range-trading remains in play, however, break below the main bull trendline and south-heading daily indicators, increase the downside risk. Break of either side of the range is required to define fresh direction.

    Res: 1.6123; 1.6163; 1.6207; 1.6245
    Sup: 1.6063; 1.6030; 1.6000; 1.5977


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    USDJPY

    Overall bears off 98.99 peak remains in play, as recovery attempt off fresh low at 96.93 were for now capped by 55DMA / bear-trendline at 97.75. Weak near-term studies keep the downside at risk, as long as the price holds below the trendline, with lower top formation seen as likely near-term scenario. Return to 97.00 support zone, the last obstacle en-route to 96.55 target, is required to confirm bearish resumption. Otherwise, prolonged corrective action would be seen on a lift above 97.75. However, only regain of 98.47 lower top, would bring bulls fully in play and shift near-term focus higher.

    Res: 97.75; 98.00; 98.18; 98.47
    Sup: 97.43; 97.16; 96.93; 96.55

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    AUDUSD

    The pair remains under pressure, as fresh extension from 0.9621 lower top approached psychological 0.9500 support. With over 50% of 0.9280/0.9755 rally being retraced so far, risk of further retracement increases, with break below 0.9500 handle seen as a trigger. Oversold near-term conditions, however, see consolidative phase preceding fresh weakness that would look for 0.9460, 61.8% and higher platform at 0.94 zone, once price loses 0.95 handle. On the upside, initial resistance lies at 0.9570 lower platform, with regain of 0.96 barrier, expected to face strong resistance at 0.9621/28, lower top / 50% retracement of 0.9755/0.9502 downleg, where stronger rallies should be capped.

    Res: 0.9554; 0.9571; 0.9600; 0.9628
    Sup: 0.9500; 0.9461; 0.9400; 0.9388


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