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

Discussion in 'Major Currency Pairs' started by WindsorBrokers, Nov 7, 2013.

  1. WindsorBrokers

    WindsorBrokers Content Contributor

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    EURUSD

    The Euro steadies above 1.35 handle, ahead of ECB today, with no significant rallies seen so far, after the pair posted marginally fresh high at 1.3546 yesterday. Hourly studies are positively aligned, along with north-heading 4-hour indicators that suggests further recovery, with 1.36 zone, Fibonacci 38.2% of 1.3831/1.3441 downleg / 55DMA, being in near-term focus. Overall picture, however, remains bearish and current break in strong fall from last week could be seen as corrective phase, ahead of fresh weakness. Rallies should be ideally limited at 1.3640/80, Fibonacci 50% / 61.8% respectively, before bears re-assert. Break below pivotal 1.3440/20 support, Fibonacci 38.2% of larger 1.2754/1.3831 rally and main bull-trendline, drawn off 1.2754, where bears found temporary footstep, is expected to trigger fresh leg lower and expose 1.33 zone, also 50% retracement of 1.2754/1.3831.

    Res: 1.3546; 1.3590; 1.3640; 1.3682
    Sup: 1.3500; 1.3467; 1.3441; 1.3420

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    GBPUSD

    Cable consolidates recent gains from 1.59 base that cracked strong 1.6100/15 resistance and retraced nearly 61.85 of 1.6254/1.5901 descend. The price found footstep at initial 1.6060 support, however, weakening hourly studies, see risk of deeper pullback, before bulls take control, as 4-hour structure remains bullish. Ideal reversal point is seen at 1.6030 higher platform / Fibonacci 38.2% of 1.5901/1.6116 ascend, while any extension lower and potential break below psychological / 50% retracement 1.6000 support, would bring bears fully in play. On the upside, sustained break above 1.61 barrier, is required to keep positive tone and shift near-term focus towards the upper levels of one-month 1.5900/1.6259 range.

    Res: 1.6094; 1.6116; 1.6148; 1.6171
    Sup: 1.6061; 1.6034; 1.6000; 1.5983


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    USDJPY

    The pair trades in near-term consolidative mode, off fresh high at 98.84, with the downside protected at 98.50 for now. Holding above bull-trendline from 96.93, keeps bulls in play for eventual retest of key 99.00 barrier, break of which to open 99.65 and psychological 100 resistance. Studies on lower timeframes remain positive and favor further upside, as daily indicators head north after emerging from negative territory and support the notion. Key supports lay at 98.15/00 and only break lower would sideline bulls.

    Res: 98.74; 98.84; 98.99; 99.12
    Sup: 98.54; 98.40; 98.15; 98.05

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    AUDUSD

    The pair remains under pressure, with near-term corrective rally from fresh low at 0.9420, being capped at 0.9541. Fresh weakness to 0.9460, previous low and 61.8% of 0.9420/0.9541, weakens hourly structure, however, holding above here, would keep positive tone on 4-hour studies, for possible renewed attempt higher. Clearance of 0.9541 barrier and 55DMA, is required to confirm higher low formation and avert downside risk of return to 0.9420 support. Larger picture shows bears gaining pace and while 0.9541 stays intact, risk of resumption of bear-trend from 0.9755, would remain in play.


    Res: 0.9500; 0.9541; 0.9587; 0.9621
    Sup: 0.9462; 0.9420; 0.9400; 0.9388

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    GOLD

    Spot Gold remains in sideways mode, with prevailing neutral tone seen while the price holds between 1305/20 range. The upside is capped by 55DMA, with 4-hour / daily studies being negatively aligned that sees increased downside risk for extension of pullback from 1361, 28/10 peak. Violation of pivotal 1305/00 support zone to signal an end of consolidative phase and trigger bearish extension towards 1290, next support. Conversely, clear break above initial 1320 barrier and 1330 zone, previous support / daily cloud base, is required to confirm higher base at 1305 and open further upside.

    Res: 1322; 1327; 1335; 1345
    Sup: 1314; 1305; 1300; 1293
     
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