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

Discussion in 'Major Currency Pairs' started by WindsorBrokers, Nov 12, 2013.

  1. WindsorBrokers

    WindsorBrokers Content Contributor

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    EURUSD

    The Euro trades in a triangular consolidation after posting fresh low at 1.3294 and corrective action being capped at 1.3450. Overall tone in the near-term remains negative, as the price lacked momentum for more significant recovery towards 1.3550/60 breakpoint, regain of which is required to signal stronger recovery and shift focus higher. For now, the downside remains vulnerable, with break below triangle support at 1.3355, seen as a trigger for fresh weakness towards key near-term support and low of 07/11 at 1.3294. Violation of the latter to signal resumption of larger downtrend from 1.3831 and open 1.3214/00, 200DMA / round-figure support. Conversely, attempts above triangle resistance at 1.3415, also session highs, would provide temporary relief, however, clearance of 1.3450, recovery high and 61.8% of 1.3546/1.3294 fall, is required to avert immediate downside risk.

    Res: 1.3415; 1.3448; 1.3500; 1.3546
    Sup: 1.3355; 1.3316; 1.3293; 1.3275

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    GBPUSD

    Cable remains under pressure, as last week’s recovery rally from 1.59 base, stalled at 1.6120, also 61.8% retracement of 1.6254/1.5901, with subsequent weakness leaving a double-top. Extension below 1.6000 handle brings key support and base at 1.5900 at risk. Negative near-term technicals favor scenario of retesting 1.5900. Initial resistance lies at 1.6000, also hourly 55DMA, with 1.6030, recovery rally high and 50% of 1.6113/1.5955 fall, expected to cap. Eventual break below critical 1.5900 support, is seen as a trigger for more significant pullback, as clear break lower is required to confirm daily double-top formation.

    Res: 1.6000; 1.6029; 1.6057; 1.6100
    Sup: 1.5940; 1.5900; 1.5850; 1.5800

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    USDJPY

    Near-term price action remains supported and continues to trend higher, as reversal of 99.40/97.61 fall, triggered fresh strength. Retest of initial target at 99.65, opens way towards psychological 100 barrier in the near-term, with key short-term resistance at 100.60, 11/09 peak, expected to come in focus on violation of 100 hurdle. Positive near-term technicals support the notion, however, overbought hourly studies see risk of hesitation on approach to 100 barrier. On the larger picture, studies remain positive, with break above weekly bullish pennant, suggesting further upside.

    Res: 100.00; 100.21; 100.45; 100.60
    Sup: 99.09; 98.90; 98.15; 97.96


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    AUDUSD

    The pair remains under pressure, as fresh extension of near-term downmove from 0.9541, 06/11 high, tested so far 0.9323, 50% retracement of 0.8891/0.9755 rally, with break lower to open 0.9300, psychological support and daily Ichimoku cloud top. Negative near-term studies keep the downside favored, however, overextended conditions suggest that fresh weakness would be preceded by consolidative/corrective phase. Previous support zone at 0.9400/20, offer initial resistance, where corrective rallies should be ideally capped. Extension below 0.9300 to expose 0.9280, 30/09 higher low and mark full retracement of 0.9280/0.9755 bull-phase. Negative daily studies support the notion

    Res: 0.9366; 0.9389; 0.9400; 0.9420
    Sup: 0.9300; 0.9280; 0.9250; 0.9200


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