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

Discussion in 'Major Currency Pairs' started by WindsorBrokers, Nov 14, 2013.

  1. WindsorBrokers

    WindsorBrokers Content Contributor

    Feb 18, 2010
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    The Euro remains steady and extends rebound from last week’s fresh low at 1.3294, with strong barrier at 1.3460/70 zone being cleared. The price tested psychological / Fibonacci 38.2% of 1.3831/1.3294 resistance at 1.3500 so far, where gains were limited by broken bull trendline off 1.2754 and daily 55DMA. Further bulls are signaled by 4-hour indicators that moved into positive territory, however, hesitation ahead of 1.35 barrier and possible stronger correction is likely, as hourly indicators are turning down. Daily studies on the other side, maintain negative tone, with current rally seen as corrective and downside risk expected to remain in play as long as another strong barriers at 1.3546/63, 06/11 lower top / 50% retracement of 1.3831/1.3294 stay intact. Break here to confirm higher low formation at 1.3294 and spark stronger recovery. Otherwise, risk of lower top and fresh weakness would remain in play. Dips off 1.35, face support at 1.3420, 38.2% of 1.3294/1.3496 and more significant 1.34 zone, round figure / 50% retracement, where pullback should be contained.

    Res: 1.3500; 1.3527; 1.3546; 1.3563
    Sup: 1.3420; 1.3400; 1.3389; 1.3358



    Cable bounced strongly and regained levels near 1.6100 barrier, after bears probed below very strong support and short-term base at 1.5900. Break lower proves to be false for now, as near-term technicals turned positive and avert immediate risk of stronger fall that was signaled by loss of 1.5900 support. However, overbought hurly conditions see scope for consolidative action ahead of important barriers at 1.6113/16, 07/06 / 11 peaks, regain of which and break higher is required to confirm bulls are fully in play and to shift near-term focus towards the upper range boundaries. Initial supports lay at 1.6015/00, ahead of 1.5984, 38.2% of 1.5853/1.6065, reinforced by 55DMA, where any stronger pullback should be ideally contained.

    Res: 1.6065; 1.6100; 1.6116; 1.6148
    Sup: 1.6015; 1.6000; 1.5984; 1.5960



    The pair regained strength and retest previous highs at 99.80, after corrective pullback found footstep above psychological 99.00 support. Fresh bulls attempt again above bear-trendline connecting 101.52/100.60, at 99.66, with psychological 100 barrier coming in focus. Break higher to resume bulls off 96.93 and open next significant resistance at 100.60, 11/09 high. Positively aligned near-term studies support the notion. Only loss of 99.00 handle would sideline bulls.

    Res: 100.00; 100.21; 100.45; 100.60
    Sup: 99.55; 99.09; 98.70; 98.44



    The pair corrects recent losses that posted fresh low at 0.9269 so far, with bounce lacking strength for regain of significant barrier at 0.9400, psychological resistance / 50% retracement of 0.9541/0.9269 downleg and being reinforced by falling 55DMA. Subsequent pullback, increases downside risk, as 0.9300 support comes under pressure, with 4-hour indicators maintaining negative tone. Hourly indicators are turning lower that supports the scenario of re-visiting 0.9300 support, loss of which to risk return to 0.9269 and signal resumption of larger downtrend. Alternatively, holding above 0.9300, would signal prolonged consolidation, while only sustained break above 0.9400 hurdle would provide near-term relief and signals basing attempt for more significant corrective action

    Res: 0.9385; 0.9400; 0.9437; 0.9480
    Sup: 0.9320; 0.9300; 0.9269; 0.9221


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