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

Discussion in 'Major Currency Pairs' started by WindsorBrokers, Nov 20, 2013.

  1. WindsorBrokers

    WindsorBrokers Content Contributor

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    EURUSD

    The Euro extends recovery rally from 1.3294 low to eventually break above important 1.3546/63 barrier, 06/11 lower high / 50% retracement of 1.3831/1.3294 descend / daily Kijun-sen line, on extension to 1.3577 so far. Near-term bulls remain in play, with corrective pullbacks on oversold hourly conditions, expected to interrupt rally. Initial support lies at 1.3500, round figure / daily cloud top, ahead of lower top at 1.3486, also near 20/55DMA’s bullish crossover, where dips should be ideally contained. Otherwise bulls would be delayed in favor of stronger reversal towards higher platform at 1.3430. Resumption of the uptrend to eye psychological 1.3600 barrier and Fibonacci 61.8% retracement of 1.3831/1.3294 at 1.3626.

    Res: 1.3562; 1.3577; 1.3600; 1.3626
    Sup: 1.3500; 1.3486; 1.3430; 1.3400

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    GBPUSD

    Cable steadies above 1.6100 handle, despite yesterday’s spike lower that was contained at 1.6058, with near-term price action being in directionless consolidative trading. Prevailing positive tone on near-term technicals keeps the upside focused, as break above current range top at 1.6159, is expected to open 1.6159, Fibonacci 76.4% of 1.6254/1.6853 first, ahead of psychological 1.6200 barrier, en-route towards key resistances at 1.6254/59. Positively aligned daily studies support bullish scenario. Initial support lies at 1.6100 and is reinforced by hourly 55DMA, ahead of 1.6058, also 4-hour 55DMA, loss of which would put immediate bulls on hold and open 1.6035/00, Fibonacci 38.2% / 50% retracement of 1.5853/1.5147 rally.

    Res: 1.6147; 1.6159; 1.6200; 1.6245
    Sup: 1.6100; 1.6058; 1.6035; 1.6000


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    USDJPY

    The pair consolidates at 100 level, following bounce from yesterday’s correction low at 99.56. Rally above 100 barrier reached 100.24 high so far, with positive near-term structure keeping the upside attempts towards 100.42, 15/11 peak favored. Dips should be held at 99.70/56, broken bear-trendline off 101.52 / yesterday’s higher low, to keep bulls in play and avert risk of fresh weakness towards 99.00 zone, higher low of 13/11 and 50% retracement of 97.61/100.42 ascend.

    Res: 100.24; 100.42; 100.60; 101.00
    Sup: 99.70; 99.56; 99.35; 99.00

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    AUDUSD

    The pair enters near-term corrective phase after failing to clear 0.9446 barrier on the second attempt. With 0.9400 handle being lost and hourly indicators sliding into negative territory, near-term downside risk increases, as the pullback retraced 38.2% of 0.9269/0.9446 upleg so far. Further easing and violation of 0.9350 zone, yesterday’s higher low and 50% retracement, would sideline near-term bulls off 0.9269 and signal double-top formation. Conversely, finding footstep above 0.9350, is seen as initial signal of higher low formation and renewed attempt at 0.9446, above which to resume near-term corrective rally from 0.9269, 12/11 low. Positive 4-hour studies support the notion, however, regain of key near-term barrier and breakpoint at 0.9541 is required to confirm recovery and base at 0.9270 zone.

    Res: 0.9406; 0.9417; 0.7446; 0.9477
    Sup: 0.9378; 0.9351; 0.9330; 0.9300


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