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

Discussion in 'Major Currency Pairs' started by WindsorBrokers, Nov 25, 2013.

  1. WindsorBrokers

    WindsorBrokers Content Contributor

    Feb 18, 2010
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    The Euro steadies above 1.35, closing for the week at 1.3555. The rally nearly fully retraced 1.3577/1.3398 corrective pullback, on a session high at 1.3559, with positive near-term technicals being supportive for eventual push through 1.3577, 20/11 high, break of which to resume near-term recovery rally from 1.3294, 07/11 low that so far retraced over 50% of 1.3831/1.3294 descend. On the other side, daily bulls are still sidelined and caution is required in case of stall under 1.3577, as the price struggles at broken bull trendline off 1.2754, currently at 1.3550. Initial support at 1.3500 should ideally hold corrective dips, while extension lower and violation of 1.3460, higher low / 61.8% of 1.3398/1.3559, would risk return to key near-term support at 1.3398, 21/11 low.

    Res: 1.3559; 1.3577; 1.3600; 1.3645
    Sup: 1.3533; 1.3500; 1.3461; 1.3444



    Cable continues to trend higher and extends near-term rally from 1.5853, 12/11 low, with key barriers at 1.6254/59 coming in focus, as the price sustained break above 1.6200 barrier and closed for the week at 1.6220. Bullish tone dominates on short-term studies, however, hesitation on approach to important barrier at 1.6259 that also marks multi-month range top, cannot be ruled out. The notion is supported by extended near-term conditions. Corrective dips should be ideally contained above 1.61 handle to keep the structure intact, with break above 1.6259 peak to open fresh bull-phase and focus psychological 1.6300 barrier initially, with full retracement of 1.6380/1.4812, 2012/2013 bear-phase, seen on extension to 1.6380, 02/01 2013 peak.

    Res: 1.6239; 1.6254; 1.6259; 1.6300
    Sup: 1.6200; 1.6180; 1.6150; 1.6107



    The pair remains well supported and rallies higher, following positive weekly close and clearance of important barrier at 101.52, 08/07 peak. The price approaches psychological 102.00 barrier, en-route towards 102.48/52, 28/29 / 05 peaks, with key short-term resistance at 103.72, 22/05 annual high, expected to come in near-term focus. Technicals remain positive and favor further upside, with corrective pullback on overbought conditions, expected to interrupt rally. Immediate supports lay at 101.60/34, ahead of psychological 101.00 support and higher platform that offers solid support, reinforced by 4-hour 20DMA.

    Res: 102.00; 102.50; 103.00; 103.29
    Sup: 101.60; 101.34; 101.00; 100.60



    The pair remains under pressure, as acceleration from 0.9446 double-top, below 0.9220/00 support zone, 61.8% retracement of 0.8991/0.9755 ascend / round figure support, approaches psychological support and Fibonacci 76.4% of 0.8891/0.9755 upleg at 0.9100. Negative sentiment continues to drive the price lower, as technicals on lower and larger timeframes maintain negative tone and see scope for full retracement of 0.8891/0.9755 upleg. Oversold near-term conditions, however, may delay immediate bears. Corrective rallies to find immediate resistance at 0.9187, session high and psychological 0.9200 level, ahead of strong 0.9270 resistance, 12/14/ 11 platform, expected to ideally limit corrective rallies.

    Res: 0.9187; 0.9200; 0.9248; 0.9270
    Sup: 0.9119; 0.9095; 0.9068; 0.9036


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