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

Discussion in 'Major Currency Pairs' started by WindsorBrokers, Dec 4, 2013.

  1. WindsorBrokers

    WindsorBrokers Content Contributor

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    EURUSD

    The Euro’s near-term price action remains capped at 1.36 zone, following renewed attempt higher that was rejected at 1.3614. Lack of strength to sustain break above 1.36 barrier, signals further consolidation, as the downside is for now protected above 1.35 support, where the price left higher base at 1.3520. Neutral 4-hour studies support the notion, as hourly indicators still hold above the midlines, with threat of further easing, seen on a violation of 1.3520/00 support zone, where daily 20DMA and Tenkan-sen reinforce support that also marks Fibonacci 38.2% retracement of 1.3294/1.3620 upleg. Break lower to expose mid-point of entire rally at 1.3457 and more significant 1.3419, 61.8% retracement and 1.3398, 21/11 higher low, seen in extension. Alternatively, clear break above 1.3600/20 hurdles is required to resume bulls towards 1.3650, daily cloud top, 1.3679, Fibonacci 100% expansion of the wave from 1.3398 and 1.3710, 01/02 previous peak.

    Res: 1.3596; 1.3620; 1.3626; 1.3650
    Sup: 1.3560; 1.3545; 1.3523; 1.3500


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    GBPUSD

    Cable trades in near-term consolidative mode, after pullback from fresh high at 1.6441 was contained by 4-hour 20DMA at 1.6340. Overall positive structure sees further upside as favored, however, further consolidation above 1.6340 cannot be ruled out, before fresh attempt higher, with break above 1.6441, to open 1.6500 next. Increased downside risk will be seen on break below 1.6340 higher base and 1.6300 support, near 50% retracement of 1.6137/1.6441/ 4-hour 55DMA, as well as previous congestion tops at 1.6260 zone, loss of which to confirm stronger correction.

    Res: 1.6400; 1.6435; 1.6441; 1.6500
    Sup: 1.6340; 1.6325; 1.6300; 1.6289


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    USDJPY

    The price is gaining traction after quick pullback from fresh high at 103.36 found ground at 102 zone, where 4-hour 55DMA contained dips and subsequent bounce heading towards psychological 103 barrier. Hourly indicators are at their midlines, while 4-hour structure remains positive that supports fresh attempt at 103.00/36, above which to resume rally towards key resistance and short-term target at 103.72, 22/05 yearly high.

    Res: 103.00; 103.36; 103.50; 103.72
    Sup: 102.21; 101.96; 101.34; 101.13


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    AUDUSD

    The pair remains under increased pressure after yesterday recovery attempt stalled at 0.9145 and two-legged sharp fall approaches next downside target and psychological support at 0.9000. Completion of near-term consolidative phase above 0.9054 platform, triggered fresh leg lower, with initial support at 0.9000 and key short-term supports at 0.8891/46, expected to come in focus once 0.9000 is lost. Overextended hourly studies, however, may delay bears and signal hesitation ahead of 0.9000 handle, with rallies expected solid barriers at 0.9050/70 zone, before fresh push lower.

    Res: 0.9054; 0.9071; 0.9100; 0.9131
    Sup: 0.9000; 0.8950; 0.8900; 0.8891


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