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

Discussion in 'Technical Analysis' started by WindsorBrokers, Dec 11, 2013.

  1. WindsorBrokers

    WindsorBrokers Content Contributor

    Feb 18, 2010
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    The Euro remains supported and advanced further, approaching psychological 1.38 barrier, en-route towards short-term target at 1.3831. Consolidation above previous low at 1.3740 and 4-hour 10DMA is under way, as the price, after yesterday’s rally stalled at 1.3794. Positive near-term studies are supportive, with overbought 4-hour conditions suggesting further consolidation, ahead of final push higher. Clearance of 1.3831, 22/05 year-to-date high, is expected to bring psychological 1.4000 barrier in the near-term focus. Session low at 1.3745 offers initial support, reinforced by hourly 55DMA, ahead of strong 1.3720/00 support zone, previous highs / Fibonacci 38.2% retracement of 1.3527/1.3794 ascend, where dips should find support. Otherwise, further easing towards 1.3620/00, 29/11 previous top / trendline support, would be likely.

    Res: 1.3774; 1.3794; 1.3800; 1.3852
    Sup: 1.3740; 1.3720; 1.3700; 1.3650



    Cable trades in near-term consolidative mode, after posting fresh high at 1.6466 and pullback being contained at 1.6400 support and Fibonacci 38.2% retracement of 1.6290/1.6466 upleg. Positive 4-hour studies favor further upside, however, weaker hourly conditions may prolong consolidative phase. Resumption o larger uptrend through 1.6466 will focus psychological 1.6500 barrier next, with further extension higher to open 1.6617, November 2009 high. Conversely, extension below 1.6400, would trigger further correction towards 1.6360 higher low and near 61.8% retracement, with key near-term support at 1.63 zone to come under pressure in case of further easing.

    Res: 1.6456; 1.6466; 1.6500; 1.6550
    Sup: 1.6400; 1.6357; 1.6322; 1.6300



    The greenback lost traction against the yen after testing previous peak at 103.36, as subsequent pullback accelerates lower, following consolidation at 102.50 zone, 50% retracement of 101.60/103.38 ascend / 55DMA. Negative tone prevails on hourly studies and favors further downside, while 4-hour indicators are heading south and support the scenario. Next supports lay at 102.28, 61.8% retracement and 102.00, psychological support / Fibonacci 76.4% retracement, loss of which to expose key near-term support at 101.60. Violation of the latter would signal stronger pullback and sideline bulls, while holding above here suggests the price is in range trading.

    Res: 102.79; 102.94; 103.38; 103.72
    Sup: 102.28; 102.00; 101.60; 101.00



    The pair broke above near-term congestion and tested important 0.9165 resistance, 02/12 peak and Fibonacci 38.2% retracement of 0.9446/0.8988 downleg, where gains stalled. Subsequent pullback that was so far contained by 55DMA above 0.9100 support, round figure / Fibonacci 38.2% of 0.8988/0.9165, could be seen as corrective and preceding fresh rally. Positively aligned near-term studies support the scenario, with price expected to hold above 0.9100 for renewed attempt higher, as clearance of 0.9165 barrier is required to confirm near-term base and spark further recovery towards 0.9200. Alternatively, loss of 0.9100 handle would weaken the structure and signal further prolonged consolidation above fresh lows at 0.9000 base.

    Res: 0.9128; 0.9145; 0.9169; 0.9200
    Sup: 0.9115; 0.9100; 0.9070; 0.9056


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