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

Discussion in 'Major Currency Pairs' started by WindsorBrokers, Jan 8, 2014.

  1. WindsorBrokers

    WindsorBrokers Content Contributor

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    EURUSD

    The Euro trades in near-term consolidative phase, off fresh low at 1.3570, where the pullback found temporary support just ahead of daily Ichimoku cloud top at 1.3563 and main bull trendline at 1.3550. The price action is entrenched within 1.3600/55 range, with hourly studies in neutral mode. However, negative tone prevails on 4-hour chart that keeps the downside at risk, while the price holds below initial barriers at 1.3664/69, Fibonacci 38.2% of 1.3817/1.3570 and 4-hour 55DMA. Break lower to trigger fresh bear-leg and open next targets at 1.3525, higher platform / Fibonacci 61.8% retracement of 1.3294/1.3892 upleg, reinforced by daily 100DMA / round figure support. Conversely, sustained break above 1.3570 hurdle is required to avert immediate downside risk and allow for stronger bounce towards strong 1.3700/20 resistance zone, 50% / 61.8% retracement of 1.3817/1.3570 / bearish 20/55DMA’s crossover.


    Res: 1.3655; 1.3670; 1.3700; 1.3720
    Sup: 1.3600; 1.3570; 1.3525; 1.3500

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    GBPUSD

    Cable maintains negative tone off fresh high at 1.6602, as 4-hour studies remain negative and near-term consolidation above fresh reversal low at 1.6336, stays capped by 20/55DMA’s bearish crossover and Fibonacci 38.2% of 1.6602/1.6336 descend at 1.6435. Hourly studies are neutral, as the price action consolidates within 1.6373/1.6435 range, confirmed by yesterday’s Doji, with downside seen vulnerable while 1.6435 caps. Extension higher needs to clear key near-term barrier at 1.6470, 03/01 lower top / 50% retracement, to bring bulls in play and signal near-term base. Otherwise, risk of lower top formation and fresh leg lower, would remain in play.

    Res: 1.6435; 1.6473; 1.6500; 1.6539
    Sup: 1.6375; 1.6336; 1.6300; 1.6254


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    USDJPY

    The pair returns to strength, as recovery attempt from fresh low at 103.90 broke above trendline resistance at 104.45 and cracked lower top / psychological barrier at 105.00. With 4-hour indicators breaking into positive territory, near-term focus turns towards key barriers and double-top at 105.40 zone, as fresh bulls confirm higher low formation at 104 zone, strong trendline / Fibonacci support. Regain of 105.40 hurdle to signal completion of near-term corrective phase and resume larger uptrend. However, hesitation ahead of 105.40 could be expected on overbought hourly studies, with corrective action to be ideally contained above 104.50, 50% retracement of 103.90/105.12 upleg / hourly bullish 20/55DMA’s crossover.

    Res: 105.12; 105.43; 105.58; 106.00
    Sup: 104.82; 104.65; 104.50; 104.32


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    AUDUSD

    Near-term structure remains weak, as the reversal from 0.9003 upside rejection probed below 0.8900 support. Negative hourly and 4-hour indicators breaking below the midlines, favor further weakness, as the price so far retraced over 61.8% of 0.8842/0.9003 recovery rally. Clear break below 0.89 handle to open initial 0.8842 support, with risk of retesting key support and 2013 low at 0.8819, seen in extension. Key near-term barrier and breakpoint lies at 0.9000 zone and only break here would improve the structure and allow for stronger corrective action.

    Res: 0.8935; 0.8975; 0.9000; 0.9033
    Sup: 0.8892; 0.8880; 0.8842; 0.8819

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