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

Discussion in 'Major Currency Pairs' started by WindsorBrokers, Jan 9, 2014.

  1. WindsorBrokers

    WindsorBrokers Content Contributor

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    EURUSD

    The Euro extended near-term weakness from 1.3892 peak, to test strong support of bull-trendline off 1.2754 low and Daily Ichimoku cloud top at 1.3550 zone. The support contained bears for now, with corrective action under way, testing initial barrier at 1.3600/10, round-figure / hourly 20DMA, ahead of lower platform / Fibonacci 38.2% retracement of 1.3817/1.3552 / 4-hour 55DMA, where rallies should be ideally capped to maintain bears. Technicals on lower timeframes remain negative and favor further downside, once corrective action is completed, with slide below 1.3550 to open 1.3525, higher platform / Fibonacci 61.8% retracement of 1.3294/1.3892 upleg, reinforced by daily 100DMA and 1.3500, round-figure support in extension. Alternative scenario sees break above 1.3650 as a trigger for stronger bounce towards 1.3684, 50% retracement and 1.3716, 61.8% / 20/55DMA’s bearish crossover / broken bull-trendline off 1.3294.

    Res: 1.3610; 1.3650; 1.3684; 1.3700
    Sup: 1.3552; 1.3525; 1.3500; 1.3461

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    GBPUSD

    Cable extends near-term corrective phase off fresh low at 1.6336, after break above initial barrier and consolidation top at 1.3438, also Fibonacci 38.2% of 1.6602/1.6336, tested next target at1.6469, 50% retracement. Positive hourly studies and 4-hour indicators breaking above the midlines, support further recovery, with break above 1.6469/73, Fibonacci barrier / 03/01 lower top, is required to confirm formation of higher low at 1.6336 and trigger further gains towards 1.6500, psychological resistance / Fibonacci 61.8%. Initial support lies at 1.6434, previous resistance, reinforced by hourly 20DMA, with 1.64 zone, bullish 20/55DMA’s crossover / mid-point of entire 1.6336/1.6469 rally, expected to contain corrective dips.

    Res: 1.6469; 1.6473; 1.6500; 1.6539
    Sup: 1.6434; 1.6400; 1.6375; 1.6336


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    USDJPY

    The pair returns to strength, as recovery attempt from fresh low at 103.90 broke above trendline resistance and lower tops at 140.83/94, to crack psychological barrier at 105.00, on extension to 105.12 so far. With near-term studies holding positive tone, near-term focus is shifted 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. Corrective action off 105.12 was so far contained by ascending hourly 55DMA at 104.65, 38.2% of 103.90/105.12, with triangular consolidation under 105 handle being under way. Near-term bulls would come under pressure in case the price slides below 103.65 and 103.50 supports, the latter marking 50% retracement.

    Res: 105.00; 105.12; 105.43; 105.58
    Sup: 104.75; 104.65; 104.50; 104.32

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    AUDUSD

    Near-term structure remains weak, as the reversal from 0.9003 upside rejection sustains break below 0.8900 support. Negative near-term technicals favor further weakness, as the price so far retraced over 76.4% of 0.8842/0.9003 recovery rally, on extension to 0.8863 so far. Initial support at 0.8842 is under pressure, with risk of retesting key support and 2013 low at 0.8819, seen in extension, break of which to resume larger downtrend and expose the next target at 0.8769, Aug 2010low. Key near-term barrier and breakpoint lies at 0.9000 zone and only break here would neutralize near-term bears.

    Res: 0.8892; 0.8910; 0.8951; 0.8975
    Sup: 0.8863; 0.8842; 0.8819; 0.8800


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