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

Discussion in 'Major Currency Pairs' started by WindsorBrokers, Jan 13, 2014.

  1. WindsorBrokers

    WindsorBrokers Content Contributor

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    EURUSD

    The Euro ended week in positive tone, following last Friday’s strong rally from 1.3550 zone, where higher base was formed, with support being reinforced bull-trendline off 1.2754 / daily 100DMA. Rally to 1.3686, so far retraced 50% of 1.3817/1.3547 downleg, with near-term technicals returning to bullish mode. Consolidation on overextended hourly studies is under way and so far contained at previous double-top at 1.3655, with further upside seen favored in the near-term. Immediate barriers lay at 1.3700/15 zone, round-figure / Fibonacci 61.8% retracement / daily Tenkan-sen / Kijun-sen bearish cross, above which to open way towards strong 1.38 resistance zone. Any further dips should be ideally contained above 1.3630, 50% retracement of Friday’s 1.3567/1.3686 rally, to keep bulls in play.

    Res: 1.3686; 1.3700; 1.3715; 1.3753
    Sup: 1.3655; 1.3630; 1.3612; 1.3595

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    GBPUSD

    Cable maintains positive near-term tone, as weekly close occurred just under 1.65 barrier, following last Friday’s bumpy post-US data ride, when price dipped to 1.6380, but quickly recovered losses. As 1.65 resistance, also Fibonacci 61.8% retracement of 1.6602/1.6336 descend, has been cracked, further upside is favored and requires clear break here to open key resistance at 1.6602, 02/01 peak. Positively aligned near-term studies support the notion, with corrective dips allowed to 1.6400, 61.8% of last Friday’s 1.6380/1.6515 rally, otherwise, downside pressure would increase on a violation of 1.6400/1.6380 supports

    Res: 1.6450; 1.6500; 1.6515; 1.6539; 1.6577
    Sup: 1.6480; 1.6447; 1.6430; 1.6400

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    USDJPY

    The pair lost ground after last Friday’s upside rejection on approach to key 105.40 barrier and subsequent acceleration lower, losing 104.26 trendline support and more significant 104 base. Fresh weakness approaches next support 103.00, psychological support / Fibonacci 61.8% retracement of 101.60/105.43 ascend, with bearish near-term technicals keeping the downside in focus and the notion being supported by daily Evening Doji star. However, oversold conditions of lower timeframes studies, suggest consolidative / corrective phase, ahead of fresh weakness, with no reversal signal being generated yet. On the upside, previous supports at 103.90/104.00, offer initial and solid resistance, ahead of broken bear-trendline at 104.30, also 50% of last Friday’s fall, where rallies should be ideally capped.

    Res: 103.90; 104.04; 104.30; 104.55
    Sup: 103.24; 103.00; 102.50; 102.14

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    AUDUSD

    The pair regained strength and eventually broke above three-week congestion top at 0.9000, with fresh extension to 0.9046, marking over 61.8% retracement of 0.9165/0.8819 downleg. Immediate threat of fresh weakness and resumption of larger downtrend, is now sidelined, as near-term price action moves in corrective mode. Regain of key barrier at 0.9165, 10/12 high, is required to neutralize bears and confirm base at 0.8820 zone. However, overbought conditions of 1 and 4-hour chart studies, would delay fresh upside attempts and allow for consolidative/corrective action, with initial support laying at 0.9000, reinforced by hourly 20DMA and 0.8960, 50% of 0.8879/0.9040 upleg, reinforced by hourly 55DMA, expected to contain. On the upside, next hurdles lay at 0.9083/91, Fibonacci 76.4% / 4-hour 55DMA, with clearance of psychological 0.9100 barrier, to clear way towards key 0.9165 level. Reversing daily indicators are supportive for further recovery action.

    Res: 0.9040; 0.9083; 0.9100; 0.9165
    Sup: 0.9000; 0.8978; 0.8960; 0.8940

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