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

Discussion in 'Technical Analysis' started by WindsorBrokers, Jan 16, 2014.

  1. WindsorBrokers

    WindsorBrokers Content Contributor

    Feb 18, 2010
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    The Euro remains under pressure in the near-term, as yesterday’s extension of two-day pullback from 1.3698 peak retested strong support at 1.3580 zone, where trendline support and daily Ichimoku cloud top limit the downside attempts for now. Negative tone prevails on 4-hour chart, while hourly structure improves on corrective bounce above 1.36 barrier that test hourly pivot at 1.3625, Fibonacci 38.2% of 1.3698/1.3580 / 55DMA. Break here to trigger stronger recovery towards the next significant hurdle at 1.3655, previous consolidation range floor and Fibonacci 61.8% retracement. Key near-term barrier lies at 1.3700, top of near-term 1.3580/1.3700 congestion, with break above to signal resumption of recovery phase from 1.3547. However, weak overall tone, with daily indicators entering negative territory, sees the downside vulnerable, with loss of key support and pivotal point at 1.3580, seen as a trigger for further easing towards 1.3547, 09/01 low, reinforced by daily 100DMA and 1.3522/00, Fibonacci 61.8% of 1.3294/1.3892 / round figure support, in extension.

    Res: 1.3625; 1.3655; 1.3700; 1.3714
    Sup: 1.3600; 1.3580; 1.3547; 1.3522



    Cable’s near-term focus shifts lower, as the price probes below near-term congestion low at 1.6340 zone. Extension near psychological 1.63 support, so far retraced 38.2% of larger 1.5853/1.6602 ascend at 1.6316, also Fibonacci 76.4% of 1.6212/1.6602, below which to complete daily H&S pattern and trigger further easing, as extension of pullback from 1.6602, 02/01 peak. Weak near-term studies support the notion, with lower platform at 1.6375, also Fibonacci 38.2% of 1.6463/1.6321 descend, offering initial resistance and 1.64 barrier, 61.8%, expected to cap corrective rallies.

    Res: 1.6375; 1.6409; 1.6436; 1.6463
    Sup: 1.6320; 1.6300; 1.6261; 1.6212



    The pair remains positive and extends near-term rally off 102.84, 13/01 low, close to strong 105 resistance zone and previous congestion tops. Positive near-term technicals support attempt through 105 hurdle for final push towards key barrier and tops at 105.40/43, regain of which to complete 105.43/102.84 corrective phase. Corrective dips should be ideally contained at 104.20/00, 15/01 higher low / Fibonacci 38.2% of 102.84/104.93 / round figure support, to keep fresh bulls intact.

    Res: 105.05; 105.34; 105.43; 105.58
    Sup: 104.44; 104.13; 104.00; 103.65



    The pair accelerated lower after full retracement of 0.8819/0.9084 corrective phase and loss of near-term base at 0.8820 zone. Fresh bears tested psychological 0.8800 support, as resumption of larger downtrend from 1.1079, 2011 peak, looks for test of 0.8769, Aug 2010 low and 0.8576/43, Feb 2010 low / 50% retracement of multi-year 0.6007/1.1079 rally. With bears being fully in play, downtrend may be interrupted by corrective rallies on oversold near-term studies. Initial resistance lay between 0.8820 and 0.8860, previous lows, while only break above 0.89 barrier and Fibonacci 38.2% of 0.9084/0.8794 fall, would delay immediate bears for more significant corrective action.

    Res: 0.8820; 0.8842; 0.8863; 0.8900
    Sup: 0.8794; 0.8769; 0.8733; 0.8700


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