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

Discussion in 'Major Currency Pairs' started by WindsorBrokers, Feb 12, 2014.

  1. WindsorBrokers

    WindsorBrokers Content Contributor

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    EURUSD

    The Euro moves in the fourth corrective wave, after the third wave off 1.3550 higher low, met its 100% Fibonacci expansion at 1.3680. Corrective pullback should be ideally contained at 1.3620 zone, equivalent to the length of the second wave, near 50% retracement of 1.3550/1.3682 upleg and broken bull-trendline off 1.3738, to keep immediate bulls intact. The fifth wave is expected to travel to its initial target at 1.3740, 138.2% expansion and previous peak of 24 Jan, above which to open significant 1.38 resistance zone. Alternatively, slide below 1.36 support, also Fibonacci 61.8% of 1.3550/1.3682, would neutralize wave principles and trigger fresh weakness towards 1.3550, 02 Feb higher low and 1.35 base in extension.

    Res: 1.3682; 1.3700; 1.3738; 1.3800
    Sup: 1.3620; 1.3600; 1.3580; 1.3550

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    GBPUSD

    Cable’s near-term structure remains positive, as the price eventually broke above near-term congestion between 1.6380 and 1.6435, peaking at 1.6486 so far. Positive near-term studies support attempt through psychological 1.65 barrier, near 61.8% retracement of 1.6668/1.6250 descend, to re-focus key resistances at 1.6623 and 1.6668, 28 / 24 Jan peak and confirm base at 1.6250. Daily cloud top at 1.6434 offers immediate support, ahead of strong 1.6400/1.6380 support zone, where 4-hour 20/55SMA’s bull-cross underpins.

    Res: 1.6433; 1.6459; 1.6500; 1.6524
    Sup: 1.6438; 1.6400; 1.6380; 1.6340

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    USDJPY

    The pair remains steady and posted marginally higher high at 102.69 on extension of corrective phase off 100.74. Consolidative action is signaled by reversing hourly indicators, however, overall bullish tone keeps the upside in focus, with next targets at 102.84 and 103.09, Jan lower top / Fibonacci 50% of 105.43/100.74 and key 103.43 lower top of 29 Jan, seen in extension. To maintain positive structure, higher base at 102 zone, should keep the downside protected. Otherwise, break lower would weaken the structure and trigger fresh weakness.

    Res: 102.69; 102.92; 103.09; 103.43
    Sup: 102.35; 102.00; 101.75; 101.50


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    AUDUSD

    The pair resumes rally from 0.8658 low and stabilizes above psychological 0.9000 barrier. Fresh bulls approach key near-term barrier at 0.9084, 13 Jan peak / near Fibonacci 38.2% retracement of 0.9755/0.8658, to complete 0.9084/0.8658 bear-phase and confirm near-term base for further retracement of multi-month descend from 0.9755 to 0.8658. Positive near-term studies support the notion. Corrective dips would face solid support at 0.9000, where the price built a higher base, also 38.2% retracement of 0.8906/0.9066 upleg, with key support and pivotal point laying at 0.8900 higher platform / Fibonacci 38.2% retracement of the entire 0.8658/0.9066 rally.

    Res: 0.9066; 0.9084; 0.9100; 0.9165
    Sup: 0.9046; 0.9000; 0.8965; 0.8940


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