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

Discussion in 'Major Currency Pairs' started by WindsorBrokers, Feb 17, 2014.

  1. WindsorBrokers

    WindsorBrokers Content Contributor

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    EURUSD

    The Euro remains steady and eventually broke above psychological / daily cloud top 1.37 barrier, on fresh extension to 1.3723. Clearance of the last obstacle at 1.3715, 27 Jan high, opens way towards key barrier and 24 Jan peak at 1.3738 and near Fibonacci 61.8% retracement of 1.3892/1.3475 descend. Completion of 1.3738/1.3475 bear-phase is expected to trigger fresh rally, as the third wave that commenced from 1.3561 higher low, broke above its 76.4% expansion, aiming towards 1.3765, 100% Fibonacci expansion, regain of which to validate wave principles. The wave could travel to 1.3842, its 138.2% expansion, once 1.3765 barrier is cleared, with interim resistances laying at 1.38 zone, previous tops of Oct/Dec 2013. Technical outlook is positive and favors further upside, with consolidative phase near 1.37 handle, expected to precede fresh leg higher. Initial support lies at 1.3680, previous peak / minor platform, ahead of 1.3660, Fibonacci 38.2% of 1.3561/1.3723, where dips should find solid support.

    Res: 1.3723; 1.3738; 1.3765; 1.3800
    Sup: 1.3680; 1.3660; 1.3620; 1.3600

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    GBPUSD

    The pair continues to trend higher, with completion of 1.6668/1.6250 corrective phase, sparking fresh extension that rallied through the next targets at 1.6737/45, also cracking psychological 1.6800 resistance. Strong bulls are expected to pause for corrective pullback, as 4-hour studies are overextended and hourly RSI emerging from overbought territory. Corrective action faces initial supports at 1.6700 and previous peaks at 1.6670 zone, also Fibonacci 38.2% of 1.6424/1.6821 upleg, where dips should be ideally contained. On the upside, next target lies at 1.6877, Nov 2009 peak, above which to expose psychological 1.7000 resistance. Only stronger pullback below 1.66 handle, also Fibonacci 38.2% of larger 1.6250/1.6821 rally, would sideline near-term bulls.

    Res: 1.6800; 1.6821; 1.6877; 1.6900
    Sup: 1.6730; 1.6700; 1.6670; 1.6620

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    USDJPY

    The pair remains under pressure, as fresh weakness below102.00/101.75 handles, retraced over 61.8% of 100.74/102.69 upleg, on a dip to 101.37 so far, after the price cracked daily cloud base at 101.44. Near-term structure is negative and keeps the risk of extension below 101.20, Fibonacci 76.4% / 100SMA and psychological 100.00 support, for retest of key near-term support and base at 100.70 zone. Corrective actions, however, are expected to interrupt bears, with initial barrier at 102.00, lower platform / 50% of 102.69/101.37 descend, ahead of 102.20, Fibonacci 61.8% retracement. Only break above 102.39, 14 Feb lower top / daily 20SMA, would improve near-term structure and shift focus towards 102.69 peak.

    Res: 102.00; 102.39; 102.69; 102.92
    Sup: 101.70; 101.37; 101.20; 101.00


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    AUDUSD

    The pair holds positive near-term tone, as rally from 0.8926, 13 Feb low, reached 0.9068, fully retracing corrective 0.9066/0.8926 phase. Positive near-term technicals are supportive for renewed attempt at key near-term barrier and breakpoint at 0.9084, 13 Jan high, clearance of which to complete 0.9084/0.8658 bear-phase and confirm base for possible stronger recovery. Break higher to open 0.9100, ahead of 0.9149, 100SMA and 0.9165, 10 Dec 2013 high. Corrective actions face good support at 0.9000 zone, higher platform / Fibonacci 38.2% of 0.8926/0.9068 upleg, with stronger pullback required to hold above strong 0.89 support zone, higher base and Fibonacci 38.2% of entire recovery rally from 0.8658 to 0.9068.

    Res: 0.9068; 0.9084; 0.9100; 0.9149
    Sup: 0.9000; 0.8964; 0.8926; 0.8900

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