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Windsor Brokers - Short Term Technical Analysis for Majors (07:45 GMT)

Discussion in 'Major Currency Pairs' started by WindsorBrokers, Mar 19, 2014.

  1. WindsorBrokers

    WindsorBrokers Content Contributor

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    EURUSD

    The Euro showed limited action during past few sessions, with price action moving within narrow 1.3880/1.3940 range, awaiting today’s FOMC decision. Hourly tone is neutral, as the price forms bullish pennant, while larger pictures maintain positive tone and favor eventual push towards short-term target at 1.4000. Recent range tops, along with bear-trendline off 1.3965, offer initial resistance, ahead of fresh high at 1.3965 and psychological 1.4000 barrier, also daily channel resistance. Break here to resume larger uptrend, interrupted by 1.3965/1.3840 corrective phase and expose next targets at 1.4056, double-Fibonacci resistance 138.2% expansion of the third wave from 1.3642 and 138.2% projection of the downmove from 1.3892 to 1.3475. Narrowed range floor at 1.3880 offers immediate support, ahead of the first pivot at 1.3840 higher platform / Fibonacci 38.2% retracement of 1.3642/1.3965 upleg and only break here would sideline near-term bulls in favor of deeper pullback towards 1.3800, 50% retracement / channel support; 1.3765, Fibonacci 61.8% retracement of 1.3642/1.3965 rally and 1.3700, higher base / round-figure support / 76.4% retracement.

    Res: 1.3946; 1.3965; 1.4000; 1.4056
    Sup: 1.3900; 1.3880; 1.3840; 1.3800

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    GBPUSD

    Cable came under pressure and ended the second day in red, after fresh weakness broke below near-term range floor, to post fresh low at 1.6544, where daily 55SMA contained dips for now. Weak near-term studies favor further downside, with psychological 1.6500 support, also daily Ichimoku cloud top coming next, ahead of 1.6451, Fibonacci 38.2% retracement of larger 1.5853/1.6821 ascend. Corrective rallies are expected to precede fresh leg lower, with regain of 1.66 handle expected to open 1.6646/64 barriers, where rallies should be ideally contained. Pivotal resistance lies at 1.6716, 13 Mar peak and only break here to improve near-term structure.

    Res: 1.6608; 1.6646; 1.6664; 1.6700
    Sup: 1.6544; 1.6500; 1.6451; 1.6400

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    USDJPY

    Near-term price action moves in a consolidative mode above fresh low at 101.19, after the pair fully retraced 101.19/103.75 upleg. Near-term tone remains weak, as recovery attempts were capped under psychological 102 barrier, with descending 4-hour SMA limiting the upside for now and bull-trendline off 100.74 low being cracked. Break below 101.19 handle is required to open another significant support at 100.74, 03/05 Feb base and psychological 100 support in extension. Only break above 102.50 and 102.80, Fibonacci 61.8% retracement of 103.75/101.19 would improve near-term structure.

    Res: 101.93; 102.17; 102.50; 102.80
    Sup: 101.29; 101.19; 101.00; 100.74

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    AUDUSD

    The pair maintains positive near-term tone and eventually broke above psychological 0.9100 barrier, to crack key near-term resistance and pivotal point at 0.9132, on extension to 0.9137 so far. Positive near-term technicals keep the upside favored, with clear break above of 0.9132 barrier, expected to open 0.9151, 200SMA; 0.9165, 10 Dec 2013 high and 0.9206, 50% retracement of larger 0.9755/0.8658 descend. Corrective dips would face initial support at 0.91 zone, also hourly 55SMA and higher low at 0.9062, Fibonacci 38.2% retracement of 0.8923/0.9137, seen as ideal reversal point to keep bulls intact.

    Res: 0.9137; 0.9151; 0.9165; 0.9206
    Sup: 0.9100; 0.9060; 0.9030; 0.9000

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