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

Discussion in 'Major Currency Pairs' started by WindsorBrokers, Mar 25, 2014.

  1. WindsorBrokers

    WindsorBrokers Content Contributor

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    EURUSD

    The Euro bounced through 1.3820 barrier which capped near-term consolidation and spiked at 1.3874, marking 61.8% retracement of 1.3946/1.3748 fall. Formation of double-bottom pattern signals further upside, as hourly technicals are positive. Pullback off fresh high at 1.3874 attempts to consolidate above previous peak at 1.3825, with hourly bullish 20/55SMA’s cross at 1.3800, underpinning the action. Holding above the latter would keep freshly established bulls in play for further recovery towards 1.3900 and lower platform at 1.3930/40 zone. However, negatively aligned 4-hour studies require caution, as failure to extend gains above initial 1.3874, would keep the downside vulnerable, with loss of 1.38 handle to bring bears back in play for possible retest of 1.3759/48 lows.

    Res: 1.3874; 1.3900; 1.3940; 1.3965
    Sup: 1.3825; 1.3800; 1.3759; 1.3748

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    GBPUSD

    Cable remains under pressure and posted marginally lower low at 1.6464, with near-term price action moving in consolidative mode, following yesterday’s short-lived spike to 1.6535, where broken bear-channel support line and Fibonacci 38.2% of 1.6652/1.6464 downleg capped rally. Hourly studies are neutral, while bears dominate on 4-hour chart and favor further downside. Immediate target lies at 1.6451, Fibonacci 38.2% retracement of larger 1.5853/1.6821 ascend, ahead of daily 100 SMA at 1.6423 and psychological 1.6400 support. Alternative scenario requires break above 1.6535 to signal basing attempt and allow for stronger recovery towards 1.6558, 50% retracement / 55SMA and 1.6580, Fibonacci 61.8%. Key near-term barriers and breakpoints lay at 1.6652/64, above which to confirm formation of higher low at 1.6464.

    Res: 1.6517; 1.6535; 1.6558; 1.6580
    Sup: 1.6464; 1.6451; 1.6400; 1.6385

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    USDJPY

    The pair is near-term neutral mode, with price being entrenched within 102.00/63 range and trading in sideways mode. Hourly studies are losing traction after repeated failure at the range tops, with range floor being under pressure. On the 4-hour chart positive tone remains in play, however, break below 20 and 55SMA’s keeps the downside vulnerable. Slide below 102 handle, mid-point of 101.29/102.67 range and 101.80, 61.8% retracement, would signal further weakness and risk return to 101.20 base. Conversely, clearance of the range ceiling at 102.67 and Fibonacci 61.8% of 103.75/101.19 at 102.77, to confirm bullish resumption towards 103.00 and 103.42/75 in extension.

    Res: 102.33; 102.67; 102.77; 103.09
    Sup: 102.00; 101.80; 101.50; 101.20

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    AUDUSD

    The pair eventually broke above key near-term barriers at 0.9132/37 and 200SMA at 0.9141,with fresh peak being posted at 0.9156 and confirmation seen on a daily close above previous peaks. Bullish near-term studies are supportive for such scenario, with immediate targets laying at 0.9165, 10 Dec 2013 peak and 0.9206, 50% retracement of 0.9755/0.8658 descend. To keep bulls intact, consolidative / corrective actions should be ideally contained near 0.9100, Fibonacci 38.2% of 0.8994/0.9156 rally / bull-trendline off 0.8994 higher low. Key near-term support and breakpoint lies at 0.900 higher base and break here would be bearish.

    Res: 0.9156; 0.9165; 0.9206; 0.9269
    Sup: 0.9118; 0.9100; 0.9075; 0.9047

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