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

Discussion in 'Major Currency Pairs' started by WindsorBrokers, Apr 3, 2014.

  1. WindsorBrokers

    WindsorBrokers Content Contributor

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    EURUSD

    The Euro is losing traction after triple rejection at 1.38 resistance zone triggered pullback to 1.3752 so far, retracing near 61.8% of 1.3704/1.3819 rally. Formation of bearish engulfing pattern suggests further easing and possible retest of strong 1.37 support zone, previous low of 28 Mar and daily cloud top. Negative hourly studies and 4-hour indicators breaking below the midlines, support the notion, with violation of 1.37 handle to signal continuation of bear-channel of 1.3965 peak. Recent low at 1.3752, along with Fibonacci 61.8% of 1.3704/1.3819, offer immediate support, ahead of 31 Mar spike low and daily 55SMA at 1.3721 and pivotal 1.3704, low of 28 Mar, below which bearish resumption would look for 1.3680, 100SMA and 1.3662, 61.8% retracement of larger 1.3475/1.3965 ascend. Session high and previous 31 Mar / 01 Apr consolidation lows at1.3770, offer initial resistance, with 1.3785, 50% retracement and hourly 20/55SMA’s bear cross, expected to limit upside attempts.

    Res: 1.3770; 1.3785; 1.3800; 1.3819
    Sup: 1.3752; 1.3720; 1.3700; 1.3662

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    GBPUSD

    Cable remains in near-term consolidative sideways mode, with price action moving within 1.6620/60 range. Near-term base is forming at 1.6620, where the price found solid support, reinforced by daily cloud top and should ideally keep the downside protected for fresh attempt higher. Hourly studies are neutral, while 4-hour bulls remain in play, however, downside risk would remain in play, as daily studies are lacking momentum. Holding below initial barriers at 1.6716/20, previous peak / trendline resistance, would require caution, as downside risk is expected to increase in case of loss of 1.6620/00 handles that may trigger fresh weakness and signal lower top formation.

    Res: 1.6660; 1.6685; 1.6700; 1.6716
    Sup: 1.6620; 1.6600; 1.6574; 1.6548


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    USDJPY

    The pair remains supported and fresh extension higher cracked psychological 104 barrier, after the price broke and close above key 103.75, 07 Mar peak. Clearance of 104 hurdle opens next target at 104.32, Fibonacci 76.4% of 105.43/100.74 descend and lower tops of 16 / 23 Jan at 104.93/83, along with psychological 105 barrier. Overall picture remains bulls and keeps the upside favored, however, overbought 4-hour studies warn of corrective action, before fresh attempt higher. Initial support lies at 103.57, yesterday’s low and 103.42, 31 Mar previous high, ahead of 103.16, Fibonacci 38.2% retracement of 101.71/104.06 upleg and psychological 103 support, where corrective dips should ideally find support.

    Res: 104.06; 104.32; 104.83; 105.00
    Sup: 103.57; 103.42; 103.00; 102.80


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    AUDUSD

    The pair’s near-term tone weakened, as the price probed below initial support and consolidation floor at 0.9220 and tested psychological 0.9200 support so far. With hourly studies turning negative and 4-hour indicators attempting below their midlines that keeps the downside vulnerable. Sustained break lower and violation of 0.9184, Fibonacci 38.2% retracement of 0.8994/0.9302, to confirm reversal and mark near-term top at 0.9302, for further easing towards strong support at 0.9135 zone, previous peaks / 50% retracement / trendline support and 200SMA, below which to fully establish bears. Otherwise, near-term bulls will remain in play for eventual break above 0.93 handle and resumption of larger uptrend from 0.8658, 24 Jan annual low.

    Res: 0.9262; 0.9302; 0.9314; 0.9336
    Sup: 0.9200; 0.9184; 0.9148; 0.9112


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    GOLD

    Spot Gold trades in extended consolidative phase off fresh low at 1277, signaling possible basing attempt. Hourly technicals improved and see scope for possible extension of the recent recovery peak at 1294, for attempt at pivotal 1296, 200SMA and 1300 barriers, break of which to signal near-term base and allow for stronger correction. Indicators of 4-hour chart are approaching their midlines and support the notion, however, failure to clearly break above initial 1300 barrier, would keep risk of fresh weakness in play, as larger picture bears remain fully in play. Extension below initial 1287 support, 01 Apr high / yesterday’s low / hourly 20/55SMA’s bull-cross, to bring near-term bears back in play and risk return to 1277 base and possible bearish resumption on violation of the latter.

    Res: 1294; 1296; 1300; 1306
    Sup: 1287; 1280; 1277; 1273





    SILVER

    Spot Silver attempts to stabilize above near-term consolidation top at 20.00, as fresh extension higher peaked at 201.13 so far and signals near-term basing attempt. Near-term studies turned positive and support further recovery, with regain of the next barrier at 20.20, 100SMA, expected to open way towards the next pivot at 20.40, Fibonacci 38.2% retracement of 21.77/19.56 descend and confirm reversal. However, recovery action is seen limited, as daily bears are firmly in play, with death-cross formation of 20/200SMA and bear-cross of 20/55SMA’s, keeping the downside pressured.

    Res: 20.13; 20.20; 20.40; 20.56
    Sup: 19.90; 19.80; 19.67; 19.62
     
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