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

Discussion in 'Major Currency Pairs' started by WindsorBrokers, Apr 15, 2014.

  1. WindsorBrokers

    WindsorBrokers Content Contributor

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    EURUSD

    The Euro remains at the back foot with fresh acceleration probing below 1.3800, psychological support / Fibonacci 38.2% of 1.3671/1.3904, reinforced by broken bear-trendline and 4-hour 55SMA. Clear break here to signal stronger reversal and mark near-term top at 1.3904. Negative hourly technicals favor further downside, with 4-hour indicators breaking below their midlines and supporting bearish scenario. Immediate targets lay at 1.3780 zone, 50% retracement / 09 Apr higher low and 1.3760, Fibonacci 61.8% retracement. Consolidation high at 1.3832 offers initial resistance, ahead of more significant yesterday’s highs at 1.3860, reinforced by double 10/55 and 20/55 SMA’s bearish crosses, where upside attempts should be capped. Only break here and filling yesterday’s gap would turn the picture bullish and signal higher base formation for fresh attempt at the upper targets at 1.3904 and 1.3965.
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    Res: 1.3832; 1.3862; 1.3904; 1.3946
    Sup: 1.3780; 1.3760; 1.3736; 1.3700

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    GBPUSD

    Cable trades in near-term corrective mode off 10 Apr high at 1.6819, after completing short-term 1.6821/1.6464 corrective phase. Fresh weakness through 1.6715, Fibonacci 38.2% of 1.6548/1.6819 upleg / broken bear-channel upper line, cracked psychological 1.67 support, signaling deeper pullback, as the price so far spiked near 61.8 % retracement of 1.6548/1.6819 ascend. Indicators on 4-hour chart are breaking into negative territory that suggests further easing, as hourly technicals are bearish. Break below 1.6652/42, Fibonacci 61.8% of 1.6548/1.6819 and 50% retracement of 1.6464/1.6819 ascend, to confirm near-term top and the price’s return back to range trading. Extension below 1.66 handle would risk possible retest of key near-term support at 1.6548, 04 Apr higher low. Alternative scenario requires lift above previous consolidation tops at 1.6740 zone, to avert immediate downside risk.

    Res: 1.6740; 1.6790; 1.6821; 1.6900
    Sup: 1.6652; 1.6642; 1.6600; 1.6563

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    USDJPY

    The pair trades in near-term sideways mode, consolidating recent losses that found temporary support at 101.31. Near-term tone is turning positive as the price moves towards the upper boundary at 102.00/15, reinforced by broken bear-trendline off 100.74, with hourly studies gaining traction. Clear break here is required to revive 4-hour bulls and allow for stronger recovery, as reversal pattern is building up on daily chart. However, upside attempts are so far seen limited, as overall picture remains bearish and favors further weakness for full retracement of 101.20/104.11 ascend and test of key support at 100.74 in extension. Only break above 103 barrier would improve and shift near-term focus higher.

    Res: 102.00; 102.14; 102.38; 102.71
    Sup: 101.83; 101.31; 101.20; 100.74

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    AUDUSD

    The pair trades in near-term consolidative mode, after fresh extension of bull-phase from 0.8658 bulls peaked at 0.9460 last week. Near-term price action consolidates above the pullback low and 38.2% retracement of 0.9204/0.9460 upleg at 0.9360, also broken channel resistance line. Overall positive sentiment keeps the upside still in play for eventual test of next targets at 0.9477, Fibonacci 138.2% expansion of the third wave from 0.8889 and 0.9500, round-figure resistance / Fibonacci 76.4% retracement of 0.9755/0.8658 descend. However, hourly studies are losing traction, while 4-hour indicators are descending from overbought territory that may delay bulls for further consolidative/corrective action. Previous peaks and Fibonacci 61.8% retracement of 0.9204/0.9460 at 0.9300 zone should contain stronger pullbacks.

    Res: 0.9424; 0.9460; 0.9477; 0.9500
    Sup: 0.9362; 0.9332; 0.9300; 0.9253

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    GOLD

    Spot Gold enters near-term corrective phase off fresh high at 1330, posted yesterday. Acceleration through initial supports at 1324 and 1310 brings hourly bears in play, with Fibonacci 38.2% retracement of recovery rally from 1277 to 1330, being tested so far. Further weakness would risk extension to 1300, 09 Apr higher low / psychological support / 200SMA and near 50% retracement, where dips should find support to avert risk of neutralizing bulls and fresh extension towards key support and near-term base at 1277.

    Res: 1313; 1319; 1324; 1330
    Sup: 1304; 1300; 1295; 1281






    SILVER

    Spot Silver remains directionless after unsuccessful attempts at the both sides of near-term range. Hourly studies are flat, however, positive tone persists on 4-hour chart that keeps hopes of renewed attempts higher, where 20.37, 10 Apr rally peak and 20.40, Fibonacci 38.2% retracement of 21.77/19.56 descend, offer initial barriers and pivotal points. Sustained break here is required to signal stronger recovery. Otherwise, downside will remain at risk, as larger picture studies remain bearish and risk further weakness for completion of 18.99/22.15 ascend, with the notion being supported by triple MA’s bear-crosses, 20/200SMA’s death-cross and 20/55 / 20/100 SMA’s bearish crosses.

    Res: 20.12; 20.19; 20.37; 20.40
    Sup: 19.90; 19.77; 19.60; 19.56
     
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