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

Discussion in 'Major Currency Pairs' started by WindsorBrokers, Apr 16, 2014.

  1. WindsorBrokers

    WindsorBrokers Content Contributor

    Feb 18, 2010
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    The Euro trades in a corrective mode off fresh low at 1.3789, where strong support, 50% retracement of 1.3671/1.3904 / broken bear-trendline off 1.3965 peak, contained reversal off 1.3965 for now. Consolidative action broke above initial 1.3832, yesterday’s recovery rally peak and Fibonacci 38.2% retracement of 1.3904/1.3789 pullback, to retrace 50% so far, on extension to 1.3850. Improving hourly studies support further advance towards pivotal 1.3860, weekly highs and Fibonacci 61.8% retracement of 1.3904/1.3789, above which to confirm higher low formation and look for retest of key 1.3904 peak, after filling Monday’s gap. Bullish daily studies support scenario. Session low at 1.3805, also higher low of ascend from 1.3789, should keep the downside protected. Alternative scenario requires loss of 1.3805 and more significant 1.3789 support to bring bears back in play for extension of the downmove from 1.3904, 11 Apr peak.

    Res: 1.3860; 1.3879; 1.3904; 1.3941
    Sup: 1.3832; 1.3805; 1.3789; 1.3760



    Cable completed near-term corrective phase off 1.6819, as the pullback was generally contained at 1.6700 zone, broken bear-channel resistance line, excluding yesterday’s short-lived spike lower to 1.6657. Near-term bulls are fully in play for eventual break above 1.6819/21 peak, clearance of which to signal an end of short-term congestion and resume larger bull-trend towards 1.6900, round-figure, above which to expose interim barrier at 1.6957, Fibonacci 138.2% projection, en-route to psychological 1.7000 resistance. Larger picture bullish structure is supportive. Corrective actions should be ideally contained above 1.6750, previous congestion tops.

    Res: 1.6821; 1.6850; 1.6900; 1.6957
    Sup: 1.6790; 1.6750; 1.6718; 1.6700



    The pair is gaining traction after break above initial 102.00/15 barriers improves near-term structure and signals basing attempt. Break above the next hurdle at 102.38, Fibonacci 38.2% retracement of 104.11/101.31 is requires to sideline downside risk and open way for further recovery towards 102.71, 50% retracement and psychological 103 barrier, also Fibonacci 61.8% retracement and reinforced by double MA’s bear-cross. Weak daily studies see corrective action limited and only break above 103 barrier is required to bring bulls fully in play.

    Res: 102.38; 102.7; 103.00; 103.29
    Sup: 102.00; 101.80; 101.50; 101.31



    The pair came under pressure after extension below near-term consolidation floor and 38.2% retracement of 0.9204/0.9460 upleg at 0.9360, also broken channel resistance line extended pullback to 0.9331, 50% retracement of 0.9204/0.9460 upleg. Negative hourlies and 4-hour indicators breaking into negative territory, keep the downside favored in the near-term, with completion of consolidative phase expected to trigger further weakness. Return and possible break of pivotal 0.9300 support, Fibonacci 61.8% retracement / previous peaks of 28 Mar / 01 Apr, to confirm reversal and mark near-term top at 0.9460. Reversing daily indicators favor the scenario, with clear break below 0.93 handle, required to confirm.

    Res: 0.9383; 0.9400; 0.9424; 0.9460
    Sup: 0.9331; 0.9300; 0.9253; 0.9204



    Spot Gold came under strong pressure and slumped yesterday, losing all important supports, with price dipping to 1286 so far, to nearly fully retrace near-term rally from 1277 to 1330. Corrective action on oversold near-term studies is under way, with psychological barrier and previous strong support, reinforced by 200SMA at 1300, holding the upside attempts limited, despite marginal break higher. Overall negative tone favors final push to 1277, with completion of 1277/1330 bull phase to confirm lower top formation at 1330 and spark fresh leg lower, as extension of larger downtrend from 1392, 17 Mar peak. Alternatively, clear break above 1300 barrier and regain of 1313, previous support and Fibonacci 61.8% retracement of 1330/1286 downleg, would sideline near-term bears and avert immediate risk towards 1277 breakpoint.

    Res: 1308; 1313; 1319; 1324
    Sup: 1293; 1286; 1277; 1262


    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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