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

Discussion in 'Major Currency Pairs' started by WindsorBrokers, May 14, 2014.

  1. WindsorBrokers

    WindsorBrokers Content Contributor

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    EURUSD

    The Euro remains under pressure, with fresh leg lower, following brief consolidation, probing levels below 1.37, psychological support. Technicals are negative on all timeframes, with price action establishing below daily cloud that keeps at the downside, looking for final push to key short-term support at 1.3670. Break here to confirm an end of corrective 1.3670/1.3992 phase and signal double-top formation, bearish pattern, which may trigger more significant retracement of larger uptrend that commenced from 1.2042, 2012 low. Corrective actions are seen limited with initial barrier at 1.3770, previous consolidation top and rallies to be capped at 1.38 zone, Fibonacci 38.2% of the downmove from 1.3992 to 1.3688. Any break above here would delay immediate bears.


    Res: 1.3773; 1.3800; 1.3840; 1.3876
    Sup: 1.3688; 1.3670; 1.3642; 1.3619

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    GBPUSD

    Cable continues to trend lower and posted marginally lower low at 1.6817, approaching psychological 1.68 support, also Fibonacci 38.2% retracement of 1.6464/1.6995 upleg. Near-term studies are negative and favor further downside, while bulls are still in play on the larger timeframe that requires reversal above 1.6760 higher platform, to maintain the structure in positive mode for fresh attempt higher and repeated attack at psychological 1.70 barrier. Extension below 1.6760, however, to sideline bulls, confirm reversal and open 1.6730, 50% retracement and 1.6700, round figure, in extension.

    Res: 1.6885; 1.6900; 1.6927; 1.6973
    Sup: 1.6817; 1.6800; 1.6760; 1.6730

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    USDJPY

    The pair lost traction and fell below 102 support, Fibonacci 38.2% retracement of 101.45/102.35 upleg. This weakens the structure, as hourly technicals turned negative and threatens further downside. On the other side, 4-hour studies are still positive and see possibility for fresh attempt higher that requires 101.79, Fibonacci 61.8% retracement level, to hold. Such scenario sees potential of higher low formation that requires regain of 102.35 high, to confirm and resume near-term bulls off 101.45. Otherwise, fresh push lower and pressure at strong 101.40/20 support zone, with corrective attempts being rejected under 102.35, would be likely near-term scenario.


    Res: 102.00; 102.35; 102.78; 103.00
    Sup: 101.79; 101.42; 101.31; 101.20

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    AUDUSD

    The pair regained positive near-term tone after pullback from 0.9393 high found support at 0.9332 and fresh strength eventually broke above psychological 0.94 barrier, to complete cup and holder reversal pattern. Overall bullish tone sees test of key 0.9460 barrier as likely scenario, as the price action continues to move higher, above main bull-trendline. Clear break above 0.9460 is required to confirm bullish resumption and open psychological 0.9500 barrier next. Corrective dips should not exceed 0.9360, Fibonacci 61.8% of entire rally from 0.9332, to keep bulls in play.


    Res: 0.9439; 0.9450; 0.9500; 0.9541
    Sup: 0.9378; 0.9360; 0.9345; 0.9332

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    GOLD

    Spot Gold remains in near-term sideways mode, after false attempts to break out of the range in both directions. Overall tone remains negatively aligned and keeps the downside vulnerable, as the price establishes below the first breakpoint at 1300, reinforced by 20/200 SMA death cross. Barriers at 1300 and 1315 lower platform, reinforced by daily 55SMA, arE expected to cap recovery attempts, ahead of fresh push lower. Break below fresh low at 1277, to open next supports at 1273/68. Conversely, fresh gains above 1315 barrier to delay bears, however, regain of key near-term barrier and recent range top at 1330, is required to neutralize bears and signal stronger recovery.

    Res: 1298; 1303; 1306; 1315
    Sup: 1290; 1284; 1277; 1273
     
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