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

Discussion in 'Major Currency Pairs' started by WindsorBrokers, May 20, 2014.

  1. WindsorBrokers

    WindsorBrokers Content Contributor

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    EURUSD

    The Euro remains directionless and trades within narrow range, around 1.37 handle in past few sessions. Probe below 1.3670 support, 04 Apr low and breakpoint, was short-lived and showed false break for now. However, upside attempts were also limited and so far capped by daily 100SMA, with near-term price action being entrenched between 1.3647 and 1.3733 range. Near-term technicals are generally neutral and suggest further range-trading, while larger picture remains bearish that keeps downside targets in focus. Fresh attempts lower require clear break below 1.3670 and fresh low at 1.3647, to confirm bearish resumption towards 1.3626, 200 SMA and psychological 1.36 support. Alternative scenario requires sustained break above 1.38 barrier, reinforced by daily 20/55SMA’s bear-cross, to sideline bears and allow for stronger recovery


    Res: 1.3735; 1.3779; 1.3800; 1.3820
    Sup: 1.3700; 1.3683; 1.3647; 1.3619



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    GBPUSD

    Cable trades in near-term corrective phase off fresh low at 1.6730. Rallies were so far capped by daily 20 SMA, with near-term technicals being in neutral/negative mode. On the other side, larger timeframes’ studies are losing momentum that sees downside risk still in play. Yesterday’s Doji confirm near-term indecision and keeps risk of lower top formation, ahead of fresh weakness. Break below 1.6730 support, also daily 55SMA, to confirm bearish scenario and resume larger bears off 1.6995 towards Fibonacci 61.8% retracement level at 1.6667, with 100SMA at 1.6634 and 1.66, round- figure support seen in extension. Only break above 1.69 barrier would neutralize bears.

    Res: 1.6843; 1.6872; 1.6900; 1.6937
    Sup: 1.6800; 1.6782; 1.6752; 1.6730

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    USDJPY

    The pair maintains overall negative tone, as weakness off 102.35, recovery rejection level, dented strong supports and short-term base at 101.40/20 zone. Overall structure is negative and keeps risk towards the downside, with clear break below 101.20 base, required to confirm. Immediate targets lie at 101.20/00 supports and more significant 100.74, 04 Feb low, loss of which to signal bearish resumption of larger downtrend from 105.43, 02 Jan year-to-date high and focus psychological 100 support. Current consolidation above 101.20 would signal prolonged sideways movements, while only break above 103 barrier would revive bulls.

    Res: 101.66; 102.00; 102.11; 102.35
    Sup: 101.10; 101.00; 100.74; 100.00


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    AUDUSD

    The pair lost ground and fell below 0.9300 handle, after break below initial 0.9330 support and previous consolidation range. Near-term studies lost traction and fell into negative territory that risks further weakness and possible full retracement of 0.9201/ 0.9407 ascend. Support at 0.92 zone is seen as a breakpoint and in case of extension lower, would signal an end of larger consolidation under fresh peak at 0.9265, 10 Apr high and would trigger stronger correction of larger 0.8658/ 0.9460 uptrend. Next strong support lies at 0.9154 and marks Fibonacci 38.2% retracement and 55/200SMA golden cross, with break here required to confirm bears fully in play.

    Res: 0.9300; 0.9330; 0.9372; 0.9407
    Sup: 0.9250; 0.9226; 0.9200, 0.9154

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