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

Discussion in 'Major Currency Pairs' started by WindsorBrokers, Jun 2, 2014.

  1. WindsorBrokers

    WindsorBrokers Content Contributor

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    EURUSD

    The Euro lost traction and weakened near-term tone off 1.3585 low, after Friday’s acceleration higher peaked at 1.3649, 76.4% of 1.3667/1.3585 downleg and subsequent pullback lost again 1.36 handle. Negative tone gaining studies on hourly and indicators below the midlines on 4-hour chart, are sidelining fresh attempts towards cracked 200SMA at 1.3640 and further upside that requires clearance of initial 1.3667, 27 May lower top, to signal recovery extension towards the next breakpoints at 1.3733/40, mid-May lower platform / Fibonacci 38.2% retracement of 1.3992/1.3585 fall. Instead, formation of Morning Star reversal pattern on a daily chart, is now under question mark, with downside risk towards 1.3585 and fresh extension of larger downmove from 1.3992, seen as favored in the near-term. Break lower to confirm an end of recovery phase and open next targets at 1.3561, 12 Feb low; 1.3519, Fibonacci 61.8% of larger 1.2754/1.3992 upleg and psychological 1.3500 support, in extension.

    Res: 1.3649; 1.3667; 1.3687; 1.3733
    Sup: 1.3585; 1.3561; 1.3519; 1.3500


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    GBPUSD

    Cable remains under pressure, with near-term price action being in corrective mode after denting psychological 1.67 support. The recovery is so far limited, as the price remains capped by 38.2% retracement of 1.6917/1.6691 at 1.6777, with break here and psychological 1.6800 hurdle, required to open stronger recovery. Key near-term barrier and the first pivot lies at 1.6860, bear-trendline off 1.6995 peak and break here is required to confirm reversal, signaled by Morning Star pattern formation on a daily chart. Otherwise, extension of larger bears off 1.6995 would remain in play, as larger picture remains bearish. Slide below fresh low at 1.6691 is required to confirm scenario and open 1.6667, Fibonacci 61.8% of 1.6464/1.6995 and 1.6600, round figure support, in extension lower.


    Res: 1.6760; 1.6776; 1.6800; 1.6835
    Sup: 1.6723; 1.6703; 1.6691; 1.6667

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    USDJPY

    The pair continues to consolidate under fresh high at 102.13, with the downside being so far contained by 101.41, near 50% retracement of 100.81/102.13 ascend. Near –term studies are positive, as the price trades near the upper barriers, with break above 102.13, required to signal resumption of recovery rally off 100.81 and open next pivot at 102.35, 13 May peak / near daily cloud base. Alternatively, failure to clear 102.13, would risk further consolidation, while slide below 101.41, 29 May low and retest of multi-month base at 101.20, would risk further weakness, with break below low at 100.81/74, 21 May spike low / 04 Feb low, to spark fresh bear-phase and resumption of larger downtrend from 105.43, 02 Jan year-to-date high.


    Res: 102.13; 102.35; 102.78; 103.09
    Sup: 101.83; 101.67; 101.41; 101.20

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    AUDUSD

    The pair came under pressure after recovery rally from 0.9207 stalled at 0.9330, Fibonacci 61.8% retracement of 0.9407/0.9207 descend and subsequent acceleration lower weakened near-term technicals, retracing over 61.8% of 0.9207/0.9330 upleg. Near-term risk is skewed towards the downside, as 4-hour studies are turning negative and see risk of full retracement of 0.9207/0.9330 upleg. Formation of daily Evening Star Pattern, confirms the notion. Near-term bears may be delayed as hourly studies are oversold, however, only break above 0.9330 lower top would provide relief.

    Res: 0.9274; 0.9287; 0.9312; 0.9330
    Sup: 0.9238; 0.9207; 0.9177; 0.9121

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