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

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

  1. WindsorBrokers

    WindsorBrokers Content Contributor

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    EURUSD

    The Euro remains in near-term consolidative phase above 1.35 support, after previous week’s recovery attempts were capped by falling 55SMA. Weekly close occurred at the lower levels of 1.3511/1.3577 range and keep the near-term structure weak for resumption of larger downtrend from 1.3992 08 May peak. Negative daily studies support the notion, however, overextended conditions may trigger extended consolidation, ahead of fresh leg lower. Break below 1.35 handle to open way for attack at the next significant support at 1.3475, 03 Feb higher low / main bull-trendline off 1.2042 low, loss of which to complete 1.3475/1.3992 bull-leg and confirm double-top formation for fresh acceleration lower and further retracement. Recovery peak and 38.2% of 1.3676/1.3511 at 1.3577, offers initial resistance, along with 1.3585 lower base, reinforced by daily Tenkan-sen line, break of which would put bears on hold in favor of stronger recovery. Key near-term barrier lies at 1.3676, 06 June lower high and 38.2% of 1.3992/1.3502, break above which is required to confirm base and trigger further recovery.

    Res: 1.3577; 1.3600; 1.3645; 1.3667
    Sup: 1.3520; 1.3511; 1.3502; 1.3475

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    GBPUSD

    Cable remains supported and eventually cracked 1.7000 barrier, following acceleration off 1.6736 higher low. Overall positive picture favors fresh phase higher, once the pair clearly breaks 1.70 barrier, with immediate target at 1.7041, Aug 2009 peak. However, consolidative action around 1.70 handle is expected to precede fresh bulls, as condition on 4-hour chart are overbought. Previous peaks at 1.6917/19, along with psychological/ Fibonacci 38.2% retracement 1.69 support, are seen as ideal points to contain corrective dips.

    Res: 1.7009; 1.7041; 1.7100; 1.7150
    Sup: 1.6941; 1.6919; 1.6900; 1.6844

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    USDJPY

    Near-term price action has lost ground and extended pullback off fresh high at 102.78 below pivotal 102.10/00 support zone, to find temporary support at 101.59, near Fibonacci 61.8% of 100.81/102.78 upleg and 200SMA. This confirms negative near-term structure and keeps the downside in near-term focus, as brief corrective attempt off 101.59 low was capped by descending 55SMA. False break through 102 handle and return to the levels close to 101.59 low, keep near-term focus At the downside. However, larger picture still holds bullish tone is and while dips stay contained above 101.50/41, 200SMA / 29 May higher low, scope will exist for fresh attempts higher. Regain and daily close above 102 handle is seen as minimum requirement for bullish scenario. Otherwise, slide to short-term range floor at 100.81/74, would be expected in case of fresh weakness below 101.59/41 supports.

    Res: 102.12; 102.41; 102.63; 102.78
    Sup: 101.70; 101.59; 101.41; 101.20


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    AUDUSD

    The pair holds positive near-term structure, as the price underwent consolidative action which was supported at 0.9373, with fresh attempt through 0.94 barrier under way. Eventual push towards the key 0.9460 peak is seen as likely near-term scenario, with break higher to complete short-term corrective phase off 0.9460 and resume larger uptrend off 0.8658, annual low. However, further consolidative action is not ruled out and should be ideally contained above 0.9330/20 support area, 30 May previous peak / 50% retracement of 0.9209/0.9437 upleg.

    Res: 0.9437; 0.9460; 0.9500; 0.9550
    Sup: 0.9373; 0.9349; 0.9330; 0.9320


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