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

Discussion in 'Major Currency Pairs' started by WindsorBrokers, Jun 23, 2014.

  1. WindsorBrokers

    WindsorBrokers Content Contributor

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    EURUSD

    The Euro’s attempt at the levels above 1.36 handle after leaving higher low at 1.3585, part or recovery leg from 1.3563, was so far short-lived. Hourly studies are losing traction after corrective attempt 1.3563 higher low failed to sustain gains and confirm wave principles on near-term recovery attempt. Instead, rally capped by bear-trendline off 1.3642 peak, broke below bull-trendline off 1.3563 higher low and threatens return to the latter, loss of which would further weaken the structure and possibly signal an end of recovery phase from 1.3511 base. Negative daily technicals and reversal pattern forming, would likely offset positively aligned 4-hour structure which still keep hopes of fresh attempts higher, in case dips get contained above 1.3563.

    Res: 1.3612; 1.3632; 1.3642; 1.3676
    Sup: 1.3563; 1.3534; 1.3510; 1.3500

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    GBPUSD

    Cable maintains overall positive tone and consolidates above psychological 1.70 barrier, after last week’s fresh strength peaked at 1.7061. Overall positive studies favor further upside, as the pair eventually broke above multi-year congestion tops and looks for the next target at 1.71. Further advance to focus 1.7331, 50% retracement of larger 2.1161/1.3501 descend. Corrective dips to face initial supports at1.70 zone, while previous peaks at 1.6917/19, as well as 18 June low, are expected to contain stronger pullbacks. Caution is required as daily studies are extended and Friday’s inside day candle may signal reversal, which requires break and today’s close below 1.70 handle to signal initiation of the pullback and loss of 1.69 handle to confirm.

    Res: 1.7061; 1.7100; 1.7150; 1.7200
    Sup: 1.7000; 1.6985; 1.6919; 1.6900

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    USDJPY

    The pair remains at the back foot after recovery attempt above 102 handle stalled at 102.18 and weakened hourly structure, risking return to 101.72 and 101.59 lows. On the other side, 4-hour picture shows the pair within 101.59/102.35 range, with break of either side, required to define direction, as 4-hour and daily studies are neutral. Loss of 101.72, 19 June higher low and 101.59, 12 June low and breakpoint, reinforced by 200SMA, to re-open key short–term supports and larger picture’s range floor at 100.81/74. Alternatively, extension through the upside pivot at 102.35, to expose the upper target and breakpoint at 102.78, 04 June peak.

    Res: 102.00; 102.18; 102.35; 102.63
    Sup: 101.72; 101.59; 101.41; 101.10

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    AUDUSD

    The pair holds positive near-term tone after fresh strength off 0.9325 higher base completed corrective 0.9437/0.9325 corrective phase and probes above 0.9437, 12 June peak. The action is supported by overall bullish picture and the pair looks for eventual test of key 0.9460, 10 April peak, break of which to eventually complete larger 0.9460/0.9200 consolidative phase and resume large uptrend. Session low at 0.9367, also Fibonacci 61.8% of 0.9320/0.9442 and higher low should not be exceeded in case of deeper pullback.

    Res: 0.9460; 0.9500 0.9550; 0.9619
    Sup: 0.9413; 0.9396; 0.9367; 0.9325


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