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

Discussion in 'Major Currency Pairs' started by WindsorBrokers, Jun 24, 2014.

  1. WindsorBrokers

    WindsorBrokers Content Contributor

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    EURUSD

    The Euro’s near-term price action trades within narrowing range and directionless mode, moving within daily Tenkan-sen and Kijun-sen lines, as recovery attempt off 1.3563 low so far failed to sustain gains above 1.36 handle. This is seen as a first step of stronger upside action, which needs to clear temporary top at 1.3642 and 200SMA at 1.3665, for attempt at key barrier and breakpoint at 1.3676, 06 June lower high. On the downside, 1.36 zone holds for now, guarding higher lows at 1.3572 and pivotal 1.3563, below which, return to 1.35 base would be likely scenario. Hourly studies are gaining traction, while positive tone on 4-hour chart technicals and price action still holding above main bull-trendline off 1.35 base, see the upside slightly favored for now. However, initial signal of establishing fresh direction, requires break of either side- 1.3563 or 1.3642.

    Res: 1.3632; 1.3642; 1.3676; 1.3700
    Sup: 1.3591; 1.3572; 1.3563; 1.3534

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    GBPUSD

    Cable maintains overall positive tone and trades in consolidative mode above psychological 1.70 barrier, after last week’s fresh strength peaked at 1.7061. Overall positive picture sees further upside favored, 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 at 1.70 zone, while previous peaks at 1.6919/17, also 18 June low, are expected to contain stronger pullbacks. Overextended daily studies may signal prolonged consolidative phase, while only clear break below 1.69 zone, will bring bears fully in play.

    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’s stall at 102.18 and weakened hourly structure, triggered return to the levels near 101.72 and 101.59 lows. On the other side, 4-hour picture shows the pair entrenched within 101.59/102.35 range, with break of either side, required to define direction, with 4-hour studies losing traction. 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: 102.18; 102.35; 102.63; 102.78
    Sup: 101.80; 101.72; 101.59; 101.41

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    AUDUSD

    The pair corrects recent extension higher but holds positive near-term tone after fresh strength off 0.9325 higher base completed corrective 0.9437/0.9325 corrective phase and probed above 0.9437, 12 June peak. Overall bullish keeps the upside favored, as 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. Initial support lies at 0.9367, yesterday’s low, while higher low at 0.9367, also Fibonacci 61.8% of 0.9320/0.9442 should ideally contain extended dips, to keep the structure intact.

    Res: 0.9429; 0.9460; 0.9500; 0.9550
    Sup: 0.9392; 0.9367; 0.9325; 0.9300

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