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

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

  1. WindsorBrokers

    WindsorBrokers Content Contributor

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    EURUSD

    The Euro consolidates fresh push higher which broke above 200SMA and eventually cleared key 1.3676 barrier. Gains are for now capped at psychological 1.37 barrier, reinforced by daily 55SMA, with current consolidative phase expected to precede fresh leg higher. Break through 1.37 to open daily cloud top at 1.3723 and 1.3737/47, 100SMA / Fibonacci 61.8% retracement of 1.3992/1.3501 descend. Positive 4-hour studies support the scenario, while hourly indicators are entering negative territory and dips ideally to be ideally held by 1.3650 zone, previous highs of 19/25 June / Fibonacci 38.2% retracement of 1.3573/1.3699 upleg.

    Res: 1.3700; 1.3723; 1.3737; 1.3747
    Sup: 1.3650; 1.3630; 1.3600; 1.3573

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    GBPUSD

    Cable maintains positive tone and continues to trend higher, with break and daily close above 1.71 hurdle, confirming strong bullish tone, after completion of 1.7061/1.6950 corrective phase, resumes larger uptrend and eyes round figure barrier at 1.7200. However, overbought 4-hour and daily conditions require caution, with potential corrective actions to face immediate supports at 1.7100 and 1.7061, previous barriers.

    Res: 1.7165; 1.7200; 1.7250; 1.7300
    Sup: 1.7100; 1.7061; 1.7000; 1.6950

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    USDJPY

    The pair remains under pressure, with near-term consolidation being under way ahead of 101.10/00 support zone. Overall negative structure favors eventual push through psychological 101 support and retest of key 101.81/74, short-term range floor levels. Break below multi-month congestion to open fresh leg lower, part of larger descend off 105.43, 2013 peak and expose psychological 100 support, next. Previous supports at 101.59/80 zone, now offer immediate barriers and so far limit the upside, ahead of lower tops at 102.15/18, where stronger corrective rallies are expected to be capped.

    Res: 101.64; 101.73; 101.86; 102.15
    Sup: 101.43; 101.22; 101.10; 101.00

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    AUDUSD

    The pair cracked psychological 0.95 barrier, on a fresh acceleration above previous key level at 0.9460. Resumption of larger upleg off 0.92 higher base now focuses 0.9619, 50% retracement of multi-month 1.0581/0.8658 descend and 0.9755 lower top of Oct 2013, in extension. Corrective actions on overbought near-term studies face solid support at 0.9445, previous consolidation tops and Fibonacci 38.2% of 0.9352/0.9503 upleg and further easing expected to ideally find footstep around 0.94 support zone, Fibonacci 61.8% retracement.

    Res: 0.9503; 0.9526; 0.9550; 0.9600
    Sup: 0.9445; 0.9400; 0.9385; 0.9350


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