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

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

  1. WindsorBrokers

    WindsorBrokers Content Contributor

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    EURUSD

    The Euro remains under pressure and left lower top at 1.3639, after fresh acceleration lower probes levels below 1.3585/74 supports. The way towards 1.35 base and key short-term support, is now open, as fresh weakness retraced nearly 76.4% of 1.3502/1.3699 rally. Bearish near-term studies support the notion, as daily tools are building bearish momentum for eventual completion of 1.3502/1.3699 phase, with probe below 1.35 base / main bull trendline off 1.2042 and return to another pivotal short-term support at 1.3475, 03 Feb higher low, to complete larger, Feb/May 1.3475/1.3699 ascend. Corrective rallies should find ideal cap at previous supports at 1.3585 and 1.3600, while only sustained break above the latter would delay immediate bears.

    Res: 1.3574; 1.3585; 1.3600; 1.3625
    Sup: 1.3556; 1.3534; 1.3511; 1.3502

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    GBPUSD

    Cable rallied sharply and escaped from dangerous territory, neutralizing downside risk, which started to build up on a break below 1.71 handle. Strong rebound recovered all near-term losses and posted marginally higher high at 1.7189. This brought near-term focus back to the upside levels, for resumption of larger uptrend, being paused by 1.7177/1.7057 corrective phase, with reversal signaled by bullish engulfing pattern. Positively aligned near-term studies and already bullish larger picture, support the notion, however, close above near-term tops is required to confirm.

    Res: 1.7166; 1.7177; 1.7189; 1.7200
    Sup: 1.7123; 1.7108; 1.7095; 1.7068


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    USDJPY

    The pair continues to move higher, on near-term corrective rally off fresh low at 101.05, posted on 05 July. Fresh extensions retraced over 76.4% of 102.25/101.05 descend, with positive near-term studies being supportive. The price action approaches the lower boundary, previous 09 July high / 200 SMA, of pivotal 101.85/102.00 resistance zone, break of which is required to confirm recovery. However, caution is still required as daily studies are weak and risk of lower top formation will persist while 102 barrier stays intact. Otherwise, break here to open next pivotal barriers at 102.25/35.

    Res: 101.75; 101.85; 102.00; 102.25
    Sup: 101.62; 101.42; 101.37; 101.20

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    AUDUSD

    Near-term recovery attempt lost traction after spiking at 0.9454 and subsequent weakness nearly fully retraced 0.9327/0.9454 upleg. This brought immediate risk at key 0.9320 higher platform and Fibonacci 61.8% retracement of 0.9209/0.9503 ascend, with break here to trigger fresh extension of reversal from 0.9503 peak, which was interrupted by 0.9327/0.9454 corrective rally. Negative near-term studies support further weakness, however, hesitation ahead of 0.9320 base could be expected, as hourly studies are oversold. Corrective rallies should stay under 0.94 barrier, to keep fresh bears intact.

    Res: 0.9376; 0.9407; 0.9429; 0.9454
    Sup: 0.9327; 0.9320; 0.9300; 0.9250

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