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

Discussion in 'Major Currency Pairs' started by WindsorBrokers, Aug 11, 2014.

  1. WindsorBrokers

    WindsorBrokers Content Contributor

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    EURUSD

    The Euro trades in consolidative mode after finding ground above 1.33 support. Near-term price action moves around 1.34 handle, still holding below 1.3443, 01 Aug lower top and breakpoint, clearance of which is required to trigger stronger recovery and confirm near-term base. Near-term action is supported by positive hourly studies and 4-hour indicators emerging above the midlines. Also, reversing daily indicators and RSI out of oversold zone, support the notion. Lift above 1.3443, also near 38.2% retracement of 1.3639./1.3316 descend, to open 1.3485, 24 July lower top and 50% retracement, as well as psychological 1.35 barrier. Pullback off fresh recovery high at 1.3431, which dented 1.34 support, also near 38.2% of 1.3316/1.3431 ascend, should hold above 1.3370, Fibonacci 61.8% retracement and hourly 20/55 SMA’s bullish cross, to keep near-term bulls intact for renewed attempt higher. Otherwise, risk of retest of 1.33 support zone and fresh extension of larger downtrend would remain in play.


    Res: 1.3409; 1.3431; 1.3443; 1.3485
    Sup: 1.3381; 1.3369; 1.3350; 1.3335

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    GBPUSD

    Cable maintains negative tone and reached fresh low at 1.6764, after loss of psychological 1.68 support. The pair is looking for completion of the upleg from 1.67 zone higher base, to 1.7189, as the biggest part of the rally has already been retraced. Near-term consolidative actions are expected to interrupt bears, however, the upside potential so far looks limited, as near-term technicals remain negative. Only break above 1.6885 lower top would signal more significant upside action and delay attempt at 1.67 base.

    Res: 1.6810; 1.6827; 1.6839; 1.6862
    Sup: 1.6764; 1.6736; 1.6691; 1.6657


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    USDJPY

    The pair remains in the downmove off 103.07, 30 July peak, which retraced 76.4% of the rally from 101.07 to 103.07, on a dip to 101.49 so far. Studies on 4-hour chart are weak and maintain the risk of return to 101 base, as the price holds below 200SMA, stabilizing around 102 handle. On the other side, overall bullish picture remains intact and sees fresh upside potential, once the price confirms footstep at 101.49, which requires clearance of 102.45 lower top and Fibonacci 61.8% of 103.07/101.19 descend, to confirm recovery action.


    Res: 102.18; 102.45; 102.91; 103.07
    Sup: 101.69; 101.49; 101.07; 100.81

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    AUDUSD

    The pair maintains overall negative structure, as fresh acceleration off 0.9372 lower top of 06 Aug, posted new low at 0.9237, approaching strong 0.92 zone base. Brief upside attempts are expected to delay bears, which are aiming towards 0.92 higher base and 0.9180, Fibonacci 38.2% retracement of larger 0.8658/0.9503 bull phase, with loss of these supports expected to accelerate bears off 0.9503 peak. Near-term price action off 0.9237 low, was so far limited by 4-hour 20SMA, with more significant corrective action to be sparked on a break above 0.9372 lower top.

    Res: 0.9285; 0.9320; 0.9372; 0.9415
    Sup: 0.9237; 0.9200; 0.9180; 0.9165


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