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

Discussion in 'Major Currency Pairs' started by WindsorBrokers, Aug 12, 2014.

  1. WindsorBrokers

    WindsorBrokers Content Contributor

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    EURUSD

    The Euro is at the back foot in the near-term, as the price moves lower after recovery rally stalled at 1.3431, short of 1.3443 pivotal top. Subsequent weakness, which broke below psychological 1.34 support, also Fibonacci 61.8% of 1.3316/1.3431 upleg, sees risk of further easing and possible retest of near-term base above 1.33 handle. Negative hourly studies support the notion, however, range trading will remain in play while the price holds within current boundaries, with overextended daily technicals suggesting extended consolidation and only break above 1.3343/49 lower top / Fibonacci 38.2% of larger 1.3639./1.3316 descend, to signal stronger recovery attempt. Penetration of strong 1.33 support zone, on the other side, is expected to resume broader weakness off 1.3392, 08 May peak and extend the third wave from 1.3699 lower top of 01 July, towards its 100% Fibonacci expansion at 1.3209.

    Res: 1.3375; 1.3401; 1.3431; 1.3443
    Sup: 1.3331; 1.3300; 1.3250; 1.3209

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    GBPUSD

    Cable maintains negative tone and resumes larger downtrend, which was interrupted by 1.6764/94 consolidation, with psychological 1.68 support now acting as immediate resistance and keeping the upside attempts limited. Fresh weakness is looking for retest of 1.67 zone higher base, to complete the bull-leg from 1.67 to 1.7189. Break below 1.67 support to open 1.6650, 200SMA. Prevailing negative tone supports the notion, with consolidative actions expected to interrupt bears. On the upside, 1.68 offers solid resistance and sustained break here would delay bears for possible attempt at 1.6885 lower top and breakpoint.

    Res: 1.6794; 1.6827; 1.6862; 1.6885
    Sup: 1.6736; 1.6691; 1.6657; 1.6600

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    USDJPY

    The pair regained traction on hourly chart studies, as the price action stabilizes above 102 handle and approaches pivotal 102.45 lower top and Fibonacci 61.8% of 103.07/101.49 descend. Break here is required to confirm higher low formation at 101.49 and open 103 zone for test. Daily studies are positive and support the notion, with close above 200SMA, to confirm. Psychological 102 support and higher low, also near daily cloud top, should stay intact to maintain the structure.

    Res: 102.45; 102.91; 103.07; 103.42
    Sup: 102.22; 102.00; 101.69; 101.49

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    AUDUSD

    The pair maintains overall negative structure, as bearish acceleration off 0.9372 lower top of 06 Aug, posted new low at 0.9237, on approach to 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. Consolidative action off 0.9237 low, was so far limited under 0.9288, Fibonacci 38.2% of 0.9372/0.9237 downleg, with more significant corrective action to be sparked on a break above 0.9372 lower top.

    Res: 0.9266; 0.9285; 0.9320; 0.9372
    Sup: 0.9237; 0.9200; 0.9180; 0.9165


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