1. This site uses cookies. By continuing to use this site, you are agreeing to our use of cookies. Learn More.

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

Discussion in 'Major Currency Pairs' started by WindsorBrokers, Aug 18, 2014.

  1. WindsorBrokers

    WindsorBrokers Content Contributor

    Feb 18, 2010
    Likes Received:

    The Euro ended the week in red, maintaining overall negative tone, with lower timeframes studies being in positive mode, as last Friday’s price action probed again above 1.34 barrier, with daily close occurring just ticks below daily highs. This keeps the upside favored in the near-term, however, sustained break above near-term range tops, just above 1.34 level, is required to confirm near-term bulls and spark stronger recovery action towards then next pivotal barrier at 1.3343, 01 Aug lower top. Hourly higher base at 1.3355 zone, should keep the downside protected, to maintain near-term bulls. Repeated failure above 1.34 barrier, however, would signal prolonged sideways trade, with increased downside risk expected on violation of 1.3355 support.

    Res: 1.3398; 1.3414; 1.3431; 1.3443
    Sup: 1.3379; 1.3355; 1.3334; 1.3300



    Cable overall picture remains bearish, as the pair closed in red for the sixth consecutive week, keeping the short-term downtrend intact for now. On the other side, first signals of reversal come from last Friday’s Doji candle, just above 200SMA, which holds for now and today’s gap-higher opening. Near-term price action is attempting to stabilize above 1.67 handle, with bounce so far having retraced over 38.2% of 1.6843/1.6657 descend and hourly studies being positively aligned. Further upside and break above the next significant barrier at 1.6755, previous low of 12 Aug, also near 50% retracement, looks favored for now and is required to further improve near-term structure for possible attempt at key 1.6843, regain of which to sideline short-term bears. Otherwise, risk of lower top formation, in case of stall under 1.6843, would be likely near-term scenario.

    Res: 1.6733; 1.6755; 1.6771; 1.6800
    Sup: 1.6712; 1.6675; 1.6655; 1.6600



    The pair trades in near-term consolidative mode after fresh bulls posted new high at 102.70 and subsequent sharp pullback retested levels close to pivotal 102 support. Hourly studies turned negative, while 4-hour picture holds bullish tone, which is, along with positive daily studies, expected to keep bulls in play for renewed attempt higher, with regain and break above 102.70 hurdle, to open pivotal 103 barrier. Alternatively, loss of 102 handle to confirm near-term bearish stance and extend weakness off 102.70 high.

    Res: 102.70; 102.91; 103.07; 103.42
    Sup: 102.23; 102.12; 102.00; 101.69



    The pair holds steady in the near-term and consolidates last week’s gains which peaked at 0.9332. Pullback off 0.9332 was contained just under 0.93 handle at Fibonacci 38.2% of 0.9237/0.9332 upleg that keeps near-term bulls in play for now. Further gains require extension above key 0.9372, 06 June lower top, to confirm near-term base for stronger correction, which would sideline larger picture bears and delay final push towards strong support and base at 0.92 zone. Hourly technicals are neutral and 4-hour tone remains positive, with 0.93 support zone required to hold.

    Res: 0.9332; 0.9356; 0.9372; 0.9400
    Sup: 0.9307; 0.9296; 0.9273; 0.9254


Share This Page