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

Discussion in 'Major Currency Pairs' started by WindsorBrokers, Aug 20, 2014.

  1. WindsorBrokers

    WindsorBrokers Content Contributor

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    EURUSD

    The Euro has eventually broken near-term base and consolidation bottom, signaling resumption of larger downtrend, as the price tested psychological 1.3300 support. Studies on all timeframes remain negative and favor fresh downside, where the pair is looking for test of near-term targets at 1.3247, Fibonacci 38.2% of 1.2042/1.3992 ascend and 1.3209, Fibonacci 100% expansion of the third wave which commenced from 1.3699, 01 July lower top. Bears could be interrupted by corrective rallies, as near-term studies are becoming oversold, with previous base at 1.3330 zone offering initial resistance and extended rallies to be ideally capped under 1.3365 lower top.


    Res: 1.3323; 1.3331; 1.3350; 1.3365
    Sup: 1.3247; 1.3209; 1.3160; 1.3103

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    GBPUSD

    Cable slumped below 1.66 support, following recovery attempt stall and subsequent acceleration which was triggered after the price filled Monday’s gap. Continuation of larger downtrend from 1.7189 peak is looking for 1.6548, 04 Apr higher low, psychological 1.65 support and 1.6464, low of 24 Mar 2014. However, oversold conditions of all timeframes studies suggests corrective rally in the near-term. Previous low at 1.6655, offers immediate resistance, ahead of previous rejection tops at 1.6736, where rallies should be capped. Otherwise, violation of the latter would allow for stronger corrective rally and expose the next pivotal resistance at 1.6843, 13 Aug lower top.

    Res: 1.6655; 1.6700; 1.6736; 1.6755
    Sup: 1.6600; 1.6548; 1.6500; 1.6464


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    USDJPY

    The pair holds positive near-term tone and continues to trend higher, as fresh acceleration has eventually broken pivotal 103 barrier. Bull-leg off 101.49, 08 Aug higher low, is now looking for test of the upper boundaries of short-term range at 103.75 and 104.11, to eventually signal the end of consolidative phase and shift short-term focus higher. Corrective pullbacks on overbought near-term studies should ideally find ground above 102.70, previous peak and near 50% of 102.12/103.25 rally.


    Res: 103.25; 103.42; 103.75; 104.11
    Sup: 103.00; 102.70; 102.50; 102.23

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    AUDUSD

    The pair lost traction after corrective rally off 0.9237 stalled at 0.9342 and subsequent dip to 0.9275 retraced 61.8% of 0.9237/0.9342 upleg. This has weakened hourly structure, which become bearish and sees risk of full retracement, on a break below temporary support at 0.9275. On the other side, 4-hour chart indicators are on the midlines and in case 0.9275 support hold, hopes of fresh attempts higher would remain in play. However, regain of lower top at 0.9315, is seen as minimum requirement to support such scenario. Overall picture remains bearish, with short-term price action being capped by 20/100SMA’s bearish cross.

    Res: 0.9315; 0.9342; 0.9372; 0.9400
    Sup: 0.9275; 0.9254; 0.9237; 0.9200


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