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

Discussion in 'Major Currency Pairs' started by WindsorBrokers, Sep 22, 2014.

  1. WindsorBrokers

    WindsorBrokers Content Contributor

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    EURUSD

    The Euro posted marginally lower low at the beginning of the week, pointing towards initial 1.28 support and short-term targets at 1.2786, Fibonacci 61.8% of 1.2042/1.3992 and 1.2754/44 higher base. Fresh extension lower signal that the third wave off 1.3699 lower top of 01 July, is not completed yet and could travel towards 1.2675, its 200% expansion. Further downside is favored for now with the notion being supported by weekly bearish engulfing pattern. However, overextended daily studies require caution, as indicators are starting to reverse, with confirmation of corrective action seen on a break above last Thu/Fri lower platform at 1.2928, near 61.8% of 1.2978/1.2824 descend. Extension higher to open 1.30 breakpoint zone, for more significant upside action, expected on a break.

    Res: 1.2883; 1.2900; 1.2928; 1.2980
    Sup: 1.2824; 1.2800; 1.2786; 1.2754

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    GBPUSD

    Last Friday’s strong pullback from fresh recovery high at 1.6522, retraced 50% of entire 1.6050/1.6522 rally and over 61.8% of 1.6159/1.6500 upleg, on a dip to 1.6284. Temporary support was found here, as reversal was so far contained above bull-trendline drawn off 1.6050 low, which keeps 4-hour structure in bullish mode so far, with regain of levels above 1.64 barrier, required to re-focus 1.6522 and open key barriers above 1.66. On the other side, weakened hourly structure, along with last Friday’s close in red, see risk of further downside, which requires break below trendline support at 1.6280 and extension below 1.6230, Fibonacci 61.8% of 1.6050/1.6522 upleg, to confirm negative scenario.

    Res: 1.6375; 1.6400; 1.6431; 1.6468
    Sup: 1.6284; 1.6231; 1.6200; 1.6159

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    USDJPY

    Overall bulls remain in play, as the pair broke above 109 and posted fresh high at 109.42. Positive daily and weekly close is supportive for eventual push towards psychological 110 barrier and 110.66, Aug 2008 peak, short-term targets. Corrective dips are so far contained at 108.65, just above last Friday’s low at 108.57 and 108.42, Fibonacci 38.2% of 106.98/109.42, where consolidative action should ideally find footstep. Otherwise, easing below 108 handle, is expected to signal stronger correction and delay immediate bulls.

    Res: 109.17; 109.42; 110.00; 110.66
    Sup: 108.60; 108.42; 108.00; 107.80

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    AUDUSD

    The pair remains under pressure and attempts at 0.89 support, signaling an end of consolidative 0.8925/0.8995 phase. Near-term technicals maintain negative tone, with the notion of further extension of the downleg from 0.9110 lower top, being supported by last Friday’s Outside Day candle. Break below 0.89 handle, opens 0.8857, Fibonacci 76.4% of 0.8658/0.9503 ascend and 0.8846, 05 Aug 2013 low, the last obstacles en-route towards 0.8658, 24 Jan 2014 low. Corrective actions should ideally stay capped by 0.90 barrier, while only break here would signal extended corrective action and delay immediate bears.

    Res: 0.8948; 0.9000; 0.9040; 0.9079
    Sup: 0.8900; 0.8846; 0.8819; 0.8800

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