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

Discussion in 'Major Currency Pairs' started by WindsorBrokers, Oct 14, 2014.

  1. WindsorBrokers

    WindsorBrokers Content Contributor

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    EURUSD

    The Euro maintains positive near-term tone, as bounce off 1.2600 zone approaches previous high at 1.2790, in attempt to create higher low. Break above strong 1.2700/20 barriers and subsequent acceleration, retraced over 76.4% of 1.2790/1.2603 downleg, seeing scope for final push through 1.2790/1.2800 breakpoints, previous high / Fibonacci 61.8% retracement of 1.2993/1.2499 descend, break of which to resume recovery rally off 1.2499, 03 Oct low. Yesterday’s positive close, with break and close above daily 20SMA, along with positive near-term studies, supports the notion. Corrective actions under initial 1.27 support, should be contained above 1.2663 higher low and Fibonacci 61.8% retracement, to keep bulls in play.

    Res: 1.2726; 1.2766; 1.2790; 1.2800
    Sup: 1.2685; 1.2663; 1.2650; 1.2632

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    GBPUSD

    Cable maintains overall negative tone, with near-term bears returning to play, after bounce off 1.6006 higher low of 10 Oct, was capped by descending daily 20SMA at 1.6125. Consolidative action, signaled by yesterday’s Doji, is completed and fresh weakness through 1.60 support zone, is looking for completion 1.5950/1.6225 upleg. Eventual break below 1.5950 handle to open way for fresh retracement of larger 1.4812/1.7189 ascend.

    Res: 1.6000; 1.6049; 1.6078; 1.6110
    Sup: 1.5950; 1.5900; 1.5853; 1.5800

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    USDJPY

    The pair remains under pressure and eventually broke below strong 107.00/106.80 support zone, psychological support / 16 Sep low. Yesterday’s close in red, as well as bearish near-term studies, signal further weakness and extension of pullback from 110.07, peak of 01 Oct. Extension below 107.00/106.80 support zone, eyes immediate support at 106.64/55, Fibonacci 38.2% retracement of 101.07/110.07 ascend / Fibonacci 100% expansion of the third wave which commenced from 108.73, 08 Oct lower top. Break here to open next significant level at 105.57, 50% retracement / daily 55SMA. Corrective actions should be capped under 108.00/15 barrier, to keep bears intact.

    Res: 107.29; 107.56; 108.15; 108.31
    Sup: 106.74; 106.64; 106.55; 106.00

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    AUDUSD

    The pair’s bounce off 0.8650 low, regained 0.88 handle and 61.8% retracement of 0.8896/ 0.8650 downleg. This averts immediate risk of renewed attack at key 0.8641 low, in favor of prolonged consolidation, as the price action moves within 0.8641/0.8896 range. Hourly studies improved, which supports further recovery action, however, 4-hour studies are neutral, while daily tone is bearish. Further sideways trading is expected to precede fresh leg lower, with sustained break below 0.8641, to open 0.8543, 50% retracement of 0.6007/1.1079 ascend. Only sustained break above 0.89 barrier, would neutralize bears and mark double-bottom formation, for stronger correction of the downleg from 0.9400, 05 Sep lower top.

    Res: 0.8812; 0.8832; 0.8896; 0.8931
    Sup: 0.8734; 0.8700; 0.8650; 0.8641


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