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

Discussion in 'Major Currency Pairs' started by WindsorBrokers, Oct 21, 2014.

  1. WindsorBrokers

    WindsorBrokers Content Contributor

    Feb 18, 2010
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    The Euro probes above 1.28 barrier, on a fresh strength, off yesterday’s low at 1.2730. Near-term price action continues to trade in choppy consolidation, entrenched within 1.2700/1.2840 range. Positively aligned near-term studies and yesterday’s positive close keep fresh upside attempts towards the range tops in play, as price action is supported by rising 100SMA and daily Kijun-sen line. However, overall picture remains negative and unless the price extends above range ceiling and 1.29 barrier, seen as initial barriers and trigger for attempts towards 1.30 breakpoint, expect prolonged consolidation, with downside at risk, in the near-term.

    Res: 1.2843; 1.2884; 1.2900; 1.2930
    Sup: 1.2787; 1.2750; 1.2730; 1.2700



    Cable resumed recovery rally after consolidation below 1.6125 and heads towards psychological 1.62 barrier, also daily Kijun-sen line and key near-term resistance at 1.6225, 09 Oct lower top. Near-term studies are bullish and support further upside, with yesterday’s positive close and break above daily 20SMA, improving daily studies, which are negative and require clearance of 1.6225 breakpoint for improvement. Corrective actions should be ideally contained at 1.6065 higher base, 38.2% retracement of rally from 1.5873, reinforced by 20/55SMA’s bull cross.

    Res: 1.6200; 1.6225; 1.6250; 1.6285
    Sup: 1.6150; 1.6125; 1.6100; 1.6078



    The pair came under pressure after failing to regain pivotal 107.50 barrier and subsequent two-legged pullback so far reached 106.24, over 50% retracement of 105.18/107.38 upleg. Weakened near-term studies see risk of further easing, as daily bears are coming back to play and Evening Star pattern is forming on a daily chart. Completion of the pattern, which requires close at/ below 106, psychological support, reinforced by ascending daily 55SMA, also to confirm lower top formation and risk return to key near-term support at 105.18. Alternative scenario requires reversal above 106 handle and regain of 107.38/50 breakpoints, to neutralize downside risk.

    Res: 106.76; 107.00; 107.38; 107.50
    Sup: 106.24; 106.11; 106.00; 105.50



    Near-term price action broke above initial barrier and narrowed range tops at psychological 0.80 resistance, however, price continues to trade within larger 0.8641/0.8900 range, with 4-hour chart showing no significant changes, compared to the previous sessions. Near-term studies are positively aligned, which keeps the upside targets in near-term focus. The notion is supported by positive daily close and break above 20SMA. On the other side, negative larger picture’s studies see risk of fresh push lower, once short-term consolidative phase is completed. Only sustained break above 0.89 barrier would sideline bears and signal stronger corrective action.

    Res: 0.8826; 0.8836; 0.8858; 0.8900
    Sup: 0.8800; 0.8756; 0.8731; 0.8700


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