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

Discussion in 'Major Currency Pairs' started by WindsorBrokers, Oct 29, 2014.

  1. WindsorBrokers

    WindsorBrokers Content Contributor

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    EURUSD

    The Euro maintains near-term positive sentiment off 1.2612 low, posted on 23 Oct. Yesterday’s acceleration higher, cracked initial barrier at 1.2750, but so far holds below broken bull-trendline from 1.2499 low, currently at 1.2780. Positive near-term studies favor further upside, as the pair stabilizes above psychological 1.27 support and attempts to build higher base at 1.2725 zone. Yesterday’s positive close above daily 20 SMA, supports the notion, as daily technicals are gaining bullish momentum and indicators are heading north. With positive technicals, fundamentals are expected to be main driver of the pair, as today’s Fed announcement is in focus. Key levels and break points remain unchanged, with sustained break above 1.2800/84, required to confirm extended correction off 1.2499, while weekly close below pivotal 1.2660, Nov 2012 low and loss of 1.2499, 03 Oct low, is required to signal resumption of larger downtrend.

    Res: 1.2763; 1.2780; 1.2800; 1.2839
    Sup: 1.2725; 1.2700; 1.2663; 1.2633

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    GBPUSD

    Cable stabilizes above 1.61 handle, after yesterday’s acceleration higher peaked ticks away from pivotal 1.6182, high of 21 Oct and subsequent pullback found support at 1.6126, where near-term higher base is under formation. Bullish tone prevails on lower timeframes studies, which along with yesterday’s positive close and daily indicators heading higher, supports eventual attempt through 1.6182/1.6225 break points, to confirm resumption of short-term recovery rally from 1.5873, low of 15 Oct. Break higher to also complete inverted H&S pattern on daily chart, which is expected to trigger fresh bullish acceleration. Lows at 1.6126 offer initial support, along with psychological 1.61 support, with 1.6086/81, higher low of 28 Oct / 50% retracement of 1.5992/1.6180 upleg / daily Tenkan-sen line and daily 20SMA, should contain extended pullbacks, to keep near-term bulls in play.

    Res: 1.6182; 1.6200; 1.6225; 1.6250
    Sup: 1.6126; 1.6100; 1.6086; 1.6065


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    USDJPY

    The pair trades in extended consolidative phase under fresh high at 108.34, where acceleration of the upleg from 106.23 was so far capped and the downside attempts being for now contained by daily Kijun-sen line at 107.60. Bulls which started to develop on a daily chart, are still lacking traction, with yesterday’s Inside Day close, seen as warning. Potential fresh upside action requires sustained break above 108.00/34 barriers, to confirm resumption of recovery rally from 105.18, as near-term technicals hold positive tone. Otherwise, downside risk will remain in play, with acceleration on a break below pivotal 107.60 consolidation floor and near Fibonacci 38.2% of 106.23/108.34, to signal lower platform formation and fresh weakness towards psychological 107 support, also Fibonacci 61.8% of 106.23/108.34 upleg.

    Res: 108.21; 108.34; 108.73; 109.00
    Sup: 108.00; 107.60; 107.29; 107.00

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    AUDUSD

    Near-term structure remains positive, as the pair rallies higher and approaches pivotal 0.89 barrier, also short-term 0.8641/0.89 consolidative range top. Yesterday’s positive close signals fresh direction after Monday’s Doji, with daily RSI turning higher and above neutrality zone, while fresh bullish momentum is building up. Daily Tenkan-sen / Kijun-sen bullish cross at 0.8780, underpins the action. Near-term studies are bullish and support further action higher, however, overextended conditions signal possible hesitation on approach to 0.89 break point. Previous barriers at 0.8822/00, also Fibonacci 38.2% and 50% retracement of 0.8717/0.8880 upleg, should contain corrective dips.

    Res: 0.8880; 0.8900; 0.8950; 0.9000
    Sup: 0.8847; 0.8822; 0.8800; 0.8780

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