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

Discussion in 'Major Currency Pairs' started by WindsorBrokers, Nov 3, 2014.

  1. WindsorBrokers

    WindsorBrokers Content Contributor

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    EURUSD

    The Euro probes again below 1.25 support, Fibonacci 76.4% of 1.2042/1.3992 ascend / psychological support, which was dented last Friday, but the pair failed to sustain break closing above the level. Daily and weekly close in red confirms bearish stance, as confirmation of completion of 1.2500/1.2884, near term corrective phase, is required to resume larger bears for the final leg towards key longer-term support at 1.2042, July 2012 low. However, caution is still required and may keep bears on hold, in case of repeated bounce and close above 1.25 handle, which is signaled by daily RSI / MACD bullish divergence. Last Friday’s lower tops at 1.2542 and 1.2589, offer initial resistances, while 1.2630, 30 Oct lower top, marks a breakpoint, above which to neutralize bears.

    Res: 1.2512; 1.2542; 1.2589; 1.2600
    Sup: 1.2440; 1.2400; 1.2350; 1.2287

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    GBPUSD


    The pair dipped towards 1.59 support, break of which is required to confirm bearish breakout, paused by double Doji and failure to clear important 1.60 level, also 50% retracement of larger 1.4812/1.7189 rally. Overall picture, however, remains bearish and favors final push towards key 1.5873, 15 Oct low, but repeated failure to clear 1.60 handle, would be a good signal of bounce, which is required to clear initial barriers at 1.6037, lower top of 30 Oct and 1.6052, 50% retracement of 1.6180/1.5923 downleg, reinforced by daily Tenkan-sen line.

    Res: 1.6000; 1.6037; 1.6052; 1.6082
    Sup: 1.5923; 1.5900; 1.5873; 1.5850

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    USDJPY

    The pair remains well supported and keeps the upside focused, as weekly gap higher open approached psychological 113 barrier. Strong bullish tone on larger timeframes, with weekly and daily close in long bullish candles, supports the notion, as the rally took out Fibonacci 76.4% of larger 124.14/75.55 descend. Sustained break above 113 barrier to open 115.92/117.95 Nov/Oct 2007 highs and in extension, 120.12, Fibonacci 61.8% of 1998/2011 147.68/75.55 descend. Previous highs and strong support at 110 zone, along with broken bear-trendline, connecting 2002/2007 peaks, should ideally contain corrective dips, which are signaled by overextended near-term studies.

    Res: 113.00; 113.50; 114.00; 114.50
    Sup: 112.50; 112.30; 112.00; 111.50

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    AUDUSD

    The pair came under pressure, after weekly opening occurred in gap-lower and triggered fresh weakness to 0.87 support zone, moving the price towards short-term range floor. Last Friday’s bearish Inside Day signaled fresh weakness, along with weekly close in long upper wick Doji candle, which signaled limited upside for now. Overall bearish tone keeps focus at the downside, along with fresh bears developing on lower timeframes studies. Final break below short-term range floor, to signal resumption of larger downtrend from 2011 peak at 1.1079 and look for test of its mid-point at 0.8543.

    Res: 0.8759; 0.8800; 0.8850; 0.8900
    Sup: 0.8700; 0.8673; 0.8641; 0.8600

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