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

Discussion in 'Major Currency Pairs' started by WindsorBrokers, Nov 18, 2014.

  1. WindsorBrokers

    WindsorBrokers Content Contributor

    Feb 18, 2010
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    The Euro failed to sustain Friday’s gains and clear pivotal 1.2576/93 barriers, 04 Nov lower top / bear-trendline off 1.2884 and reversed back to 1.2420 zone, Fibonacci 76.4% retracement of 1.2397/1.2576 rally. Near-term technicals weakened on a pullback, however, 4-hour cloud base, which contained dips, keeps near-term price action supported for now, guarding key supports at 1.2415, bull-trendline off 1.2357 low and1.24 zone higher base. Bounce through 1.25 barrier, previous range tops and 50% of 1.2576/1.2442 downleg, is required to bring near-term bulls back to play, for renewed attempt higher. On the other side, larger picture bears were reinforced by yesterday’s long red candle and keep the downside at risk. Violation of 1.2440 to open 1.2400 base, below which would signal an end of corrective phase from 1.2357, 07 Nov low.

    Res: 1.2480; 1.2506; 1.2525; 1.2546
    Sup: 1.2442; 1.2415; 1.2400; 1.2357



    Cable trades in near-term consolidative phase off 1.5591, 14 Nov fresh low, which was so far capped by descending 4-hour 20EMA at 1.5734. Weak near-term studies do not see much of an upside potential for now, as yesterday’s close in red, with long upper shadow of daily candle, neutralized Friday’s Hammer reversal signals. Further consolidative action is expected to precede fresh leg lower, which is expected to target 1.5375, Fibonacci 76.4% of 1.4812/1.7189 ascend. Alternative scenario requires extension above 1.58 barrier, Fibonacci 61.8% of 1.5939/1.5591 descend, to delay downside attempts. Key resistance and breakpoint lies at 1.5940 lower platform.

    Res: 1.5690; 1.5734; 1.5765; 1.5805
    Sup: 1.5618; 1.5591; 1.5550; 1.5500



    The pair trades in consolidative phase off fresh high at 117.03, which was signaled by yesterday’s Doji. Hourly studies regained traction, as bounce from pullback’s low at 115.44, where hourly double-bottom was left, retraced over 76.4% of 117.03/115.44 reversal and created a higher base at 116.40. This supports fresh attempts at 117.03 barrier, to resume larger uptrend towards next targets at 117.95, Oct 2007 peak and 120, psychological barrier, also Fibonacci 61.8% retracement of multi-year 147.68/75.55 descend. However, prolonged consolidative action should be anticipated, ahead of Japan Government’s news announcement, with 116.40/00, offering good supports. Only loss of 115.44/00 support zone, would revive near-term bears.

    Res: 116.77; 117.03; 117.50; 117.95
    Sup: 116.40; 116.00; 115.44; 115.00



    The pair reversed from fresh recovery high, just under psychological 0.88 barrier and found support at 0.87 zone, also 38.2% retracement of 0.8539/0.8794 corrective rally. Near-term structure remains positive, as pullback was contained above bull-trendline, drawn off 0.8539 low, with daily RSI/MACD bullish divergence, supporting fresh attempts higher. However, yesterday’s close in red warns of recovery attempt stall, as the price failed to close above cracked pivotal barrier at 0.8760. Break and close below 0.87 handle, also trendline support, would confirm reversal and expose next pivot at 0.8646, 14 Nov higher low.

    Res: 0.8762; 0.8794; 0.8822; 0.8850
    Sup: 0.8693; 0.8666; 0.8646; 0.8636


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