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

Discussion in 'Major Currency Pairs' started by WindsorBrokers, Dec 17, 2014.

  1. WindsorBrokers

    WindsorBrokers Content Contributor

    Feb 18, 2010
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    Last Friday’s positive close above daily 20SMA, maintains positive near-term tone, with price action trading in prolonged consolidation, being for now capped under initial barrier at 1.2500. Positive weekly close also favors further upside, as bounce from 1.2360 higher base, keeps pivotal 1.2500/30 points in focus and near-term price action trading in the upper part of 1.2360/1.2493 congestion. Eventual break above 1.2530, to open key near-term barrier at 1.2597, 19 Nov high and signal stronger recovery on a break. However, daily studies are still weak and suggest further consolidation, while 1.25 barrier caps. Key near-term support lies at 1.2360 and break here expected to turn near-term picture bearish.

    Res: 1.2476; 1.2493; 1.2505; 1.2530
    Sup: 1.2432; 1.2400; 1.2382; 1.2368



    Cable maintains positive near-term tone and attempts at congestion tops at 1.5755, where daily Kijun-sen line reinforces barrier. Daily studies are mixed, however, bullish signal was given by positive weekly close. Break above initial 1.5755/61 barriers, is required to open key 1.5823 resistance, high of 27 Nov, above which, to trigger stronger recovery. Initial support and range floor lies at 1.57 zone and is reinforced by daily 20SMA, with break here expected to sideline upside attempts, for pullback towards pivotal support at 1.5650 zone, higher base and 50% retracement of 1.5539/1.5755 rally.

    Res: 1.5755; 1.5761; 1.5800; 1.5823
    Sup: 1.5700; 1.5681; 1.5650; 1.5624



    Near-term tone is neutral/negative, with price action holding within a narrow range and last Friday’s Doji, confirming near-term indecision. On the other side, weekly bearish Engulfing, could be seen as initial signal for further reversal, which requires of initial supports at 117.82 , daily Kijun-sen line and 117.43/22 lows, to spark further weakness. Conversely, break above consolidation top, reinforced by daily Tenkan-sen line, would sideline immediate downside risk.

    Res: 119.05; 119.54; 119.90; 120.15
    Sup: 118.00; 117.76; 117.43; 117.22



    Near-term tone remains negative, as the pair completed 0.8222/0.8373 consolidative phase and probed psychological 0.82 support. Negative daily/weekly closes, keep the downside under pressure and favor resumption of larger downtrend, which is focusing 0.8000/0.7945, psychological support / Fibonacci 61.8% retracement of multi-year 0.6007/1.1079 rally. Initial barrier lies at 0.8300 while only break above 0.8373 correction high, would sideline downside pressure.
    Res: 0.8280; 0.8300; 0.8340; 0.8373
    Sup: 0.8200; 0.8150; 0.8100; 0.8050


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