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

Discussion in 'Major Currency Pairs' started by WindsorBrokers, Feb 18, 2015.

  1. WindsorBrokers

    WindsorBrokers Content Contributor

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    EURUSD

    The Euro return to directionless mode after past two days bumpy ride and consolidates around 1.14 handle. The pair rallied yesterday, after Monday’s fall found support above 1.13 level and subsequent bounce cracked pivotal 1.1443 barrier, high of 13 Feb. Neutral near-term mode is expected to persist, while the price holds within narrowed 1.1319/1.1449 amplitude, keeping the wider range of 1.1260 and 1.1532 intact. Contracting 20d Bollingers support the scenario, with break of either side required to define near-term direction. Greece remains in focus and is expected to be the main driver of the pair.

    Res: 1.1425; 1.1449; 1.1497; 1.1532
    Sup: 1.1380; 1.1365; 1.1337; 1.1319

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    GBPUSD

    Near-term picture shows the pair still under pressure and keeps in play risk of attempt through pivotal 1.53 level, as the price action remains under descending daily cloud base. However, overall positive tone and yesterday’s Doji, suggest further consolidation above 1.53 handle would likely precede fresh attempts higher. Return above yesterday’s high at 1.54 level, is required to open 16 Feb high at 1.5438, for resumption of recovery rally from 1.4950 low. Alternatively, fresh weakness below 1.5315, yesterday’s low and daily Tenkan-sen line and 1.5295, Fibonacci 61.8% retracement of 1.5207/1.5438 upleg / former high of 11 Feb,, would signal further easing and re-focus pivotal 1.52 higher base.

    Res: 1.5367; 1.5400; 1.5438; 1.5460
    Sup: 1.5315; 1.5395; 1.5262; 1.5207

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    USDJPY

    The pair left near-term base at 118.25, where daily 20SMA contained pullback, after yesterday’s strong rally broke above daily cloud top and peaked at 119.40. Consolidation under fresh high so far holds above daily cloud top, keeping the upside in near-term focus. Positive tone of daily studies supports the notion, however, caution is required, as near-term studies are positive/neutral and fresh penetration of cloud top would risk return to 118.25 base, break of which to complete 4-hour H&S pattern and risk further easing. Conversely, holding above the cloud top, would keep upside targets in focus, with break above 119.40 high, to confirm near-term bulls for attack at psychological 120 barrier and pivotal 120.46, high of 11Feb.

    Res: 119.40; 119.60; 120.00; 120.46
    Sup: 118.86; 118.66; 118.25; 118.15

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    AUDUSD
    Near-term tone remains positive, as the pair gradually extends recovery rally off 0.7642 higher low and consolidates above psychological 0.78 level, which now acts as initial support. Yesterday’s positive close supports near-term bulls, however, close above descending daily 20SMA is required to confirm bulls and open pivotal 0.7874, high of 06 Feb. Break here to confirm double-bottom formation and signal correction. Otherwise, prolonged consolidative phase is expected to precede fresh push lower, as overall tone remains bearish.
    Res: 0.7829; 0.7874; 0.7900; 0.7958
    Sup: 0.7800; 0.7740; 0.7723; 0.7700

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