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

Discussion in 'Major Currency Pairs' started by WindsorBrokers, Mar 10, 2015.

  1. WindsorBrokers

    WindsorBrokers Content Contributor

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    EURUSD

    The Euro came under pressure and accelerated lower, after yesterday’s consolidation was capped by descending 4-hour 10EMA at 1.09 zone. Bears took full control, with fresh extension below 1.08 handle, taking out target at 1.0762, Sep 2003 low. Extended weakness is looking for 1.0660, Fibonacci 200% projection of the downleg from 1.1532, 03 Feb lower top and 1.0069, Fibonacci 76.4% retracement of larger 0.8225/1.6039 ascend, expected to come in focus. Bears continue to drive the price lower, despite oversold conditions of all timeframes, with widening daily 20d Bollingers, supporting the notion. Immediate resistances lay at 1.0800/21, ahead of yesterday’s consolidation top at 1.0905, which is expected to cap corrective attempts. Only close above here would delay bears and signal stronger correction.

    Res: 1.0800; 1.0821; 1.0860; 1.0905
    Sup: 1.0733; 1.0700; 1.0660; 1.0600

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    GBPUSD

    Cable completed near-term corrective phase off fresh low at 1.5030, that was capped at 1.5135, on fresh weakness that cracked 1.5030 support. The pair is looking for test of key supports at 1.5000, psychological support and 1.4950, 2015 low, with bearish tone, prevailing on all timeframes, supporting the notion. Bearish setup of daily SMA’s and Ichimoku studies, favors further weakness, along with near-term indicators holding in the negative territory. Psychological 1.51 barrier, offers initial resistance, for prolonged hesitation ahead of 1.5000/1.4950 supports, ahead of correction high at 1.5135. Only break here would signal further correction and open strong 1.5177/84 zone, Fibonacci 61.8% of 1.5268/1.5030 downleg daily Ichimoku cloud base, where extended rallies should be capped to keep bears intact.

    Res: 1.5100; 1.5135; 1.5177; 1.5184
    Sup: 1.5027; 1.5000; 1.4950; 1.4900


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    USDJPY

    The pair maintains strong bullish tone, marked by yesterday’s rally from 120.60 higher base and close above 121 barrier. Today’s fresh strength eventually took out key short-term barrier at 121.83, 08 Dec 2014 high and probed above psychological 122 resistance. Daily close above 121.83 is required to confirm an end of three-month corrective phase and spark resumption of larger uptrend from 2011 low at 75.55, towards next target at 124.14, June 2007 high. Yesterday’s high at 121.40 offers initial support, ahead of 121.10 trough, with stronger corrective dips to be ideally contained above 120.60 higher base and near 50% of 119.36/122.01 upleg.

    Res: 122.00; 122.50; 123.00; 123.50
    Sup: 121.40; 121.10; 120.60; 120.37


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    AUDUSD
    The pair remains under pressure and accelerated lower today, after yesterday’s consolidative trading ended in a Doji shape. Fresh weakness broke key short-term support at 0.7624, 03 Feb post-RBA spike low, confirming an end of short-term corrective phase and signal resumption of larger downtrend from 2011 peak at 1.1079, towards next target at 0.7204, Fibonacci 76.4% retracement of multi-year 0.6007/1.1079 ascend. Setup of daily technicals remains firmly bearish, while oversold near-term studies suggest consolidative action. Session high at 0.7705, offers initial resistance, ahead of 0.7738, yesterday’s corrective top and 50% of 0.7843/0.7630 downleg and only close above here would delay immediate bears.
    Res: 0.7682; 0.7705; 0.7738; 0.7762
    Sup: 0.7600; 0.7550; 0.7515; 0.7500

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