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

Discussion in 'Major Currency Pairs' started by WindsorBrokers, Mar 16, 2015.

  1. WindsorBrokers

    WindsorBrokers Content Contributor

    Feb 18, 2010
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    The Euro returned above 1.05 handle, on profit-taking rally, following last Friday’s weakness that posted fresh 12-year low at 1.0461. Strong bearish tone remains in play, confirmed by long red candles on daily / weekly charts, keeping focus at the downside and showing so far no signals of reversal, despite oversold daily studies. Corrective rally is expected to find ideal barrier at 1.06 zone, former hourly base and Fibonacci 61.8% of 1.0682/1.0461 downleg, before fresh attempts lower. Break below 1.0461 to open 1.0420, Fibonacci 138.2% projection of the downleg from 1.0682, then 1.0376, Fibonacci 161.8% projection, ahead of 1.0335, Jan 2003 low and 1.0206, July 2002 high, with parity level already in sight. Only break above last week’s high at 1.0682, also 50% retracement of 1.0905/1.0461 descend, would sideline immediate bears and look for stronger corrective rally.

    Res: 1.0565; 1.0638; 1.0682; 1.0700
    Sup: 1.0500; 1.0461; 1.0420; 1.0376



    Cable remains under strong pressure, as last Friday’s acceleration lower took out strong support zone at 1.4830/12, 2013 lows, with fresh weakness closing the day in long red candle at 1.4730, after 1.47 support was cracked. Also, the second strong weekly bearish close, confirms overall negative sentiment. The pair focuses next target at 1.4371, Fibonacci 76.4% retracement of 1.3501/1.7189, 2009/2014 ascend. Corrective rally on oversold near-term studies, looks limited for now. Initial barriers lay at 1.4822/48, Fibonacci 38.2% retracement of 1.5025/1.4697 downleg / former low of 12 Mar, while only extension above 1.49, double Fibonacci barrier and former hourly lower platform, would extend near-term corrective rallies and put immediate bears on hold.

    Res: 1.4800; 1.4822; 1.4848; 1.4900
    Sup: 1.4746; 1.4697; 1.4650; 1.4600



    The pair remains in consolidative mode, with near-term studies holding neutral tone and Friday’s trade ended in Doji candle. Former high at 121.83, marks strong barrier for now and caps rallies, as several attempts higher, so far failed to close above here. However, overall bulls remain firmly in play and keep the upside in focus, with consolidative phase being for now contained at strong 120.60 support, Fibonacci 38.2% of 118.29/122.01 upleg, reinforced by ascending daily 10SMA/Tenkan-sen line and only losing this support would signal corrective action. Initial support lies at psychological 121 level, also 4-hour Ichimoku cloud top, while extension below 120.60 handle is expected to open former high at 120.46/25, ahead of psychological 120 support, also Fibonacci 38.2% of 116.86/122.01 rally, reinforced by daily Kijun-sen line. On the upside, rally through initial barrier at 121.83/122.01, to signal resumption of larger uptrend that focuses 124.14, June 2007 high.

    Res: 121.65; 121.83; 122.00; 122.50
    Sup: 121.00; 120.60; 120.46; 120.00


    The pair remains at the back foot, following Thursday’s corrective rally rejection at 0.7730 and Friday’s fresh weakness that ended in red, with upside attempts being capped at 0.7708, by descending daily 10SMA and sideways-moving Tenkan-sen line, levels that mark initial layers of resistance and near-term breakpoints. Overall tone remains bearish, with near-term studies further weakening on Friday’s fall to 0.76 zone, keeping the downside in focus for eventual return to key 0.7558 support, low of 11 Mar. Completion of 0.7558/0.7730 corrective phase, to signal resumption of larger downtrend.
    Res: 0.7666; 0.7691; 0.7730; 0.7740
    Sup: 0.7608; 0.7600; 0.7558; 0.7500


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