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

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

  1. WindsorBrokers

    WindsorBrokers Content Contributor

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    EURUSD

    Near-term price action trades in a sideways mode, entrenched within 100-pips range, after yesterday’s short-lived break above initial 1.0630 barrier, stalled at 1.0650. Consolidative action is for now supported at 1.0550 higher base, also 50% of 1.0461/1.0650 corrective rally, with break here to offset positive signals, given on past two-day positive closing. Near-term technicals maintain neutral tone, while overall picture remains bearish, with initial signals of reversal on oversold daily studies, being generated. Rally and close above pivotal 1.0682, 12 Mar high and 50% retracement of 1.0905/1.0461 descend, reinforced by descending daily 10SMA, is required to confirm near-term bottom and spark fresh recovery towards next barriers at 1.0735, Fibonacci 61.8% retracement and 1.0746, daily Tenkan-sen line.

    Res: 1.0618; 1.0650; 1.0682; 1.0735
    Sup: 11.0578; .0550; 1.0520; 1.0500

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    GBPUSD

    Near-term price action is at the back foot, following yesterday’s recovery action repeated rejection that left hourly double-top at 1.4850 and subsequent easing that nearly fully retraced 1.4697/1.4870 corrective rally. Near-term studies are weak, with strong bearish tone on daily / weekly technicals, seeing increased risk of return and eventual break through 1.4697 handle, to resume larger downtrend towards next targets at 1.4371/44, Fibonacci 76.4% of 1.3501/1.7189 rally / low of June 2010. Alternatively, bounce through 1.4850 lower platform is required to ease bear-pressure, with close above next strong barrier at 1.4900, Fibonacci 61.8% of 1.5025/1.4697 downleg, to confirm recovery resumption.

    Res: 1.4770; 1.4800; 1.4850; 1.4900
    Sup: 1.4722; 1.4697; 1.4650; 1.4600


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    USDJPY


    The pair continues to trade in a sideways mode, with near-term studies holding neutral tone and the third consecutive Doji confirming indecision. Consolidation range tops at 121.65 and former high at 121.83, mark initial barriers. Overall tone, however, remains bullish and keeps 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. Initial support lies at 121.10, 4-hour cloud top and ascending daily 10SMA, ahead of daily Tenkan-sen line at 120.95. Break below consolidation floor at 120.60 would signal stronger pullback and open former highs at 120.46/25, ahead of psychological 120 support, also Fibonacci 38.2% of 116.86/122.01 rally, loss of which to confirm reversal. Otherwise, close above initial barriers at 121.83/122.01, to signal resumption of larger uptrend towards 124.14, June 2007 high.

    Res: 121.39; 121.65; 121.83; 122.00
    Sup: 121.10; 120.95; 120.60; 120.46

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    AUDUSD
    The pair is gaining negative near-term tone on a probe below near-term consolidative range floor at 0.7609 and psychological 0.76 support. Yesterday’s close in red signals fresh weakness that requires close below 0.76 handle, for return to key near-term support at 0.7558, low of 11 Mar. Bearish daily studies favor fresh weakness, with clear break below 0.7558, to confirm resumption of larger downtrend. Near-term consolidation range tops are reinforced by falling daily 10SMA and only close above here would sideline increasing downside risk and signal renewed attempts towards pivotal 0.7730 lower top of 12 Mar, also Fibonacci 61.8% of 0.7843/0.7558 downleg.
    Res: 0.7627; 0.7663; 0.7678; 0.7730
    Sup: 0.7571; 0.7558; 0.7537; 0.7500

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