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

Discussion in 'Major Currency Pairs' started by WindsorBrokers, Apr 9, 2015.

  1. WindsorBrokers

    WindsorBrokers Content Contributor

    Feb 18, 2010
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    The Euro accelerated lower after recovery attempts stalled at 1.0886 yesterday, with extension below trendline support at 1.0820 and previous low of 07 Apr at 1.0800, reinforced by daily 20SMA, confirming hourly double top at 1.0883/86. Fresh weakness marked the third consecutive close in red, as extension of pullback from 1.1034, 06 Apr lower top, is looking for full retracement of the upleg from 1.0711 to 1.1034. Break below the latter to confirm double top of the larger picture at 1.1050/34 and trigger further retracement of 1.0461/1.1050 recovery rally. Near-term indicators are establishing in the negative territory and favor further weakness, as overall tone remains negative and requires close below 1.0711, to confirm an end of near-term consolidative phase between 1.0711 and 1.1050 and signal bearish resumption. Former supports at 1.0800/20, now act as initial resistances, while only break above 1.0871/86, 4-hour Ichimoku cloud top / yesterday’s high, would neutralize near-term bears.

    Res: 1.0785; 1.0800; 1.0820; 1.0833
    Sup: 1.0725; 1.0711; 1.0686; 1.0612



    Cable returned to broader range, following yesterday’s repeated upside rejection that keeps pivotal barrier and range top at 1.50 zone, intact for now. Near-term technicals turning from neutral into negative mode, after fresh acceleration lower broke below initial support of daily 20SMA at 1.4844, also taking out trendline support at 1.4800, bull trendline, drawn from 1.4633 low. Downside risk of retesting near-term range floor at 1.4737 increases, with bearish daily studies, keeping the downside focused. Eventual break below pivotal 1.4737 support, to signal an end of near-term congestion, lower platform formation at 1.50 zone and bearish resumption that is expected to open key near-term support at 1.4633, low of 18 Mar.

    Res: 1.4800; 1.4844; 1.4884; 1.4918
    Sup: 1.4737; 1.4720; 1.4686; 1.4633



    The pair returned to the levels above 120 handle, after yesterday’s pullback from 120.43, 07 Apr high, was contained at 119.63, where higher low was formed. Fresh acceleration turned near-term focus higher again, for eventual break above pivotal 120.35/43 congestion tops and resumption of recovery rally from 118.70, low of 03 Apr. Near-term studies regained positive tone and favor further upside, however, caution is required, as yesterday’s close was in red and neutral tone of daily technicals, would signal further hesitation and pivotal resistance zone. Daily 20SMA reinforces initial support at 120, with daily close above here required to confirm bullish stance.

    Res: 120.36; 120.43; 120.80; 121.00
    Sup: 120.14; 120.00; 119.79; 119.63


    Near-term technicals hold positive tone, after the price action eventually cracked 0.77 barrier and spiked to 0.7726, short of pivotal 0.7734 barrier, 50% retracement of 0.7936/0.7531 downleg / daily Kijun-sen line. Subsequent pullback found footstep at 0.7658, but repeated close below daily 20SMA at 0.7694, still signals hesitation for clear break above here and 0.7734 barrier, to confirm recovery resumption. However, overall negative structure sees limited upside action, before bears regain control and turn near-term focus towards the downside targets.
    Res: 0.7700; 0.7726; 0.7734; 0.7782
    Sup: 0.7658; 0.7626; 0.7593; 0.7575

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