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

Discussion in 'Technical Analysis' started by WindsorBrokers, May 14, 2015.

  1. WindsorBrokers

    WindsorBrokers Content Contributor

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    EURUSD


    The pair left hourly higher base at 1.1200, reinforced by daily 100SMA, on yesterday’s strong bullish acceleration that peaked ticks below pivotal barrier at 1.1390, 07 May peak. Rally left long green daily candle, with strong bulls, re-established on near-term studies, looking for final break above 1.1390 hurdle, to complete near-term 1.1390/1.1130 correction and resume larger uptrend. Break above 1.1390 to open 1.1450, mid-Feb lower platform, with extension to 1.15+ zone, expected in near-term. Overall bullish picture supports further advance. Near-term consolidation boundaries mark initial sup/res at 1.1340 and 1.1381, with former tops at 1.1287/77, also near Fibonacci 61.8% of 1.1200/1.1381 upleg, expected to ideally contain extended dips.


    Res: 1.1381; 1.1390; 1.1450; 1.1500

    Sup: 1.1340; 1.1312; 1.1277; 1.1243


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    GBPUSD


    The pair maintains strong bullish tone that keeps driving the price higher. Yesterday’s repeated positive close and rally that met initial target at 1.5748, Fibonacci 161.8% projection of the upleg from 1.5086, suggests further upside. Yesterday’s low was reinforced by daily 200SMA that marks strong support at 1.5631. Immediate targets lay at 1.5783/1.5823, lower tops of 16 Dec / 27 Now 2014. Strong bullish tone of larger timeframes favors further retracement of larger 1.7189/1.4563 downtrend. Overbought daily conditions signal corrective action in the near-term, however, no reversal signal being generated so far.



    Res: 1.5767; 1.5783; 1.5823; 1.5850

    Sup: 1.5700; 1.5663; 1.5631; 1.5600




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    USDJPY


    The pair came under pressure yesterday and closed the day in long red candle, shifting near-term focus towards lower boundaries of short-term range. Near-term technicals weakened on yesterday’s dip to 119.00, also former low of 07 May and the last obstacle en-route towards key 118.50 support and range floor. Overall neutral tone, however, requires clear break here to signal an end of short-term sideways-trading phase and establish fresh direction. On the upside, daily Ichimoku cloud base offers initial resistance at 119.43, also near Fibonacci 38.2% of 120.26/119.02 descend, penetration of which would ease immediate downside pressure and confirm further range-trading, but only regain of 120 handle, also yesterday’s high, is required to revive near-term bulls.


    Res: 119.32; 119.43; 119.79; 120.00

    Sup: 119.02; 118.80; 118.50; 118.00


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    AUDUSD

    Yesterday’s fresh acceleration higher that eventually broke above previous high at 0.8073, left long green daily candle, signaling strong bullish tone and resumption of larger uptrend, after completion of daily bullish pennant. Today’s fresh rallies are looking for immediate targets at 0.8185, Fibonacci 138.2% projection of rally from 0.7780 and psychological 0.82 barrier, with key med-term barrier laying at 0.8293, Jan’s lower top and annual high, also Fibonacci 38.2% retracement of 0.9503/0.7531 descend. Former peak at 0.8073, marks initial support, along with 0.8055, Fibonacci 38.2% of 0.7885/0.8161 rally, where shallow dips should be ideally contained, to avert stronger correction, expected on violation of psychological 0.8000 support.

    Res: 0.8161; 0.8185; 0.8200; 0.8250
    Sup: 0.8096; 0.8073; 0.8055; 0.8000


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