Short Term Technical Analysis for Majors (07:00 GMT)

Short Term Technical Analysis for Majors (07:00 GMT)

Postby WindsorBrokers » Wed Jun 12, 2013 4:54 am


The Euro remains firm, following completion of near-term consolidative phase and fresh rally through previous peak at 1.3305 and 25 Feb high at 1.3317. Fresh bulls are looking for test of 1.3341, Fib 61.8% of larger 1.3710/1.2744 descend, next upside target and psychological 1.3400 barrier. However, extended 4h conditions warn of corrective easing, before bulls take control, with good supports standing at 1.3270, Fib 38.2% / hourly 55 day EMA and 1.3230, Fib 61.8% of 1.3176/1.3333 upleg. Only slide below 1.3200 and higher base at 1.3176, would delay bulls, in favor of deeper pullback.

Res: 1.3316, 1.3333, 1.3341, 1.3372
Sup: 1.3270, 1.3255, 1.3230, 1.3200



Cable maintains positive near-term tone, after corrective pullback found support at 1.5500 zone. Fresh strength approaches strong resistance zone at 1.5683, 06 June high and 1.5700, 200 day MA, clearance of which is seen as a trigger for resumption of larger uptrend that commenced from 1.5000 base and could extend to 1.5774, Fib 100% expansion. Near-term technicals are positive an support further advance, however, possible hesitation ahead of 1.5700 barrier, cannot be ruled out, as 4h indicators are entering overbought territory. Previous consolidation to at 1.5600, offers initial support, while any stronger pullback should be contained above 1.55 area, to keep bulls intact.

Res: 1.5683, 1.5700, 1.5774, 1.5800
Sup: 1.5627, 1.5600, 1.5550, 1.5520



The pair trades in a near-term corrective mode, followed to yesterday’s sharp fall that nearly fully retraced 94.97 / 99.27 rally on a slide to 95.58. The rally is seen as corrective, as near-term studies remain negative, with significant resistance at 97.42, 50% of 99.27/95.58 fall, reinforced by 55 day EMA, coming in focus. Lack of momentum sees risk of recovery stall and fresh weakness, for test of series of important supports, 95.58, 95.39, daily cloud base and key 94.97, break of which to resume bears off 103.72 peak. On the upside, key near-term barrier lies at 99.27 and only break here would improve short-term structure and allow for stronger corrective action.

Res: 97.00, 97.42, 97.86, 98.40
Sup: 96.22, 96.00, 95.58, 94.97



The pair extends correction off yesterday’s fresh 3-years low at 0.9324, as recovery accelerated on regain of important 0.9500 barrier, 50% retracement of 0.9673/0.9324 fall. Monday’s gap has been filled that sees potential for further recovery. Positive hourly studies support the notion. However, larger picture bears remain in play, with significant barriers at 0.9672. 06 Jun high and 0.9790, 03 Jun high, break of which to signal stronger corrective action and sideline bears. Otherwise, scenario of lower top and fresh weakness would be likely, as the price cracked important, multi-year congestion floor at 0.9400/0.9380.

Res: 0.9573, 0.9600, 0.9621, 0.9672
Sup: 0.9480, 0.9414, 0.9376, 0.9324

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