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

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

Postby WindsorBrokers » Tue Jul 09, 2013 4:15 am


The Euro trades in a consolidative mode, off fresh low at 1.2805, posted last Friday and ended Monday’s trading in a positive tone. Recovery rally is so far capped at 1.2880 zone, Fibonacci 38.2% of 1.3016/1.2805 descend / hourly linear regression channel upper line. Hourly studies are positively aligned and see potential for stronger correction above 1.2911, 50% retracement and pivotal 1.2930 zone, 61.8% / 03/07 low; 04/07 high. However, prevailing negative tone on 4-hour chart, sees the recovery limited for now. On the downside, 1.2800 zone offers initial support and guards key 1.2750 double-bottom and annual low.

Res: 1.2911; 1.2935; 1.2966; 1.3000
Sup: 1.2845; 1.2805; 1.2795; 1.2780



Cable corrects recent losses that bottomed at 1.4856 last Friday, with basing attempt under way. Break above 1.4900 barrier, gives more credibility to the support, however, regain of minimum 1.5000 handle is required to signal base, while confirmation requires extension to 1.5080, 50% retracement of 1.5303/1.4856 / 04/07 lower platform. Improved hourly studies are supportive for further recovery, while 4-hour indicators hold well in the negative territory and see limited upside prospect. Larger picture bears see scope for final push lower, to fully retrace larger 1.4830/1.5751 bull-phase, with break lower to target psychological 1.4800 support and 1.4793, Fibonacci 161.8% expansion of the down leg from 1.5751.

Res: 1.5000; 1.5027; 1.5080; 1.5100
Sup: 1.4919; 1.4871; 1.4856; 1.4830



Dollar/yen consolidates gains that peaked at 101.52, with pullback being so far contained 100.80 zone, daily cloud top / hourly 55 DMA. Overall positive tone keeps the upside in focus, with any further easing, expected to hold above psychological 100 support, to keep bulls intact. Upside targets remain at 101.52 and 102.00/56.

Res: 101.52; 101.79; 102.00; 102.56
Sup: 100.84; 100.65; 100.40; 100.00



The pair remains within 0.9035/0.9179 consolidative range, as bears found ground at 0.9035 and price bounces. As recovery rally from 0.9035 extends above 0.9100 barrier, scope is seen for possible test of key short-term hurdle at 0.9179. Break here is required to confirm double-bottom formation and to spark stronger recovery above 0.9200. Positive hourly studies, with 4-hour indicators in heading north, support the notion. Downside should stay protected at 0.9100, to keep freshly established bulls in play.

Res: 0.9179; 0.9200; 0.9225; 0.9252
Sup: 0.9100; 0.9081; 0.9035; 0.9000

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