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

Discussion in 'Technical Analysis' started by WindsorBrokers, Jul 22, 2015.

  1. WindsorBrokers

    WindsorBrokers Broker Representative

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    The Euro bounced strongly yesterday, leaving long bullish daily candle that came after previous day’s long-legged Doji and signals stronger correction. Bullish acceleration reached 1.0967 high, also Fibonacci 38.2% retracement of 1.1215/1.0807 downleg, where rally was capped by descending daily 10SMA. Improved near-term technicals favor further recovery, however, overall bearish structure remains intact. Further upside to face strong obstacles at 1.0992, daily Ichimoku cloud base and 1.1033, falling daily 20SMA. Only break and close above the latter would neutralize scenario of lower top formation and fresh leg lower. Asian trading was entrenched within narrow range, with range bottom at 1.0923, marking initial support, ahead of previous barrier at 1.0900, also near 38.2% of recovery rally from 1.0807. Break here to signal an end of recovery phase.

    Res: 1.0967; 1.0992; 1.1033; 1.1059

    Sup: 1.0923; 1.0900; 1.0868; 1.0845



    Cable accelerated higher and probes above 1.56 barrier, after four-day descend from 1.5673 peak, was contained by daily 100SMA and rising 4-hour Ichimoku cloud top at 1.5527. Yesterday’s Doji candle signaled hesitation at strong support area, with current rally so far seen as corrective action, while pivotal resistance zone at 1.5673/1.5698, 15 July high / Fibonacci 61.8% of 1.5928/1.5527 downleg, stays intact. Daily studies hold in neutral mode and require break of either side of near-term congestion, to define fresh direction.

    Res: 1.5622; 1.5673; 1.5698; 1.5729

    Sup: 1.5589; 1.5548; 1.5527; 1.5500



    The pair resumes pullback off 123.46, yesterday’s high that took out initial supports at 123.90/70. Yesterday’s Bearish Engulfing candle suggests stronger pullback, with today’s fresh extension lower, bringing in focus next supports at 123.25, daily Ichimoku cloud top and 122.90, 14 July higher low and Fibonacci 38.2% of 120.39/124.46 rally. These supports mark pivotal points and break here would trigger stronger corrective action. Near-term technicals are entering bearish mode, while overall picture remains bullish and favors fresh attempts higher on completion of current correction. Ideally, pullbacks should find support above 122.90 handle, not to further delay larger bulls on extended corrective phase.

    Res: 123.75; 123.97; 124.46; 124.72

    Sup: 123.46; 123.25; 122.90; 122.68



    Aussie sidelined immediate downside risk after yesterday’s rally that came after Monday’s long-legged Doji, left long bullish daily candle. Hourly studies improved on a rally through daily 10 SMA / Tenkan-sen line, former initial barriers, however, gains stay short of pivotal 0.7495 barrier, former consolidation top, reinforced by falling daily 20SMA, break of which is needed to signal stronger recovery. Otherwise, extended consolidative phase and fresh attempts lower remain as favored scenario, as overall structure remains bearish.

    Res: 0.7447; 0.7495; 0.7524; 0.7584
    Sup: 0.7371; 0.7324; 0.7300; 0.7250

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