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

Discussion in 'Technical Analysis' started by WindsorBrokers, Aug 5, 2015.

  1. WindsorBrokers

    WindsorBrokers Broker Representative

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    The Euro closed yesterday below former low of 30 July at 1.0891, leaving a long red candle that confirms further extension of the downleg from double upside rejection at 1.1121/28. Firm bearish tone on all timeframes, suggests final push towards short-term base and breakpoint at 1.08 zone, former lows of 27 Mat at 1.0818 and 20 July low at 1.0807. Break here to open way towards key med-term support levels at 1.0519/1.0461, lows of 12 Apr/15 Mar, the bottom of larger downtrend from 1.3992, May 2014 peak. Today’s fresh weakness confirms bearish stance. However, near-term studies are approaching oversold zone that may result in hesitation on approach to strong 108 zone supports. Initial resistance lies at 1.09 area, ahead of 1.0931, former hourly minor base, with extended rallies, expected to hold below pivotal barrier at 1.0986, yesterday’s high and near Fibonacci 61.8% retracement of 1.1121/1.0844 downleg.

    Res: 1.0900; 1.0931; 1.0986; 1.1011

    Sup: 1.0844; 1.0818; 1.0807; 1.0698



    Cable is losing traction in the near-term, as repeated upside rejections, where daily cloud top capped upside attempts and fresh weakness below of daily 20SMA, give initial negative signals. Repeated daily close in red, confirms the notion and moves the price into lower part of near-term 1.5464/1.5670 range. However, daily technicals hold neutral setup, together with contracting 20d Bollinger bands, suggesting prolonged sideways phase, with break of either boundary, required to establish fresh direction. Corrective rallies off fresh session low at 1.5524, should be ideally capped under yesterday’s high at 1.5632.

    Res: 1.5570; 1.5600; 1.5632; 1.5670

    Sup: 1.5524; 1.5488; 1.5464; 1.5449



    The pair resumes the uptrend after brief consolidation at 124 zone and approaches pivotal resistance zone that lies between 124.36 and 124.72 highs at tops of short-term congestion. Overall bullish tone supports eventual break higher and resumption of larger uptrend from 120.69 low, with daily Tenkan-sen line containing dips at 123.77 and rising daily 20SMA underpinning the action at 123.70, guarding pivotal daily Ichimoku cloud top at 123.40. Near-term technicals are gaining bullish tone and favor further upside, however, extended consolidation ahead of final break higher, cannot be ruled out, as the pair approaches breakpoint zone and 4-hour studies are losing initial bullish momentum.

    Res: 124.56; 124.72; 125.00; 125.50

    Sup: 123.70; 123.40; 123.00; 122.48



    The pair corrects yesterday’s strong rally that peaked at 0.7426 and closed above daily 20SMA, leaving long bullish daily candle. Near-term technicals are gaining positive tone, but limited upside action is seen, while pivotal 0.7485/95 zone, daily Kijun-sen line / former lower platform stays intact. Pullback from fresh high at 0.7426, should be contained above 0.7324, Fibonacci 61.8% of 0.7261/0.7426 rally, to keep fresh near-term bulls in play. Overall picture, however, remains bearish and sees resumption of larger downtrend, after completion of current consolidation.

    Res: 0.7400; 0.7426; 0.7447; 0.7495
    Sup: 0.7324; 0.7306; 0.7258; 0.7233

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