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

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

Postby WindsorBrokers » Mon Jun 10, 2013 11:09 am

EUR/USD

The Euro remains under pressure, as today’s gap-lower opening triggers fresh weakness that cracked initial supports of 55 day EMA and Fib 38.2% of 1.3052/1.3305 at 1.3180. Negative hourlies favor further downside, with the next support seen at 1.3150, 50% retracement. From the other side, positive tone dominates on 4h studies and sees limited corrective action that is expected to find ground above 1.3100, ahead of fresh bulls, as the pair remain in short-term uptrend off 1.2800 base. Clearance of initial barrier at 1.3230, is required to open last Friday’s high at 1.3284 and key resistance at 1.3305, for resumption of bulls from 1.2800.

Res: 1.3230, 1.3267, 1.3284, 1.3305
Sup: 1.3176, 1.3149, 1.3110, 1.3074



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GBP/USD

Cable trades in a near-term corrective mode off last week’s fresh high at 1.5683. Reversal so far dented 1.55 support, where dips were contained by hourly 55 day EMA and 4h 20 day EMA. Break here would trigger stronger pullback towards 1.5425/00, Fib 38.2% of 1.5007/1.5683 / round figure support, possibly to 1.5350, 50% retracement, reinforced by 4h 55 day EMA, as 4h indicators are heading south, off overbought territory. Conversely, bounce through session high at 1.5560, would be initial signal of fresh strength, with regain of 1.5600 handle, required to confirm and re-focus 1.5683 peak / 1.5700, 200 day MA.

Res: 1.5560, 1.5616, 1.5683, 1.5700
Sup: 1.5487, 1.5425, 1.5400, 1.5345


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USD/JPY

The pair continues to advance, extending bounce of Friday’s fresh low at 94.97. Overnight’s gap higher opening supports the notion, as the price heads towards initial resistance at 98.85, above which important 99.35, Fib 50% of 103.72/94.97 / 55 day EMA, is expected to come in focus. Hourly studies are positive and favor further upside, however, still negative 4h structure requires break above 99.35, to avert downside risk and open way for stronger recovery.

Res: 98.85, 99.00, 99.35, 100.00
Sup: 98.00, 97.70, 97.55, 97.15


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AUD/USD

The pair remains under strong pressure, as price gapped lower nearly 10 pips on Monday’s opening and completed near-term 0.9430/0.9670 corrective phase. Fresh weakness threatens break below very strong support zone at 0.9400/0.9380, low of Oct 2011, loss of which would confirm an end of three-year congestion and spark stronger reversal of longer-term 2008/2011 0.6007/1.1079 rally. Session highs at 0.9456, offer initial resistance, while filling the overnight’s gap on a bounce above 0.9500 barrier would ease immediate bear pressure and allow for further consolidation.

Res: 0.9456, 0.9500, 0.9544, 0.9573
Sup: 0.9383, 0.9350, 0.9300, 0.9275


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