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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 17, 2013 8:54 am

EUR/USD

The Euro trades in a near-term consolidative mode, with price action moving in a triangular-shape consolidation. Hourly studies are negatively aligned and keep the downside risk towards triangle support at 1.33 zone, also Fib 38.2% of 1.3176/1.3389 upleg. Break here would signal further correction and open Fibonacci 50%/61.8% supports at 1.3283/1.3257. Such scenario is also supported by descending 4h indicators and bearish divergence that may put near-term bulls on hold, once 1.3300 and range floor at 1.3277 is lost. Overall bulls, however, remain in play and see resumption of larger uptrend from 1.2800 higher base, towards 1.3400 an double Fibonacci resistances at 1.3480 zone, once the correction is completed.

Res: 1.3356, 1.3377, 1.3389, 1.3400
Sup: 1.3300, 1.3277, 1.3264, 1.3226



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GBP/USD

Near-term bulls remain in play, as the pair bounced off last Friday’s correction low at 1.5615 and price approached recent peak at 1.5736. Positive hourly studies are supportive for bullish resumption that requires clear break above 1.5736, however, presence of 4h RSI / MACD bearish divergence, requires caution, as last Friday’s hanging man candle suggests hesitation under 1.5736 high. Initial signal of reversal will be seen on a slide below 1.5615/00 support, however, confirmation would require break below 55 day EMA at 1.5560, to focus higher platform at 1.5500.

Res: 1.5724, 1.5736, 1.5780, 1.5800
Sup: 1.5689, 1.5645, 1.5615, 1.5600


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USD/JPY

The pair holds near-term consolidative mode, trading above fresh low at 93.97/78. The price remains under pressure, despite overnight’s bounce, as near-term studies are negative and see the current action limited. With 20 day EMA capping at 95.30, initial resistance, consolidation range top at 95.80 stays intact for now. Break here and psychological 96.00 barrier, would signal stronger correction, however, not much of recovery to be expected while the price holds below 99.00 breakpoint zone.

Res: 95.36, 95.79, 96.00, 96.53
Sup: 94.42, 94.00, 93.78, 93.50


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AUD/USD

The pair remains in a near-term corrective phase and maintain positive tone, as the price consolidates within 0.9556/0.9664 range. With near-term technicals being positively aligned and price action underpinned by 20/55 day EMA’s bullish crossover, the upside remains favored for now, however, break above recent highs and congestion tops at 0.9664/72 is required to resume corrective rally off 0.9324 and open way towards key barrier at 0.9790. Alternative scenario sees rejection under 0.9664, as larger picture bars remain in play, with break below .9556, near-term range floor / 55 day EMA, to increase risk of double-top formation and fresh weakness.


Res: 0.9640, 0.9664, 0.9700, 0.9750
Sup: 0.9556, 0.9535, 0.9494, 0.9427


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