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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 » Wed Jul 31, 2013 9:05 am

EURUSD

The Euro trades in extended consolidative phase, confirmed by Tuesday’s Doji, with the price action holding above bull-trendline, off 1.2992 and dips being contained at 50% of 1.3164/1.3300 upleg. Tuesday’s test of 1.3300 barrier keeps the upside favored, with positive 4-hour studies supporting the notion. Clearance of range top at 1.3300 is required to signal resumption of larger uptrend from 1.2754 and expose short-term target at 1.3414. Conversely, extension below 1.3233 range floor, would delay bulls, while loss of 1.3200/1.3164 supports would neutralize short-term bulls.

Res: 1.3271; 1.3300; 1.3325; 1.3400
Sup: 1.3233; 1.3216; 1.3200; 1.3164

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GBPUSD

Cable accelerated lower after repeated failures at near-term range tops at 1.5400 zone. Completion of daily diamond reversal pattern and loss of initial support and range floor at 1.5262, signals increased downside risk. The fall dented 11/07 high at 1.5220, bringing important support at 1.5200, Fibonacci 38.2% of 1.4812/1.5433, in focus. Break lower to signal near-term top and allow for deeper reversal towards 1.5122, 50% retracement and 1.5100, round figure support. Negative near-term studies favor further downside, with corrective rallies on oversold conditions to be ideally capped under 1.5350 barrier.


Res: 1.5249; 1.5262; 1.5300; 1.5327
Sup: 1.5200; 1.5157; 1.5122; 1.5100

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USDJPY

The pair trades in near-term consolidative mode off 97.60 support zone, where 50% retracement of 93.78/101.52 and daily Ichimoku cloud base, offered temporary support for the fall from 100.44, 25/07 high. Sideways mode is confirmed by double-Doji candle. Negative tone prevails on 4-hour studies and sees current consolidation preceding fresh leg lower, as strong bearish signal was given on a completion of Head and Shoulders pattern on 4-hour chart and daily failure swing. Break below 97.60 to open round figure support at 97.00 and 96.74, Fibonacci 61.8% retracement. Only extension through initial barrier at 98.45, 100DMA, would provide near-term relief and give initial signal of stronger recovery.

Res: 98.15; 98.45; 98.70; 99.00
Sup: 97.62; 97.22; 96.95; 96.74

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AUDUSD

The Aussie came under increased pressure on Tuesday, as downside acceleration was triggered on a break below previous low at 0.9127 and psychological 0.9100 support. Completion of 0.8997/0.9316 corrective phase is seen as likely scenario, as the price approaches key support at 0.8997, 12/07 fresh low, break of which to commence fresh bear-leg, as a part of larger downtrend. Hesitation ahead of 0.8997 support, may be triggered by oversold near-term studies, while regain of 0.9157, range’s midpoint, would avert downside risk and signal prolonged sideways trading.

Res: 0.9100; 0.9127; 0.9175; 0.9200
Sup: 0.9011; 0.8997; 0.8900; 0.8861


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GOLD

Spot Gold showed no changes in Tuesday’s trading, compared to previous sessions, as near-term 1308/40 range remains intact. Price action oscillates around range’s mid-point at 1324. Near-term studies hold neutral tone, as the price remains in sideways mode. However, positive daily studies keep the upside in focus, with completion of bullish pennant and extension above 1347 peak, required to resume larger rally from 1180 low. Alternative scenario sees loss of 1308/00 support zone to bring bears in play.


Res: 1340; 1347; 1355; 1366
Sup: 1330; 1324; 1317; 1313
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