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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 » Tue Aug 20, 2013 8:17 am


The Euro trades in extended consolidative phase, holding the sideways mode, with price action being entrenched within 1.3310/1.3379 range. Neutral tone prevails on hourly chart, while 4-hour studies maintain positive tone and keep the upside focused for final push towards 1.3399, larger 1.3187/1.3399 range top. Break here and another significant barrier at 1.3414, 16/06 peak, to confirm weekly triple-bottom pattern at 1.2800/1.2750 zone, where weekly Ichimoku cloud base contained dips and kept the downside protected. Completion of the pattern is expected to open next target at 1.3710, 01/02 peak, in the short-term. Immediate support at 1.3300, higher platform zone, reinforced by 4-hour 55DMA, is expected to hold the downside and keep bulls in play.

Res: 1.3355; 1.3379; 1.3399; 1.3414
Sup: 1.3300; 1.3272; 1.3260; 1.3232



Cable continues to trend higher and posted marginally fresh high at 1.5672 on Monday, vs Friday’s 1.5655 peak. Positively aligned near and short-term technicals remain supportive for eventual attempt towards key short-term barrier and target at 1.5751,17/06 high, with interim hurdles at 1.5700, round figure and 1.5721, Fibonacci 100% expansion of the third wave of larger upleg from 1.4812 that commenced from 1.5100 higher low. The wave could travel to 1.5958, its 138.2% expansion, once 1.5751 barrier is cleared that will also confirm formation of double-bottom at 1.4830/12 lows. Previous consolidation bottom at 1.5600, offers initial support, along with former high at 1.5573, with key-near-term support, laying at 1.5420 higher platform.

Res: 1.5672; 1.5700; 1.5721; 1.5751
Sup: 1.5607; 1.5576; 1.5538; 1.5517



Near-term recovery rally off 97.04 low has lost traction after failing to hold gains above psychological 98.00 barrier. Rally stalled at 98.11, with subsequent pullback retracing 61.8% of 97.04/98.11 upleg. Weakened near-term studies increase downside risk, with acceleration seen on violation of 97.28, 55DMA and 97.04 support. Conversely, regain of 98.64, 15/08 high, is required to shift focus higher and expose trendline resistance at 99.20.

Res: 97.84; 98.11; 98.64; 98.75
Sup: 97.18; 97.00; 96.40; 96.00



The Aussie dollar came under increased pressure, as failure to clear 0.9220/40 barriers, previous high / daily Cloud base, triggered fresh weakness that accelerated on a break below 0.9100/0.9057 support zone. Hourly studies are deep in negative territory, with 4-hour indicators breaking below the midlines that keep the downside in near-term focus, as the fall so far reversed 50% of 0.8846/0.9232 upleg. Formation of double-top at 0.9220/32 increases downside risk, with loss of psychological 0.9000 support, required to confirm and expose lower targets at 0.8900/0.8846.

Res: 0.9057; 0.9100; 0.9188; 0.9200
Sup: 0.9000; 0.8971; 0.8918; 0.8900

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