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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 » Thu Aug 22, 2013 8:42 am


The Euro came under increased pressure, following release of dollar supportive FOMC minutes. The pair extended pullback from Tuesday’s fresh high at 1.3450, retracing 50% of 1.3205/1.3450 ascend on a dip to 1.3330 support, reinforced by 55DMA, where temporary footstep was found. Negative hourly studies keep the downside at risk, as the price loses momentum, with violation of higher platform at 1.33 zone, expected to sideline larger bulls and trigger further weakness. Conversely, bounce above initial 1.3400 barrier, is required to neutralize bears in favor of fresh attempt at 1.3450 peak.

Res: 1.3373; 1.3400; 1.3427; 1.3450
Sup: 1.3330; 1.3310; 1.3263; 1.3232



Cable eases after cracking psychological 1.57 resistance and posting fresh high at 1.5716. Near-term targets at 1.5421, 100% Fibonacci expansion of the wave from 1.5100 and key 1.5751 barrier, 17/06 peak, remain in focus, as current pullback could be described as corrective, as long as key support and pivotal point at 1.5400 stays intact. Four-hour chart technicals are still positive, however, negative tone on hourly studies, keeps the downside risk in play, with penetration through initial 1.5600/1.5575 supports, to signal deeper pullback.

Res: 1.5627; 1.5650; 1.5700; 1.5716
Sup: 1.5576; 1.5500; 1.5480; 1.5420



The pair extended recovery rally from 96.90 low and broke above 98.00 barrier, 61.8% of 98.64/96.90 downleg. Improved hourly conditions see potential for extension towards key near-term barrier at 98.64, 15/08 high. Positive near-term studies support the notion, however, regain of 98.64 barrier is seen as minimum requirement to complete near-term corrective phase and open way for stronger recovery towards 99.00, trendline resistance / 100DMA. Alternatively, upside rejection under 98.64 would signal prolonged sideways trade, with downside risk to revive on possible extension below 97.00 support, as daily studies are negative.

Res: 98.64; 98.75; 99.00; 99.50
Sup: 98.00; 97.60; 97.13; 96.90



The Aussie remains under pressure, as fresh weakness from 0.9220/32 double-top penetrated through 0.9000 support, with daily close occurring below the latter. The price approaches initial targets at 0.8920/00, before final push towards key support, 05/08 low at 0.8846, as negative tone dominates on all timeframes and keeps the bears in play. Corrective rallies should be ideally capped under 0.9100, also near mid-point of slide from 0.9232 to 0.8930.

Res: 0.9000; 0.9045; 0.9081; 0.9100
Sup: 0.8965; 0.8930; 0.8918; 0.8900

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