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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 Sep 23, 2013 7:56 am


The Euro trades in extended consolidative phase under last week’s fresh high at 1.3567. Near-term price action moves in a sideways mode and being entrenched within 1.3500/50 range. Psychological 1.35 support, reinforced by ascending hourly 55DMA, keeps the downside protected for now, with hourly studies holding neutral tone. From the other side, extended 4-hour studies see risk of further consolidation, with double-Doji supporting such scenario. However, deeper pullback cannot be ruled out, as daily RSI is entering overbought territory. Immediate support lies at 1.3500, ahead of 1.3450, previous top and 50% retracement of 1.3337/1.3567 upleg. Increased downside risk would be seen in case of violation of 1.3400, Fibonacci 38.2% of 1.3103/1.3567 and 1.3340, higher platform and 50% retracement. Targets at 1.3600 and key 1.3710 peak, seen in extension, remain in near-term focus.

Res: 1.3567; 1.3600; 1.3658; 1.3710
Sup: 1.3500; 1.3479; 1.3450; 1.3425



Cable’s corrective pullback from 1.6161, 18/09 fresh high, has stabilized at psychological / Fibonacci 61.8% of 1.5890/1.6161 ascend support, with near-term basing attempt being under way. Hourly studies are weak and require break above lower top at 1.6065 to confirm recovery, as 4-hour structure remains positive and keeps the upside favored. However, overbought daily studies require caution, as possible extension below 1.5900/1.5880 higher platform, would risk deeper pullback and open next target at 1.5800. Conversely, clearance of 1.6065 and regain of 1.6100 barrier, would shift near-term focus towards 1.6161 and signal possible resumption of larger uptrend towards 1.6200, next upside target.

Res: 1.6065; 1.6100; 1.6140; 1.6161
Sup: 1.6000; 1.5985; 1.5954; 1.5890



The near-term structure weakens after the pair failed to regain psychological 100 barrier on a strong bounce off 97.75. Pullback from 99.65, where the rally stalled, cracked 99.00 handle, also 38.2% of 97.75/99.65 upleg that increases downside risk, as 4-hour indicators are breaking in the negative territory. Further easing would look for test of 98.70/98.48, Fibonacci 50% / 61.8% of 97.75/99.65, and 98.22, trendline support, also the neckline of H&S pattern that is forming on a daily chart. Conversely, lift above 99.65 is required to neutralize.

Res: 99.16; 99.65; 99.96; 100.21
Sup: 98.70; 98.44; 98.22; 98.00


The Aussie trades in near-term corrective mode, with price action coming under increased pressure, after extension of pullback from 0.9526 peak, dipped to 0.9365 so far. Hourly studies are still weak, however, quick recovery above 0.9400 handle, keeps the positive tone on the larger timeframes in play. Clearance of lower platform at 0.9455, is seen as minimum requirement to avert downside risk and shift focus towards 0.9500 and 0.9526 barriers. Otherwise, loss of 0.9365, session low and higher platform at 0.9340, would keep the downside vulnerable and risk stronger correction. Strong supports lay at 0.9283, Fibonacci 38.2% of 0.8891/0.9526 and 9222/00, higher platform / 50% retracement.

Res: 0.9455; 0.9483; 0.9500; 0.9526
Sup: 0.9365; 0.9340; 0.9300; 0.9283

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