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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 Sep 25, 2013 8:42 am


The Euro continues to descend gradually, after losing 1.35 handle, with fresh weakness approaching strong 1.3450 support, 50% retracement of 1.3337/1.3567 upleg / previous top of 20/08. Negative hourly studies and 4-hour indicators breaking below the midlines, see scope for further correction towards next significant support zone at 1.3400/1.3390, former lower platform and double Fibonacci support. Key near-term support lies at 1.3330 higher platform and 50% retracement of 1.3103/1.3567. Larger picture outlook remains bullish and favors further upside, once near-term correction is completed.

Res: 1.3480; 1.3500; 1.3547; 1.3567
Sup: 1.3450; 1.3425; 1.3400; 1.3390



Cable continues to trend lower and retraced 76.4% of post Fed 1.5883/1.6161 rally, on extension to 1.5950, so far, where 55 DMA contained dips . Negatively aligned near-term studies favor further corrective action and risk retest of strong 1.5900/1.5883 support area, higher platform / Fibonacci 38.2% of 1.5427/1.6161, violation of which would signal stronger reversal and mark near-term top at 1.6161. Daily RSI, emerging of overbought territory, supports the notion, while only regain of lower platform at 1.6070 would ease immediate bear pressure and re-focus 1.6100 and 1.6161 barriers.

Res: 1.6000; 1.6019; 1.6070; 1.6100
Sup: 1.5950; 1.5900; 1.5883; 1.5831



The pair remains heavy and extends weakness off 99.65 upside rejection, to 98.48, 61.8% retracement of 97.75/99.65 ascend so far. Prevailing negative tone keeps the downside at risk, with immediate focus being at 98.20, trendline support / 76.4% retracement and psychological 98.00 support, ahead of key near-term support at 97.75, 18/09 low. Break here to open way for possible full retracement of larger 96.80/100.60 upleg. Daily studies are losing momentum and seen supportive for such scenario. Initial resistance lies at 99.16, while only break above 99.65 would turn near-term structure positive.

Res: 99.00; 99.16; 99.65; 99.96
Sup: 98.46; 98.22; 98.00; 97.75



The Aussie came under pressure again, following recovery attempt failure at 0.9455 and subsequent weakness that violated initial 0.9365 support. Near-term studies in negative territory, see risk of further downside, with immediate targets laying at 0.9300 and 0.9283, Fibonacci 38.2% of larger 0.8891/0.9526 ascend, below which to signal stronger correction and mark near-term top. From the other side, larger picture bulls remain intact and would keep further upside in play, as long as the price holds above 0.9200 support, higher platform and 50% retracement of 0.8891/0.9526 rally.

Res: 0.9412; 0.9455; 0.9483; 0.9500
Sup: 0.9340; 0.9300; 0.9283; 0.9222

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