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Short Term Technical Analysis for Majors (07:45 GMT)

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Short Term Technical Analysis for Majors (07:45 GMT)

Postby WindsorBrokers » Mon Aug 10, 2015 1:01 pm

EURUSD

The Euro ended Friday’s trading positively and closed above daily 20SMA, following choppy trading after release of solid US jobs data. Friday’s upside attempts were capped by daily Tenkan-sen line and 50% retracement of 1.1112/1.0844 downleg at 1.0978, just ahead of pivotal resistance zone that lies between 1.0985 and 1.1010, former tops / Fibonacci 61.8% retracement / daily Kijun-sen line. Positively aligned near-term studies suggest further upside, with sustained break above 1.1010 barrier, needed to confirm. On the other side, daily structure remains negative overall, with repeated weekly long-legged Doji candle, seeing prolonged consolidation as likely scenario. On the larger picture, initial range lies between 1.0844 and 1.1125, with break of either side, required to establish short-term direction. Daily 20SMA offers initial support at 1.0945 and contains for now, with close below here, to soften near-term tone.

Res: 1.0978; 1.1010; 1.1065; 1.1100
Sup: 1.0945; 1.0905; 1.0872; 1.0854

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GBPUSD

Cable maintains negative near-term tone, after Friday’s repeated close in red and fresh weakness that touched strong support at 1.5420, daily Ichimoku cloud base. Subsequent bounce and overnight’s narrow-range consolidation are likely to delay fresh bears, as rising daily cloud base, continues to support. However, daily indicators are breaking below their midlines, with setup of daily MA’s turning into bearish mode and weekly Bearish Engulfing candle, keeping the downside pressured. Daily cloud base marks the first breakpoint, ahead of 200SMA that lies at 1.5381 and break lower to confirm lower platform at 1.5670 zone. Overnight’s price action was shaped in tight Doji, holding below psychological 1.55 level that marks initial resistance, ahead of Friday’s high at 1.5542 and daily Tenkan-sen at 1.5555, break of which to ease immediate downside pressure.

Res: 1.5495; 1.5542; 1.5555; 1.5579
Sup: 1.5477; 1.5443; 1.5420; 1.5363


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USDJPY

The pair extended pullback off 125 tops that proved to be strong near-term resistance, with Friday’s repeated close in red, confirming scenario. Dips found temporary support at 124.09, Friday’s / overnight’s lows / just above rising daily 20SMA that underpins the action, where hourly base is forming. Bounce so far tested Fibonacci 38.2% of pullback from 125.03 peak, with positively aligned 4-hour studies and bullish daily technicals, being supportive for further upside that is needed to signal an end of corrective phase. Extension above 124.55/68, former low of 06 Aug / Fibonacci 61.8%, is needed to confirm and re-focus 125 barrier. Otherwise, upside failure, would keep the downside at risk and look for retest of strong 124 support zone, loss of which to signal extended corrective phase off 125 tops.

Res: 124.55; 124.68; 125.00; 125.55
Sup: 124.26; 124.09; 123.50; 123.00

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AUDUSD
Near-term price action consolidates under 0.74 barrier that was cracked on Friday’s rally to 0.7416. Bullish daily close that occurred above daily 20 SMA, maintains positive near-term tone and gives initial signals of stronger correction. North-heading daily indicators and break above daily 20SMA, support the notion, however, sustained break above 0.74 barrier, is seen as initial step, with extension above next pivot at 0.7495, former lower platform, required to confirm scenario. Otherwise, expect prolonged consolidation, while recent tops at 0.7426, 04 Aug and 0.7416, 07 Aug, remain intact. Alternative scenario sees risk of 4-hour double top formation, on fresh acceleration lower and violation of pivotal 0.7332/13 supports, lows of 07/06 Aug.

Res: 0.7416; 0.7426; 0.7447; 0.7495
Sup: 0.7384; 0.7332; 0.7313; 0.7258

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