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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 Nov 02, 2015 10:32 am

EURUSD

The Euro is back above 1.10 handle, where it closed on Friday, after recovery rally was capped by bear-trendline that connects 1.1712 and 1.1458 peaks at 1.1070 and daily candle with long upper shadow, signaled strong selling interest.
Further recovery cannot be ruled out, as daily slow Stochastic is heading north, after reversing from oversold zone, with potential probes above trendline resistance, now at 1.1055, expected to find strong barriers at 1.1082, falling daily 10SMA that formed Golden Cross and 200SMA 1.1107, which is expected to cap extended rallies.
Downside remains at risk, as bearish signal was given by strong bearish monthly close, with prolonged consolidation, signaled by weekly long-legged Doji and failure to close below monthly wedge support line, expected to precede fresh leg lower.


Res: 1.1048; 1.1082; 1.1107; 1.1138
Sup: 1.1011; 1.0964; 1.0895; 1.0862

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GBPUSD

Cable remains well supported and looks for retest of strong 1.5506 barrier, lower platform, where several upside attempts were rejected, following last Friday’s strong rally that left the longest daily bullish candle after 14 Oct rally.
Bullish weekly and monthly close, support further upside, with another bullish signal, given by monthly Bullish Engulfing pattern.
Fresh strength probes above thin daily Ichimoku cloud, which doesn’t act as strong barrier.
Daily studies are positive, with daily MA’s, turning into firm bullish setup, after Friday’s strong rally, supporting final attack at1.5506 breakpoint.
Corrective dips could be anticipated before final break above 1.5506 platform, as near-term studies are entering overbought territory


Res: 1.5506; 1.5566; 1.5605; 1.5656
Sup: 1.5435; 1.5380; 1.5365; 1.5326

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USDJPY

The pair continues to trade within 120.00/121.46, near-term congestion, following repeated rejection at strong 121.46 barrier. Return below daily cloud top at 120.73, which now acts as initial barrier and so far caps today’s action, weakens again near-term structure.
Extended consolidation is seen as favored near-term scenario, before the pair establishes in fresh direction, as the price remains in short-term directionless mode, holding within two-month range between 121.64 and 118.05.

Res: 120.70; 121.02; 121.46; 121.64
Sup: 120.16; 120.00; 119.60; 119.35

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AUDUSD
The pair extends near-term recovery attempt off 0.7064, correction low, following Friday’s strong bullish close and today’s fresh rally that penetrated daily Ichimoku cloud base at 0.7120. Near-term technicals are gaining traction and see potential for further recovery.
Bullish monthly close could be seen as initial signal. However, rallies need to break above daily Ichimoku cloud top at 0.7180, reinforced by daily Tenkan-sen line and Fibonacci 38.2% of 0.7380/0.7064 downleg, to sideline downside risk and signal stronger correction.
Daily slow Stochastic is reversing from oversold zone and support scenario.
Lift above initial pivot at 0.7180, to expose next significant barriers at 0.7222, daily 20SMA and 0.7260, Fibonacci 61.8% retracement, break of which to confirm reversal.

Res: 0.7180; 0.7122; 0.7260; 0.7296
Sup: 0.7120; 0.7082; 0.7064; 0.7000
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