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Windsor Brokers - Short Term Technical Analysis for Majors (07:00 GMT)
The Euro remains within near-term 1.3144/1.3243 consolidative range, with hourly studies building up momentum, following gap higher opening. The notion is supported by last Friday’s Doji that may signal basing attempt, however, break above range top at 1.3243 is seen as initial requirement, with regain of more significant 1.3300, previous base and near 50% of 1.3431/1.3144, required to confirm. Conversely, bearish continuation through 1.3144, also 90 day MA, would open 1.3100 and 1.3061, 50% of 1.2660 /1.3710 upleg.
Res: 1.3243, 1.3253, 1.3287, 1.3300
Sup: 1.3174, 1.3144, 1.3100, 1.3061
Cable ticks higher following last Friday’s fall from 1.5300 zone and overnight’s gap lower opening that posted fresh 1 ˝ low at 1.5069. Technical correction is attempting to fill the overnight gap that may trigger stronger recovery, however, only break above 1.5300 zone would have more significant impact and sideline bears. Otherwise, test of psychological 1.5000 support is seen as near-term scenario, with break here to shift focus towards 1.4230, 2010 low. Weekly close at 1.5190, reinforced by 20 day EMA and 50% of 1.5315/1.5069 is seen as breakpoint.
Res: 1.5163, 1.5190, 1.5221, 1.5257
Sup: 1.5114, 1.5100, 1.5069, 1.5000
The pair skyrocketed on weekly over 100 pips gap-higher opening and posted fresh 22-month high at 94.55, aiming towards near-term target at 94.97, 2010 high. Break above recent range, sees potential for fresh extension higher, as 94.00 zone offers initial support. Only filling the overnight gap and fall below Friday’s closing price, would signal false break, while key near-term support lies at 92.00 base and break here is required to bring bears in play.
Res: 94.29, 94.45, 94.55, 94.97
Sup: 94.00, 93.87, 93.66, 93.50
Near-term structure shows signs of fatigue, as the price attempts below consolidation range floor at 0.9280, after failing to sustain gains above important 0.9300 barrier. Hourly structure is turning negative, while larger picture technical still maintain positive tone and would allow pullback towards 0.9240, Fib 61.8% of 0.9181/0.9332 upleg / 55 day EMA, while only loss of 0.9200 handle would increase risk of stronger reversal of near-term 0.9020/0.9332 recovery.
Res: 0.9300, 0.9315, 0.9332, 0.9345
Sup: 0.9256, 0.9240, 0.9217, 0.9200