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Windsor Brokers - Short Term Technical Analysis for Majors (07:00 GMT)
The Euro remains in a near-term consolidative mode, moving within 100 pips range. Hourly structure is negatively aligned, as 55 day EMA limits the upside and price holds below 1.3120/40, range top / Friday’s low. Break here would allow for further correction, however, prevailing negative tone on 4h chart, with channel support being cracked, keeps the downside favored. Immediate supports lie at 1.3030, daily Ichimoku cloud base and 1.3017, yesterday’s low, ahead of psychological 1.3000 level, also 04 Jan low, loss of which would open 1.2900 zone, Fib 76.4% of 1.2660/1.3710 ascend. Channel resistance at 1.3280 and 25 Feb peaks 1.3317 are seen as near-term breakpoints.
Res: 1.3100, 1.3121, 1.3144, 1.3167
Sup: 1.3030, 1.3017, 1.3000, 1.2908
Cable remains weak, as the price returns to weekly lows, following recovery failure at 1.5220, Fib 61.8% of 1.5315/1.5069 downleg. Near-term studies are negative and see potential for further weakness towards initial 1.5000 target are likely. From the other side, bullish MACD / RSI divergence, developing on 4h chart, suggest basing attempt above psychological 1.5000 support that may result in stronger consolidative / corrective action. Upside break above initial 1.5218 barrier, is required to give initial signal, while regain of 1.5300 zone, would sideline near-term bears.
Res: 1.5160, 1.5192, 1.5220, 1.5257
Sup: 1.5080, 1.5069, 1.5000, 1.4950
The pair consolidates within bearish pennant pattern, following bounce off 90.85, Monday’s fresh one-month low. Break and yesterday’s close below previous strong support at 92.00, keeps the downside favored, with resumption of recent sharp fall, seen on a break below 90.85, also near 50% of 86.81/94.55, to confirm reversal and open 90.00/89.75 next. Conversely, bounce above 92.00 would delay bears and shift near-term focus towards 92.75/93.00 barriers.
Res: 92.00, 92.25, 92.75, 93.14
Sup: 91.62, 91.12, 90.85, 90.67
The pair remains in a near-term sideways mode, confirmed by yesterday’s Doji and holding below range tops at 0.9330 zone. Hourly bulls are losing traction and see risk of slide below 0.9300 that may risk violation of range floor at 0.9280 and signal stronger pullback. The notion is supported 4h studies that are losing bullish momentum. However, overall bulls from 0.9020 base will remain in play for eventual test of key 0.9381/87 barriers, as long as 0.9200/0.9180, also 50% of 0.9020/0.9325, stay intact.
Res: 0.9337, 0.9348, 0.9381, 0.9387
Sup: 0.9300, 0.9280, 0.9256, 0.9240