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Thread: Short Term Technical Analysis for Majors by WindsorBrokers

  1. #381
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    Default Windsor Brokers - Short Term Technical Analysis for Majors (07:00 GMT)

    EUR/USD
    The pair moves in a directionless mode, entrenched within 1.2440/1.2530 range, awaiting the EU summit. Hourly studies are neutral in past two days, while larger picture maintains negative tone, with immediate barrier at 1.2530, range top / daily 20 day MA. Break here to trigger recovery towards key near-term resistance zone at 1.2580/1.2600 and signal basing attempt at strong 1.2460/40 zone, Fib 61.8% of 1.2287/1.2745 / 26/27 / mid June rage lows. Loss of the latter, however, will open a fresh leg of short-term downtrend from 1.2745 and focus 1.2400, initially.

    Res: 1.2529, 1.2550, 1.2580, 1.2600
    Sup: 1.2500, 1.2470, 1.2440, 1.2409





    GBP/USD
    Continues to move within 1.5538/1.5650 range, as the near-term price action remains capped by bear-trendline off 1.6300. Negative near-term studies keep the downside favored, as long as 1.5650 stays intact, while break here would signal near-term double bottom and re-focus 1.5700/45 zone. On the downside, 1.5538/44 lows are reinforced by daily 20 day MA and slide below to expose 50% retracement at 1.5521 and 1.5500, round figure support, ahead of strong support at 1.5460, mid-June lows / Fib 61.8% of 1.5267/1.5776 upleg.

    Res: 1.5622, 1.5650, 1.5700, 1.5732
    Sup: 1.5575, 1.5545, 1.5538, 1.5521





    USD/JPY
    Reversal off 80.60 barrier that so far fell to 79.22, keeps the near-term price action under pressure, after loss of very strong supports at 80.00 and 79.80. Corrective/consolidative move off 79.22, remains limited under initial resistance at 79.80, also descending 55 day MA. Negative short-term outlook sees risk of further decline and test of 79.00, figure support and 78.83, 200 day MA, as the price cracked bull-trendline connecting 77.65 and 78.60 lows. Any bounce higher requires break above 80.00 to ease near-term bear-pressure.

    Res: 79.60, 79.86, 80.00, 80.60
    Sup: 79.32, 79.22, 79.00, 78.83





    USD/CHF
    Continues to consolidate the latest 0.9420 base that were so far capped at 0.9650, with near-term price action bouncing of the range floor and surging through 0.9600 barrier. Clearance of range top at 0.9650 and the next barrier at 0.9675 is required to turn near-term focus towards 0.9700 and 0.9769.


    Res: 0.9675, 0.9700, 0.9750, 0.9769
    Sup: 0.9600, 0.9580, 0.9550, 0.9541


  2. #382
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    Default Windsor Brokers - Short Term Technical Analysis for Majors (07:00 GMT)

    EUR/USD
    The Euro corrects past two trading days strong rally, sparked by positive news from EU summit. The single currency has registered the strongest daily gains in a past eight months, as rally from last Thursday’s base at 1.2406, extended close to 1.2700, psychological barrier, after clearing main bear trendline off 1.3282 peak at 1.2600. Short-term outlook maintains positive sentiment, as risk appetite comes back in play. Corrective pullback after slight gap higher opening, is testing broken bear-trendline, with further easing not ruled out and ideal reversal above 1.2550, to maintain short-term bulls. Clearance of key short-term barrier at 1.2745, 18/20 June double top, is required to open way for stronger recovery and expose 1.2800/25, next.

    Res: 1.2642, 1.2679, 1.2691, 1.2700
    Sup: 1.2610, 1.2600, 1.2582, 1.2552






    GBP/USD
    The pair consolidates recent strong rally from 1.5484, 28 June low, that briefly tested psychological 1.5700 barrier so far. Corrective/consolidative action off last Friday’s 1.5805 high has been contained at 20 day EMA and Fib 23.6% of 1.5484/1.5705, for now, keeping the upside in focus. However, clear break above 1.5700 barrier and clearance of more significant 1.5750, 200 day MA and 1.5776, 20 June peak, is required to confirm higher low at 1.5484 and resume short-term recovery off 1.5267, 01 June low. Short-term studies maintain positive structure for now, while only break below 1.5600 handle would weaken the tone.

    Res: 1.5678, 1.5705, 1.5732, 1.5745
    Sup: 1.5650, 1.5622, 1.5600, 1.5570





    USD/JPY
    Short-term outlook remains positive, as the pair’s latest rally from 79.12, 50% of 77.65/80.60 ascend, where the footstep was found, approached our key barrier at 80.00 last Friday, ahead of current corrective easing. The near-term price action is hovering around broken bull trendline in attempt to find ground, however, rather weak near-term studies keep the downside still vulnerable. Risk is seen on extension towards key near-term supports at 79.00 zone, previous lows / 200 day MA, loss of which to soften short-term structure.

    Res: 79.72, 79.98, 80.00, 80.60
    Sup: 79.50, 79.35, 79.12, 79.00





    USD/CHF
    The pair losses ground after reversal off 0.677, 28 June high, erased a good part of 0.9420/0.9677 rally. Bounce from last Friday’s low at 0.9461, is seen corrective, as near-term studies remain negative and descending 20 day EMA keeps the upside limited at 0.9520 zone for now. Possible further extension higher needs to clear another strong barriers at 0.9570/0.9600 to improve the near-term structure, otherwise, revisit of short-term base at 0.9420 and possible break lower, would be the likely scenario.

    Res: 0.9523, 0.9544, 0.9570, 0.9594
    Sup: 0.9500, 0.9471, 0.9461, 0.9420


  3. #383
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    Default Windsor Brokers - Short Term Technical Analysis for Majors (07:00 GMT)

    EUR/USD
    Negative sentiment continues to drive the bloc currency lower, with succession of fresh lows posted on a daily basis. The price approaches our initial target at 1.2200, ahead of 1.2150, June 2010 low, loss of which to possibly open way towards psychological 1.2000 level in a short-term. Negative near-term studies keep the downside pressure, with descending 55 day EMA, currently at 1.2265, maintaining the downtrend. Any corrective action will face very strong barriers at 1.2300/35 and only break here will ease bear-pressure.

    Res: 1.2245, 1.2265, 1.2300, 1.2333
    Sup: 1.2200, 1.2150, 1.2115, 1.2100





    GBP/USD
    The near-term structure turns negative after yesterdays’s upside rejection at 1.5576 and sharp slide that took out 1.5500 and cracked more significant 1.5460/50, short-term base. Clear break here to open 1.5400, however, overextended hourly conditions suggest corrective bounce preceding fresh weakness. Initial barriers lie at 1.5500/15, with improvement of the larger-picture negative outlook, requiring regain of yesterday’s high at 1.5576.

    Res: 1.5480, 1.5500, 1.5515, 1.5550
    Sup: 1.5447, 1.5400, 1.5320, 1.5300




    USD/JPY
    The pair erases its strong gains after yesterday’s rally from 79.12 tested 79.80 barrier and accelerated gains on BOJ’s overnight release, spiking at 79.94, before sharp slide to the lower levels of 79.00/80.00 range. As 80.00 offers very strong barrier, near-term focus turns lower again. Violation of 79..12/00 support would signal fresh bear-phase and expose 78.60 next.

    Res: 79.50, 79.78, 80.00, 80.21
    Sup: 79.20, 79.12, 79.00, 78.80





    AUD/USD
    The Aussie’s latest rally off 1.1050 higher base, failed to clear 200 day MA at 1.0270, with weak jobs data from Australia, released overnight, accelerating losses. Fresh weakness under 1.0225/00 support zone, dented key near-term support 1.0150, also 50% of 0.9968/1.0326, dipping to 1.0135 so far, ahead of Fib 61.8% and figure support at 1.0100. Corrective bounce on oversold conditions, signalled on hourly chart, faces barriers at 1.0180/1.0200, while only regain of 1.0240 would turn near-term focus higher and re-focus 200 day MA at 1.0270.

    Res : 1.0177, 1.0200, 1.0225, 1.0243
    Sup : 1.0135, 1.0125, 1.0100, 1.0076


  4. #384
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    Default Windsor Brokers - Short Term Technical Analysis for Majors (07:00 GMT)

    EUR/USD
    The hourly studies are running out of steam, following last Friday’s strong rally, as risk returned to play. Positive sentiment is fading after weekly gap higher opening, with gap being filled and price testing initial support and higher platform at 1.2225, also 55 day EMA. With hourly indicators started to point lower, limited upside action could be expected, as bears would gain pace on loss of 1.2225/00 supports that will re-expose near-term double bottom at 1.2170 zone. Larger picture’s outlook, however, maintains negative tone, as indicators still hold in red territory, despite some movements higher, still unable to improve the structure. Regain of 1.2290/1.2300, 07 July high / Fib 23.6% of 1.2691/1.2161 descend and 1.2330, 10 July high / 55 day EMA, required to confirm near-term double-bottom and allow for stronger recovery. Otherwise, resumption of broader downtrend through 1.2150, would be looking for test of 1.2000 zone in the short-term.

    Res: 1.2243, 1.2254, 1.2270, 1.2300
    Sup: 1.2225, 1.2200, 1.2161, 1.2150





    GBP/USD
    The pair’s strong bounce off 1.5400 base, where near-term support was found, prevented the price form further slide, as rally tested key barrier at 1.5600, also Fib 61.8% of 1.5721/1.5392 downleg. Overextended conditions on hourly chart now see risk of corrective pullback, with indicators pointing lower and initial support at 1.5576 being cracked. Ideally, support should be found above psychological 1.5500, also close to Fib 38.2% of 1.5392/1.5592 upleg and ascending 55 day EMA, as studies on 4H chart broke above the midlines and see potential for further recovery. Break above 1.5600 is required to confirm. On the downside, potential loss of 1.5500 handle would risk return to 1.5460 and 1.5400.

    Res: 1.5576, 1.5600, 1.5650, 1.5700
    Sup: 1.5545, 1.5515, 1.5500, 1.5460




    USD/JPY
    The near-term structure remains negative, as the price dents the lower boundary of short-term range, also 200 day MA at 79.00. Steady descend, following the latest upside rejection at 80.00 and indicators in the negative territory on lower and larger timeframes, see risk of clear break below the range, to establish fresh near-term direction and expose initial supports at 78.60 and 78.00. Descending 20 day EMA at 79.28, maintains near-term downtrend, while only break above 79.50, range’s midpoint and 55 day EMA, would delay bears.

    Res: 79.12, 79.28, 79.38, 79.50
    Sup: 78.95, 78.80, 78.60, 78.00





    USD/CHF
    Overall bulls remain in play, as the pair undergoes corrective action, on overbought 4h chart conditions. Initial support at 0.9800 zone, so far contains dips, however, descending indicators on 4h chart do not rule out further correction, with reversal ideally seen at /above 0.9740 higher platform and ascending 55 day EMA. Daily structure remains bullish, with break above the latest peak at 0.9871 to open 0.9900 and 0.9950, Fib 61.8% of larger 1.1730/0.7067 descend.

    Res: 0.9850, 0.9868, 0.9871, 0.9900
    Sup: 0.9807, 0.9784, 0.9765, 0.9736


  5. #385
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    Default Windsor Brokers - Short Term Technical Analysis for Majors (07:00 GMT)

    EUR/USD
    The risk on mode, established last Friday, continues to drive the bloc currency higher, on a bounce from 1.2160 zone double bottom. As important 1.2300 barrier has been cracked, though the price unable to hold gains due to overbought hourly conditions, corrective pullback is expected to precede fresh push higher. Initial support at 1.2270/60 zone, should ideally contain reversal, however, further easing towards 1.2240 area, 50% / 55 day EMA, is not ruled out. Indicators on 4h chart are attempting above the midlines and keep the upside in focus, but break above 1.2300 barrier, also 55 day EMA that turns sideways, is required to confirm and open way towards 1.2335, 10 July high and 1.2366, 05 July low / Fib 38.2% of 1.2691/1.2161 descend, to confirm near-term double bottom and trigger stronger recovery. The pair awaits ZEW releases from EU and Germany that are due later today and Bernanke’s testimony, key event of the day.

    Res: 1.2300, 1.2311, 1.2335, 1.2366
    Sup: 1.2270, 1.2260, 1.2243, 1.2226





    GBP/USD
    Extends its three-day strong rally off 1.5400 base, as clearance of important 1.5600 barrier accelerated gains through 1.5630, Fib 61.8% of 1.5776/1.5392 downleg, to briefly break above bear-trendline at 1.5655 and hit 1.5677 so far. Hourly studies are toppish, with RSI emerging of overbought zone, as the price moves lower on corrective pullback. Dips should not exceed 1.5600 handle, where yesterday’s intraday high, Fib 38.2% of 1.5521/1.5677 upleg and 55 day EMA lie, for fresh push higher and test of another significant hurdles at 1.5700/21.

    Res: 1.5677, 1.5700, 1.5721, 1.5776
    Sup: 1.5620, 1.5600, 1.5592, 1.5576




    USD/JPY
    The pair’s clear break below key 79.00 support zone, confirms negative short-term structure, as initial support at 78.80 has been taken out and losses approached the next significant level at 78.60. Bounce higher is seen corrective, as initial barrier at 79.00, previous support, reinforced by descending 55 day EMA, caps for now. Hourly studies, despite some movements higher, hold in the negative territory, with more negative tone seen on 4h chart. Downside extension through 78.60 would open way towards 78.00 initially, with test of key short-term support at 77.65, seen on a break. Only regain of 79.30/50 zone, would put bears on hold.

    Res: 79.00, 79.12, 79.28, 79.38
    Sup: 78.80, 78.67, 78.60, 78.00





    USD/CHF
    The pair remains in a near-term negative mode, extending reversal off 0.9871, 13 July high and approaching important support at 0.9740. Dips were contained at 0.9755, 55 day EMA, as the price undergoes the fourth, corrective wave that should ideally been capped under 0.9800, with the fifth-one expected to stretch towards 0.9700 zone, Fib 38.2% of 0.9461/0.9871 upleg, before bulls reassert. Larger picture’s uptrend, however, remains intact and keeps focus at the upside.

    Res: 0.9785, 0.9800, 0.9832, 0.9862
    Sup: 0.9765, 0.9736, 0.9714, 0.9700


  6. #386
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    Default Windsor Brokers - Short Term Technical Analysis for Majors (07:00 GMT)

    EUR/USD
    Repeated failure at strong 1.2300 barrier resulted in fresh fall that dipped so far to 1.2215, near Fib 61.8% of 1.2161/1.2315 and just above key downside level and trendline support at 1.2200 that was initially seen containing dips. However, negative hourly studies and indicators on 4h chart pointing lower, with price action moving below 20/55 EMA, seeing potential for further weakness. Loss of 1.2200 to open 1.2188/74, ahead of key ones at 1.2161/50, loss of which to resume longer-term downtrend. At the upside, today’s intraday low and 20/55 day EMA’s crossover at 1.2265, offer strong barrier, ahead of key 1.2300/15 zone.

    Res: 1.2245, 1.2265, 1.2300, 1.2315
    Sup: 1.2215, 1.2200, 1.2188, 1.2174




    GBP/USD
    Today’s upside rejection under key near-term barrier at 1.5677 has triggered fresh slide that cracked our initial support at 1.5600, dipping to 1.5580 so far. However, holding above 1.5550, yesterday’s higher low, keeps short-term uptrend intact for possible fresh attempt higher but still weak hourly studies and price holding below descending 20 day EMA at 1.5630 zone, sees risk of further easing. Upside break above 1.5630 is required to improve near-term structure and re-focus 1.5667/77 highs, otherwise, risk of losing 1.5550 and extension towards psychological 1.5500, also Fib 61.8% of 1.5392/1.5677 upleg, would be the likely scenario.

    Res: 1.5613, 1.5630, 1.5650, 1.5667
    Sup: 1.5580, 1.5550, 1.5539, 1.5500




    USD/CHF
    Bounce of 0.9758, today’s low key near-term support zone, averts immediate downside risk, as the pair surges above 0.9800 barrier. Improved hourly studies are supportive for possible attack at key upside points at 0.9850/70 zone, as 61.8% of 0.9871/0.9750 downleg has been retraced so far. However, still weak conditions on 4h chart do not rule out upside rejection and fresh slide towards 0.9750 base, where 55 day EMA keeps the downside protected for now. Break here to open fresh phase lower and expose to expose 0.9714, Fib 38.2% and 0.9700, round figure support next.

    Res: 0.9851, 0.9861, 0.9871, 0.9900
    Sup: 0.9800, 0.9768, 0.9758, 0.9750




    AUD/USD
    The pair’s short-term price action off 1.0100, 12 July low, has fully retraced 05/12 July 1.0326/1.0100 corrective downleg. Consolidation phase on extended short-term conditions is now under way, with yesterday’s break and close above 200 day MA, being supportive for further extension higher, however, clear break above 1.0326, required to confirm and open 1.0368, Fib 61.8% of 1.0855/0.9579, broader downtrend. Immediate support lies at 1.0280 zone, consolidation floor / 55 day EMA, while only loss of 1.0250/40 zone, 16 July high / 17 July low / Fib 38.32%, would soften near-term tone.

    Res : 1.0315, 1.0326, 1.0368, 1.0400
    Sup : 1.0287, 1.2075, 1.0250, 1.0234


  7. #387
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    Default Windsor Brokers - Short Term Technical Analysis for Majors (07:00 GMT)

    EUR/USD
    Comes under pressure again in early hours of Europe, as corrective/consolidative action off yesterday’s fresh low at 1.2067 failed to cover the gap, staying capped at 1.2140 zone. As hourly indicators started to point lower and price moves below 20 day EMA, immediate risk is seen on a break below 1.2100 that would open 1.2067 for retest, with possible continuation of bear-trend to test our target at 1.2000. Recovery above 1.2150/80 zone, however, would signal stronger correction, with 1.2200, 50% of 1.2322/1.2067 and 1.2228, 19 July low, to come in focus.

    Res: 1.2143, 1.2155, 1.2180, 1.2200
    Sup: 1.2100, 1.2067, 1.2050, 1.2040





    GBP/USD
    The pair undergoes near-term corrective/consolidative action, following two day slide that briefly broke below 1.5500, psychological support, yesterday. Not much upside action has been shown so far, as short-term structure maintains bearish tone and descending 20 day EMA limits the upside at 1.5530 zone. Regain of minimum 1.5550/80 is required to avert immediate downside risk that sees scope for test of 1.5460, 06 July a low and 1.5420, trendline support, ahead of more significant 1.5400 zone.

    Res: 1.5534, 1.5552, 1.5580, 1.5600
    Sup: 1.5500, 1.5484, 1.5460, 1.5420




    USD/JPY
    USD/JPY regained some ground off fresh low at 77.93, posted yesterday, but gains were so far capped by descending 55 day EMA at 78.45, well below 78.80 and more significant 79.00 barrier, reinforced by 200 day SMA. Holding above 78.00 handle, would signal further range-trade, however, negative tone that dominates on lower timeframes, keeps focus at the downside, with 77.65 seen as short-term target.

    Res: 78.33, 78.45, 78.79, 79.00
    Sup: 78.15, 78.00, 77.93, 77.65





    USD/CHF
    Near-term consolidation off yesterday’s high at 0.9950, Fib 61.8% of larger 1.1730/0.7067 descend, holds at 0.9900 zone, initial support, with hourly studies being in positive /neutral mode, as lack of momentum, keeps the near-term price action under 0.9950. Overall bullish tone keeps the upside favored, with clearance of 0.9950 to open parity level next. However, further reversal under 0.9875, last week’s close / 13 July previous high and Fib 38.2% of 0.9745/0.9950 upleg, would signal stronger correction.

    Res: 0.9922, 0.9950, 1.0000, 1.0046
    Sup: 0.9887, 0.9875, 0.9851, 0.9823


  8. #388
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    Default Windsor Brokers - Short Term Technical Analysis for Majors (07:00 GMT)

    EUR/USD
    Negative sentiment continues to push the price towards our target and psychological support at 1.2000, with fresh low at 1.2042, seen so far. Yesterday’s close below 1.2100 and indicators below their midlines, keep the downside favored. However, bullish divergence, forming on hourly chart, may signal corrective action before attempting at 1.2000, with 1.2100/40 zone offering initial resistance, ahead of more important 1.2200 zone, break of which is required to provide relief.

    Res: 1.2077, 1.2100, 1.2143, 1.2155
    Sup: 1.2052, 1.2042, 1.2020, 1.2000





    GBP/USD
    Near-term price action moves sideways, with hourly studies in a neutral/negative mode. The upper side of range is seen well protected by descending 55 day EMA, as the pair approaches the lower boundary and near-term base at 1.5485, loss of which to open 1.5460, 06 July low and 1.5420, bull trendline off 1.5267, ahead of important 1.5400 zone, 08 June / 12 July lows. Any stronger bounce needs to clear minimum 1.5600 to ease current bear pressure.

    Res: 1.5516, 1.5534, 1.5552, 1.5580
    Sup: 1.5485, 1.5460, 1.5420, 1.5400




    USD/JPY
    The pair maintains near-term sideways mode, with bias aligned towards the downside, as corrective bounce from 77.93 faced strong barrier at 78.45, where 55 day EMA limited gains. However, holding above 78.00 handle, keeps the downside protected for now, but negative tone on lower timeframes keeps initial target at 77.65 in near-term focus. At the upside, 78.45 acts as initial barrier, ahead of strong 78.80/79.00 zone, daily Ichimoku cloud base / 200 day SMA.

    Res: 78.23, 78.33, 78.45, 78.79
    Sup: 78.06, 78.00, 77.93, 77.65





    USD/CHF
    The pair resumes its strong rally towards the parity level, after brief consolidation was contained at 0.9900, initial support zone. Clearance of 0.9950 has so far seen 0.9970, however, hourly MACD bearish divergence and 4-hour studies in overbought territory, may signal further hesitation ahead of very important barriers at 1.0000 and 1.0046, 200 day SMA. Any reversal under 0.9900, would signal stronger correction and expose 0.9850/00 next.

    Res: 0.9950, 0.9970, 1.0000, 1.0046
    Sup: 0.9900, 0.9887, 0.9875, 0.9851


  9. #389
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    Default Windsor Brokers - Short Term Technical Analysis for Majors (07:30 GMT)

    EUR/USD
    After a short rally following ECB’s comments, the single currency was rejected at 1.2390 50% Fibo retracement of 1.2747/1.2042 down leg, ahead of good resistance at 1.2410/30 zone / 28 Jun Low, while the effect of the said comments are starting to fade, the pair started a 100 pips pullback ahead of 1.2280 support. Near term studies are showing a potential correction while the pair stay’s below 1.2310. Support is spotted at 1.2280/70 and 1.2240 while resistance at 1.3225 and 1.2350 are in sight.

    Res: 1.2310, 1.2325, 1.2350, 1.2390
    Sup: 1.2280, 1.2270, 1.2240, 1.2170



    GBP/USD
    Consolidating below 1.5777, 20th Jun high, after a sharp rise from 1.5470 zone, have given the Cable the momentum to test the said highs, however ECB “What So Ever” comments may not offer support unless they put their words in act. Cable is currently testing the downside of 1.5700 ahead of 1.5665 27th Jul low, while a rise above 1.5725 maybe give a positive tone for a test of 1.5780 zone. A breake of 1.5665 might offer a negative move towards 1.5550 25th July high, a break there would open 1.5400 zone.

    Res: 1.5725, 1.5740, 1.5755, 1.5777
    Sup: 1.5700, 1.5665, 1.5620, 1.5590



    USD/JPY
    Friday’s spike was rejected at 78.67 ahead of 78.75 resistance zone of 16th July low, price action showing a potential pull back of the downtrend if the said resistance was broken ahead of 79.15 strong resistance. Only a break below 78.30 and 78.05 would offer a continuation of the downside risk. Only the loss of 78.05 will open the path towards 77.65, 1st of Jun key barrier.

    Res: 78.55, 78.75, 78.90, 79.10
    Sup: 78.30, 78.05, 77.95, 77.65



    AUD/USD
    Bounce off 1.0486, 27th July High, back to 1.0449 so far, a break above Friday’s barrier would open the path for more rise towards 1.0570 , 27th March high. Over bought conditions might offer a corrective action ahead of the rise while 1.0425 might offer first support ahead of 1.0400 zone. Studies are showing a mixed signals while the upside is favored.


    Res: 1.0475, 1.0486, 1.0520, 1.0557
    Sup: 1.0449, 1.0425, 1.0400, 1.0345


  10. #390
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    Default Windsor Brokers - Short Term Technical Analysis for Majors (07:30 GMT)

    EUR/USD
    The pair consolidates after yesterday’s drop that ended at 1.2225 and during the Asian session have tested 1.2290 but failed to break. A retest of 1.2225 is expected today while bears remain in play below 1.2290, Fibo 38.2% pullback of 1.2390/1.2225 fall. A break of 1.2290 would open 1.2325 and 1.2350 next, while a drop below 1.2290 would open the path for 1.2165, 25th of July high, which would allow further down risk on the medium run.

    Res: 1.2290, 1.2310, 1.2325, 1.2350
    Sup: 1.2225, 1.2185, 1.2170, 1.2120



    GBP/USD
    Neutral outlook continues after the sideway action that dominated the Cable during the past 30 hours while the pair remains below 1.5770 medium term barrier. Currently consolidating between 1.5665 support and 1.5725 first near term resistance. Range traders remains in play while 1.5675/65 zone remains intact, a drop there would open the path for further downside towards 1.5645 and 1.5590 next, opening 1.5550 5th of July high. On the other hand a break of 1.5725/30 would open 1.5755 and 1.5775 next.


    Res: 1.5725, 1.5730, 1.5755, 1.5775
    Sup: 1.5675, 1.5665, 1.5590, 1.5550



    USD/JPY
    After yesterday’s drop, the pair neutral action moved in narrow range while it still holds below 78.40. From the downside, a fall below 78.05 would open 77.95 zone that would trigger further acceleration towards 77.66 1st of Jun low. On the upside, 78.30 would open 78.40, a break on the latter would open way to bulls for a test of 78.68 peak.

    Res: 78.30, 78.40, 78.65, 78.95
    Sup: 78.10, 77.95, 77.65, 77.35





    Gold
    The precious have edged higher yesterday towards medium term barrier zone 1640-1635, while yesterday’s action was contained at 1629.20, bears are on call if price action dropped below 1615 and 1610 next, targeting 1600 and 1590 next, below the latter would open further downside towards 1565 zone. On the other hand, the upside is still intact for a continuation of the uptrend; however 1635-40 zone should be the boiling point for a rally higher towards 1670/80 zone and 1700 next.

    Res: 1629, 1635, 1640, 1670
    Sup: 1615, 1610, 1600, 1590


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