Windsor Brokers - Short Term Technical Analysis for Majors (updated daily) - page 58
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Windsor Brokers - Short Term Technical Analysis for Majors (07:30 GMT)
EUR/USD
The near-term tone has weakened as the pair’s upside failure at 1.3485, previous high, triggered fresh weakness that accelerated on break below 1.3420/00, initial support zone. Loss of breakpoint at 1.3365/55, confirms near-term double top, as the price dips below 1.3320 support, 09 Feb previous peak. Hourly studies are well below their midlines, suggesting that further weakness is not ruled out, with break below 1.3290, 21 Feb high / Fib 38.2% of 1.2973/1.3485, required to open fresh leg lower and expose next supports at 1.3200 zone, 21/22 Feb higher platform and 1.3170, Fib 61.8%. Corrective attempt off yesterday’s low at 1.3313, holds under initial barrier at 1.3365, 27 Feb low / hourly20 day EMA, while more significant recovery is seen on regain 1.3400 handle, also 55 day EMA.
Res: 1.3365, 1.3400, 1.3421, 1.3485
Sup: 1.3313, 1.3300, 1.3290, 1.3229
GBP/USD
Cable maintained its bullish tone, despite greenback strengthened across the board, as price still holds above significant support at 1.5900, previous high and 200 day SMA. Fresh rally extended gains to 1.5991 so far, just under our initial target at 1.6000, with current easing seen corrective, as long as 1.5900/1.5880 zone contains. Larger timeframes studies remain positive and see potential for fresh attempt through 1.6000, to focus 1.6090/1.6100, 14 Nov high / Fib 161.8 projection, next target. Hourly studies weakened, as reversal off 1.5991 approaches 1.5900, also 55 day EMA, with break here to delay bulls and open way for stronger correction. Next strong supports lie at 1.5865, bull-channel support and 1.5800 higher platform, below which to signal return to three-week range.
Res: 1.5933, 1.5950, 1.5991, 1.6000
Sup: 1.5900, 1.5880, 1.5865, 1.5800
USD/JPY
The pair regained strength, as near-term base at 80.00 stayed intact, with lift above our initial barrier, turning the near-term focus higher. Hourly studies turned positive, with overnight’s correction being contained by 20 day EMA at 81.00 zone. Regain of yesterday’s high at 81.39 is required to open way for retest of 81.65 high, above which to resume broader uptrend and expose 82.00/20 next. Overextended daily studies, however, see risk of fresh reversal. Only loss of 80.00 would significantly weaken the short-term structure.
Res: 81.39, 81.65, 82.00, 82.20
Sup: 81.00, 80.82, 80.70, 80.24
USD/CHF
Extends reversal above 0.9000 barrier, breaking above bear-channel, to confirm near-term base at 0.9030 zone, extending gains to 0.9050 so far. Break here, also 55 day EMA on 4H chart, to open way for possible test of next strong resistance at 0.9100 zone. Near-term studies are positive, but overextended hourly conditions require caution, as daily studies maintain negative structure.
Res: 0.9078, 0.9100, 0.9125, 0.9150
Sup: 0.9019, 0.9000, 0.8945, 0.8929
Windsor Brokers - Short Term Technical Analysis for Majors (08:00 GMT)
EUR/USD
Near-term outlook remains negative, as the pair probes below 1.3200, to test next target at 1.3170, Fib 61.8% of 1.2973/1.3485 upleg and signal an end of overnight’s consolidation around 1.3200. Further weakness to focus 1.3100 zone next, as 20 day EMA caps the upside just above 1.3200. Daily chart shows studies turning negative, with break below 90 day SMA and current attempt at main bull trendline off 1.2973, to open way fresh extension lower. Daily congestion at 1.3485 limits the upside attempts on larger timeframe outlook. Immediate resistance lies at 1.3212, while only regain of 1.3265/81, 55 day EMA / 01 Mar low, would ease immediate bear pressure.
Res: 1.3200, 1.3212, 1.3265, 1.3281
Sup: 1.3169, 1.3145, 1.3114, 1.3100
GBP/USD
Continues to trend lower at the beginning of new week, with break below 50% retracement of 1.5650/1.5991 ascend, currently testing strong support at 1.5800 zone, 27/28 Mar higher platform / 4H Ichimoku cloud. Break here to further weaken the near-term structure, as 1/4H studies remain negative and turn immediate focus at next strong support zone at 1.5778/70, Fib 61.8% / Nov / Dec 2011 range ceiling, below which targets 1.5720/00. Daily studies are losing traction after false break above 200 day SMA. Initial resistance lie at 1.5844, also 20 day EMA, ahead of 1.5877/95, 55 day EMA / 01 Mar low, regain of which to improve near-term structure.
Res: 1.5844, 1.5877, 1.5895, 1.5935
Sup: 1.5808, 1.5800, 1.5778, 1.5770
USD/JPY
Near-term structure is weakening after the pair hit fresh 9-month high at 81.85 at the opening of Asian session. Profit taking pulled the price lower, with break below 81.50 support, also 20 day EMA, accelerating losses. Hourly indicators turned negative, as price broke below 55 day EMA, with immediate focus at strong support at 80.80 and very strong one at 80.00 zone, loss of which would risk temporary top and deeper reversal. Daily studies, however, remain positive, but overextended, that may suggest stronger corrective action ahead. At the upside, initial targets lie at 82.00/20.
Res: 81.44, 81.78, 81.85, 82.00
Sup: 81.00, 80.82, 80.77, 80.24
USD/CHF
The pair stays in a near-term recovery mode, after finding ground at 0.8930 zone. Upside clearance of 0.9000 and 0.9100 barriers, is currently attempting through short-term bear-channel resistance, above which to open way towards next significant barrier at 0.9200 and key levels at 0.9250/0.9300. Daily studies are regaining momentum, although still below their midlines, while lower timeframes maintain positive tone, as 20 day EMA at 0.9126, hold the downside for now.
Res: 0.9157, 0.9200, 0.9250, 0.9300
Sup: 0.9121, 0.9100, 0.9090, 0.9070
Windsor Brokers - Short Term Technical Analysis for Majors (08:00 GMT)
EUR/USD
Trades in a consolidative mode in past two days, after hitting fresh low at 1.3159 yesterday. Near-term price action continues to move around 1.3200 handle, as recovery attempt was limited under 55 day EMA. Hourly studies are rather neutral, while 4H chart outlook remains negative and keeps the downside favored, as long as initial resistances at 1.3250/80 stay intact. Loss of 1.3159, also near Fib 61.8%, to open way towards 1.3100, possibly 1.3026, 01/06 Feb lows. Only lift above 1.3300 would provide relief.
Res: 1.3207, 1.3240, 1.3281, 1.3300
Sup: 1.3186, 1.3159, 1.3114, 1.3100
GBP/USD
Yesterday’s strong rebound off 1.5785 low, reached levels close to key near-term barrier at 1.5900, previous lows and 200 day SMA, but gains ran out of steam. To improve short-term structure and re-focus upside targets at 1.6000/1.6100, clear break above 1.5900 is required. Hourly studies, however, are losing traction, as price broke below 20 day EMA at 1.5850 that may suggest further easing and retest of strong support zone at 1.5800/1.5770, below which to signal resumption of short-term downtrend off 1.5991.
Res: 1.5860, 1.5881, 1.5895, 1.5935
Sup: 1.5828, 1.5800, 1.5785, 1.5770
USD/JPY
The pair enters near-term sideways mode, after finding support at 81.14 yesterday. Holding above the latter and 81.00, keeps potential for fresh attack at key barriers at 81.65/86, break of which to resume an uptrend from 76.00 base. Hourly studies are neutral, while 4H indicators still in the positive territory, but pointing lower. Strong uptrend on daily chart remains intact, as studies are positive, but overbought conditions warn of stronger pullback.
Res: 81.57, 81.60, 81.85, 82.00
Sup: 81.28, 81.14, 81.00, 80.82
USD/CHF
The near-term price action holds positive tone after gains were capped at 0.9160 zone and subsequent easing found ground at 0.9100, also 55 day EMA. Fresh strength needs to clear initial barriers at 0.9160 and 0.9200 to re-focus key short-term resistances at 0.9250/0.9300. Hourly studies are regaining strength, while 4H structure remains supportive. Break above daily 55/90 day MA’s at 0.9220/55 is required to improve currently negative structure on a daily chart.
Res: 0.9160, 0.9200, 0.9250, 0.9300
Sup: 0.9100, 0.9070, 0.9044, 0.9020
Windsor Brokers - Short Term Technical Analysis for Majors (08:00 GMT)
EUR/USD
The pair remains under pressure, as yesterday’s break below main bull trendline off 1.2973, triggered fresh weakness that so far tested our next target at 1.3100. Current bounce remains limited at 1.3150 for now and is seen corrective, as long as 1.3200, figure resistance / 20 day EMA and more significant 1.3240, 05 Mar high, stay intact. Near-term studies remain in negative field and keep the downside favored. Break below 1.3100, to focus 1.3080, ahead of strong support zone at 1.3026/00.
Res: 1.3152, 1.3159, 1.3186, 1.3207
Sup: 1.3132, 1.3100, 1.3080, 1.3026
GBP/USD
Negative near-term tone continues to drive the pair lower, as recovery attempt stalled at 1.5880, keeping strong resistance at 1.5900 zone, previous lows / 200 day SMA, intact. Fresh weakness through 1.5800/1.5770, strong supports, lost another handle at 1.5700, bringing key short-term support at 1.5650 in focus. Lower timeframe studies remain negative, but hitting extreme levels that suggest corrective action, before fresh bears come in play. Current bounce off 1.5695, yesterday’s low, faces resistance at 1.5740, hourly 20 day EMA, while only sustained break above 1.5800, 05 Mar low / 55 day EMA, would ease bear pressure and allow for possible attempt towards 1.5880/1.5900 barriers.
Res: 1.5740, 1.5770, 1.5785, 1.5800
Sup: 1.5720, 1.5700, 1.5695, 1.5650
USD/JPY
Yesterday’s failure to sustain recovery from 81.00 and upside rejection at 81.57, triggered fresh weakness. Loss of 81.00 handle found temporary ground at 80.50 zone, with consolidation under way. Negative hourly studies, however, keep the downside vulnerable, as 4H chart indicators are breaking below their midlines, suggesting possible extension and test of 80.24, ahead of key short-term support at 80.00, as larger timeframe studies started pointing lower. Loss of 80.00 to signal stronger correction of strong rally from 76.00 base and mar near-term top at 81.86. to aver immediate downside risk, barriers at 81.00 and 81.33 must be regained.
Res: 80.93, 81.00, 81.14, 81.33
Sup: 80.62, 80.56, 80.24, 80.00
USD/CHF
Extends steady near-term recovery off 0.8930 double bottom, after break above 0.9160, 05 Mar previous high, approaches next barrier at 0.9200. Current easing on overbought hourly conditions is so far seen corrective, as 0.9160 holds dips and price moves around 20 day EMA. However, further reversal into 0.9150/00 is not ruled out, as hourly structure still sees space for further easing, but only loss of 0.9100 would delay bulls. Upside regain of 0.9200 to open key short-ter. barriers at 0.9250/0.9300. Daily studies are improving after break above bear-channel resistance, with 90/55 day SMA’s at 0.9231/54 seen as next hurdles on the way towards 0.9300.
Res: 0.9185, 0.9200, 0.9231, 0.9250
Sup: 0.9165, 0.9150, 0.9100, 0.9070
Windsor Brokers - Short Term Technical Analysis for Majors (08:00 GMT)
EUR/USD
The pair regained strength following yesterday’s brief dip under 1.3100 handle, where temporary support was found. Break above hourly Ichimoku cloud and attempt above 4H 20 day EMA and channel resistance, sees scope for stronger correction, as hourly studies moved above their midlines. Larger picture’s outlook, however, maintains more bearish tone, while daily studies are losing traction, as the price broke below main bull trendline. Strong resistance at 1.3240 zone, 05 mar high / 55 day EMA, is seen capping the upside attempts for now. Minor support lies at 1.3134, ahead of strong one at 1.3100 zone, loss of which to resume broader downtrend and expose 1.3026/00 next.
Res: 1.3187, 1.3207, 1.3234, 1.3240
Sup: 1.3165, 1.3134, 1.3100, 1.3080
GBP/USD
Moves in a near-term corrective mode after finding good support at 1.5700 zone. Improving hourly studies see potential for further extension higher and test of next strong barriers at 1.5770 and1.5780/85, 20 day EMA / 05 Mar low, as well as 1.5800/11, 28 Feb low / 55 day EMA, which are expected to limit gains, as 4H structure is still bearish. Sustained break here would avert downside risk, while regain of key barrier at 1.5900 zone, where also 200 day SMA lies, is required to improve the near-term structure, and turn focus off key short-term support at 1.5650.
Res: 1.5770, 1.5785, 1.5800, 1.5810
Sup: 1.5722, 1.5695, 1.5677, 1.5661
USD/JPY
Near-term price action remains steady above 80.60 higher base, where good support was found. Lift above initial barrier at 81.00, is looking for test of next static resistance at 81.57, 06 Mar high. Break here to possibly open 81.68 and 81.85 highs for retest, as hourly studies are positive and 4H indicators started to improve, with price holding above 20 day EMA. Only loss of 80.60 base would weaken the structure and risk return to key support at 80.00.
Res: 81.38, 81.57, 81.68, 81.85
Sup: 81.17, 81.00, 80.64, 80.56
USD/CHF
Undergoes near-term corrective phase, after strong bounce off 0.8930 double-bottom broke above channel resistance, tested our next target at 0.9200. Reversal has so far found support at 0.9140 zone, 20 day EMA, with possible further easing towards strong support at 0.9100, previous low / broken bear trendline, not ruled out, before bulls re-assert, as hourly studies are pointing lower. Upside clearance of 0.9200, to open 0.9250/60, ahead of key short-term barrier at 0.9300, 16 Feb high. Only loss of 0.9100 handle, would weaken the structure and put near-term bulls on hold.
Res: 0.9173, 0.9200, 0.9231, 0.9250
Sup: 0.9142, 0.9100, 0.9090, 0.9070
Windsor Brokers - Short Term Technical Analysis for Majors (08:30 GMT)
EUR/USD
The pair maintains negative tone off last week’s high at 1.3277, accelerating losses after last Friday’s jobs data. Brief break below strong support at previous base at 1.3100, signal further weakness. Top of daily Ichimoku cloud at 1.3080, now offers initial support, as the latest slide was contained here, with bounce on oversold hourly studies, seen corrective. Immediate resistance lies at 1.3123, overnight’s high / hourly 20 day EMA, ahead of 1.3160, 55 day EMA. Negative near-term studies keep the downside favored for now, with strong supports at 1.3026, 01/06 Feb lows and figure support at 1.3000, to come in focus.
Res: 1.3123, 1.3134, 1.3164, 1.3200
Sup: 1.3080, 1.3026, 1.3000, 1.2973
GBP/USD
Last Friday’s sharp slide off 1.5800 zone, cleared initial supports at 1.5720/00, to test key short-term support zone at 1.5650, where temporary footstep was found. Corrective bounce faces immediate barriers at 1.5700, previous low / 20 day EMA and 1.5720, while only break above 1.5750 would ease immediate bear pressure, as negative hourly studies are at their extreme levels. On the downside, loss of 1.5650 to signal break below 5-week range and open 1.5600 zone next, figure support / 50% retracement of 1.5233/1.5991 upleg.
Res: 1.5690, 1.5700, 1.5722, 1.5750
Sup: 1.5650, 1.5612, 1.5600, 1.5530
USD/JPY
Holds positive tone after last Friday’s surge through 82.00/20 barriers and weekly close above 82.00 and weekly Ichimoku cloud, opening way for stronger reversal of long-term downtrend. Next significant barrier lies at 82.97, Fib 38.2% of downleg from 2010 high at 94.97 to record low at 75.56. On the downside, corrective pullback off fresh 10-month high at 82.63, posted last Friday, so far holds above initial support at 82.00, with next levels at 81.84, Fib 38.2% of 80.55/82.63 / 55 day EMA and 81.40, Fib 61.8. Only loss of the latter would weaken the near-term structure and risk test of key near-term support at 80.55, 06/07 Mar higher platform.
Res: 82.38, 82.50, 82.63, 82.97
Sup: 82.10, 82.00, 81.88, 81.60
USD/CHF
Strong rally from last week’s higher base at 0.9070, has cleared previous high and strong barrier at 0.9250, to signals further extension higher and test of 0.9250 and key short-term resistance at 0.9300, previous high / daily Ichimoku cloud base. Overextended hourly studies see potential for stronger correction, as the pair tests levels under 0.9200, with 0.9188, overnight’s low / 20 day EMA, coming first, ahead of 0.9160, Fib 38.2% of 0.9070/0.9217 rally / 55 day EMA, where dips should be contained, to keep bulls in play.
Res: 0.9200, 0.9217, 0.9250, 0.9260
Sup: 0.9188, 0.9173, 0.9159, 0.9126
Windsor Brokers - Short Term Technical Analysis for Majors (15:00 GMT)
EUR/USD
Stays flat during the European and early hours of US session, after bounce off day’s low at 1.3077, where daily 55 day SMA contained losses, holds at 1.3130. Hourly studies are gaining momentum, signaling possible stronger correction, however, clearance of 20 day EMA, where the price currently hovers and 55 day EMA at 1.3150, is seen required to improve the structure. Larger timeframes show more negative outlook, as 4H studies hold below the centerlines, while daily ones currently attempting below. Loss of 1.3077 to open next array of supports at 1.3026/00, ahead of key short-term support at 1.2973.
Res: 1.3134, 1.3150, 1.3164, 1.3200
Sup: 1.3100, 1.3077, 1.3026, 1.3000
GBP/USD
Continues to travel south after losses from 1.5830/00 zone were initially held at 1.5650, key short-term support, where the price consolidated. Fresh weakness through 1.5650, so far tested figure support at 1.5600, with more losses seen, as the pair breaks below one-month range-trading phase, base of which was at 1.5650. Next targets lie at 1.5523, Fib 61.8% of 1.5233/1.5991 and 1.5500, round figure support. Daily structure is losing momentum, as break below 90/55 day SMA’a at 1.5671/65, further weakens the structure. Hourly studies are negative, holding at their extreme levels, however, no signal of reversal yet.
Res: 1.5640, 1.5694, 1.5700, 1.5722
Sup: 1.5600, 1.5523, 1.5500, 1.5422
USD/JPY
Remains in a near-term consolidative mode, holding just above 82.00, previous resistance, now reverted to support, also 55 day EMA, following the last Friday’s strong rally that posted fresh high at 82.63. Downside pressure is still seen on near-term picture, as hourly studies are losing momentum that may result in stronger correction of the recent 80.55/82.63 upleg. Below 82.00, to focus Fibonacci level of 38.2% at 81.84, while only break below Fib 61.8% at 81.36 and figure support at 81.00 would significantly weaken near-term structure and risk return to strong support at 80.55. Wider picture’s outlook remains positive, despite indicators being at their highs, with lift above 82.63 to open 82.97, Fib 38.2% of downleg from 2010 high at 94.97 to record low at 75.56.
Res: 82.38, 82.50, 82.63, 82.97
Sup: 82.10, 82.00, 81.84, 81.60
USD/CHF
Extends near-term corrective action of day’s high at 0.9217, after break below initial support at 0.9200, so far tested Fib 23.6% of 0.9070/0.9217 at 0.9180. Near-term studies continue to point lower, as ROC 22 attempts below the centerline, suggesting that deeper correction is not ruled out. Immediate supports lies at 0.9160/43, 55 day EMA / 38.2% / 50%, ahead of 61.8% retracement at 0.9126, loss of which to confirm near-term top and re-focus 0.9100/0.9070, support zone. Larger timeframes, such as 4H, show more positive tone, however, clearance of 0.9217, required to open next array of strong barriers at 0.9250/0.9300, previous range ceiling / 90/55 day SMA’s and previous high of 16 Feb high / daily Ichimoku cloud base.
Res: 0.9200, 0.9217, 0.9250, 0.9260
Sup: 0.9188, 0.9177, 0.9160, 0.9126
Windsor Brokers - Short Term Technical Analysis for Majors (08:00 GMT)
EUR/USD
Improves the near-term tone after recent losses found support at 1.3080 zone and subsequent bounce cleared initial resistances at 1.3130/50. Price reached high at 1.3190 during Asian session, just ahead of 1.3200, figure resistance and 55 day EMA, clearance of which is required to open next barriers at 1.3250 and possible test of key near-term barrier at 1.3290, 08 Mar high. Hourly studies hold positive tone, after pullback from 1.3190 found footstep at 1.3150, where 20 and 55 day EMA’s contained dips for now, with price action required to hold above here to keep near-term focus at the upside. Next supports lie at 1.3130/00, with key one at 1.3077.
Res: 1.3190, 1.3200, 1.3231, 1.3255
Sup: 1.3147, 1.3130, 1.3100, 1.3077
GBP/USD
Near-term price action moves in a consolidative mode, after yesterday’s break below key short-term support at 1.5650, tested next support at 1.5600. Hourly studies remain negative and keep the downside favored, with upside being capped so far at 1.5660, daily90 day SMA, ahead of strong resistance at 1.5700, previous lows / 20 day EMA and only break here to allow for stronger rally. On the downside, loss of 1.5600 to open 1.5523, Fib 61.8% and 1.5500, round figure support.
Res: 1.5660, 1.5694, 1.5700, 1.5722
Sup: 1.5600, 1.5523, 1.5500, 1.5422
USD/JPY
Extends near-term consolidation after hitting fresh 10-month high at 82.63. Dips have so far been contained at 82.00, initial support zone. While the latter holds, potential is seen for fresh attempt towards 82.50/63 barriers, above which to resume broader uptrend. Hourly studies are neutral/positive, however, conditions on daily chart are overextended that may suggest stronger correction before bulls resume. Below 82.00, to face Fibonacci supports at 81.84 and 81.36, ahead of figure support at 81.00 and key one at 80.55.
Res: 82.50, 82.63, 82.97, 83.50
Sup: 81.95, 81.84, 81.60, 81.50
USD/CHF
Extends near-term corrective action of yesterdayy’s high at 0.9217, after break below initial support at 0.9200, retracing 50% of initial 0.9070/0.9217 rally at 0.9140. Ideally, reversal here would keep the near-term bulls intact for fresh attempt at 0.9217 and possible extension towards strong barriers at 0.9250/0.9300, as 4H chart studies remain positive. Loss of 0.9140 and more significant level at 0.9126, Fib 61.8% / 55 day EMA, however, would weaken the near-term structure and turn focus towards 0.9100/0.9070.
Res: 0.9164, 0.9177, 0.9200, 0.9217
Sup: 0.9138, 0.9126, 0.9100, 0.9070
Windsor Brokers - Short Term Technical Analysis for Majors (14:00 GMT)
EUR/USD
Corrective pullback off last Friday’s high at 1.3186, also Fib 38.2% of 1.3485/1.3000, so far found footstep at 1.3140, 55 day EMA, but hourly studies continues to point lower. This sees potential of further easing towards next support at 1.3120/00, below which to open 1.3090, bull trendline off 1.3000 and 55 day SMA, where potential dips should be contained, to keep short-term bulls in play. On the upside, 1.3186 offers initial resistance, with break here to resume recovery and expose next strong barrier at 1.3290, 08 Mar high / Fib 61.8%.
Res: 1.3169, 1.3186, 1.3190, 1.3243
Sup: 1.3140, 1.3120, 1.3100, 1.3090
GBP/USD
Brief consolidation under last Friday’s high and 200 day SMA at 1.5860, was contained at 1.5820. Fresh strength broke above 1.5860, initial barrier and also cleared 1.5881, 06 Mar high. Overbought hourly and extended studies on 4H chart warn of pullback, with 20 day EMA at 1.5835 and day’s low at 1.5820, offering initial support. Today’s close above 200 day SMA would signal further strengthening and possible attempt at 1.5990/1.6000 zone.
Res: 1.5881, 1.5888, 1.5900, 1.5974
Sup: 1.5820, 1.5800, 1.5760, 1.5735
USD/JPY
The pair bounces off today’s low at 83.00, where the pullback off recent fresh high at 84.17 found temporary support. Initial barrier at 83.55 has been regained, with clearance of 83.93 required to re-focus 84.17, as hourly studies are gaining momentum. Upside rejection under 83.93, however, may risk lower top, ahead of fresh weakness, as studies on 4H chart are still pointing lower. Overextended daily studies also see risk of stronger correction of the recent strong rally from 76.00.
Res: 83.55, 83.60, 83.93, 84.00
Sup: 83.20, 83.00, 82.80, 82.50
USD/CHF
The pair remains under pressure, after extending pullback from 0.9333, 15 Mar peak, through main bull trendline and Fib 38.2% at 1.3180.Near-term consolidation above 0.9150, day’s low is under way, with 20 day EMA limiting gains and hourly studies still in the negative territory, seeing potential for further easing and test of 0.9138/34, 13 Mar low / 50% retracement, next. On the upside, lift above 0.9200, initial barrier would improve the near-term structure.
Res: 0.9176, 0.9200, 0.9215, 0.9252
Sup: 0.9150, 0.9138, 0.9100, 0.9070
Windsor Brokers - Short Term Technical Analysis for Majors (08:00 GMT)
EUR/USD
Steady recovery off last week’s 1.3000 low surged through 1.3190/1.3200 barriers on yesterday’s strong rally, to break above 50% retracement of 1.3485/1.3000 downleg and reach 1.3264 high so far. The pair holds above 1.3200 handle for now, as slight easing on overbought hourly studies was seen during the Asian session. Near-term studies remain positive, as 20 day EMA crossed above 55 day EMA on 4H chart, with hourly 20 day EMA holding the price for now. Immediate targets lie at 1.3290/1.3300, 08 Mar high / Fib 61.8%, above which to open way towards recent highs of end of Feb. Previous highs at 1.9190 zone offer strong support, ahead of yesterday’s low at 1.3141, loss of which would delay.
Res: 1.3243, 1.3264, 1.3290, 1.3300
Sup: 1.3224, 1.3200, 1.3190, 1.3141
GBP/USD
Daily structure improves after regain of 200 day SMA, with studies breaking above the centerlines and looking for extension towards recent highs at 1.6000 zone. Lower timeframes hold positive tone, with the latest corrective easing, finding for now footstep at 1.5860, previous high, however, possible further easing towards strong support at 1.5830/00 is not ruled out and only break here to weaken short-term bullish structure.
Res: 1.5900, 1.5913, 1.5974, 1.5991
Sup: 1.5860, 1.5830, 1.5820, 1.5800
USD/JPY
Near-term price action shows consolidation at 83.50 zone, after reversal from 84.17 high, found support at 83.00. The pair currently moves sideways, holding within narrow range, with hourly studies being neutral, while larger timeframe’s structure remains positive, despite hitting extreme points. Break above the recent range ceiling at 83.60 is required turn focus higher and open 84.00/17, above which to resume broader uptrend and expose targets at 85.30/50 zone. On the downside, risk is seen on loss of 83.00, yesterday’s low and 82.80, Fib 38.2% that would allow for stronger correction.
Res: 83.55, 83.60, 83.93, 84.00
Sup: 83.28, 83.00, 82.80, 82.50
USD/CHF
Remains in a near-term downtrend off 0.9333, 15 Mar high, as yesterday’s fresh slide through 0.9200 handle tested 0.9086, Fib 61.8% of 0.8930/0.9333 upleg. Corrective bounce holds under 20 day EMA at 0.9120 for now, with strong barriers at 0.9150/76, expected to cap, as near-term studies remain weak. Break below yesterday’s low and 08 Mar higher low at 0.9070, to sideline short-term bulls and turn focus towards 0.8930 double bottom, as daily studies are attempting below their midlines.
Res: 0.9120, 0.9150, 0.9176, 0.9200
Sup: 0.9100, 0.9090, 0.9070, 0.9020