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  #11 (permalink)  
Old 11-07-2013, 03:51 PM
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Default Short Term Technical Analysis for Majors (07:00 GMT)

EURUSD

The Euro surged post Fed and maintained positive sentiment during the Asian session, as gains hit fresh high at 1.3205. Strong rally retraced over 61.8% of 1.3414/1.2754 downleg, with downside risk being sidelined and near-term focus shifted higher. Positive short-term technicals support further advance that would look for test of 1.3250 zone 21/06 high / 76.4% retracement, however, corrective pullback is expected to precede fresh rally, as studies on 1 and 4-hour charts are overextended. Dips would look for 1.3030, as initial support, 38.2% retracement of 1.2754/1.3205 upleg and 03/07 high, ahead of psychological 1.3000 support, where reversal should occur, to avoid revival of bears that would come in play on a break below 1.2980, 50% retracement level.


Res: 1.3146, 1.3205; 1.3260; 1.3300
Sup: 1.3067; 1.3030, 1.3000; 1.2980





GBPUSD

Cable extended recovery rally from fresh low at 1.4812, posted on 09/07 and regained levels close to 1.5200, on late yesterday / overnight’s acceleration higher. Dollar-negative comments from Fed keep the freshly established positive sentiment in play, with near-term studies moving in the positive territory. Formation of cup and holder continuation pattern, seen on 4-hour chart, supports further advance, with completion of the pattern seen on a clear break above 1.5200 barrier. Further gains would look for test of pivotal 1.5280/1.5300 zone, 50% retracement of 1.5751/1.4812 descend and 03/07 lower top. Overbought conditions, however, signal corrective action, before bulls re-assert, with dips seen ideally contained above 1.5000, psychological support / 50% retracement of 1.4812/1.5192 upleg.

Res: 1.5170; 1.5200; 1.5280; 1.5303
Sup: 1.5078; 1.5047; 1.5000; 1.4957







USDJPY

Dollar/yen lost ground after pullback from 101.52 high, accelerated on a break below psychological 100 support. Overnight’s fresh weakness extended to 98.22 and marks over 38.2% retracement of 93.78/101.52 rally and looks for further decline, as 4-hour indicators slid into negative territory. Immediate target lies at 98.00, round-figure support, ahead of 97.65, 50% retracement and 97.00 higher platform of 21-25/06. From the other side, oversold hourly studies suggest that corrective rally should precede fresh leg lower, with 99.00/25 zone offering initial resistance and 100 yen barrier, also 50% of 101.52/98.22 downleg, reinforced by 55DMA, expected to cap.

Res: 99.00; 99.25; 99.48; 99.77
Sup: 98.22; 98.00; 97.65; 97.00






AUDUSD

The pair maintains positive short-term tone, as fresh strength above 0.9200 congestion top, regained 0.9300 handle and looks for full retracement of 0.9343/0.9035 descend. Positive short-term technicals support the notion, with clearance of 0.9343, 26/06 high, required to confirm base at 0.9035 and open way for more significant recovery of larger bull-trend that commenced form 1.0581, 11/04 high. Initial support lies at 0.9230, yesterday’s high, with previous barrier, now support at 0.9200, expected to contain dips and keep the downside risk sidelined.

Res: 0.9304; 0.9324; 0.9343; 0.9400
Sup: 0.9230; 0.9200; 0.9172; 0.9125


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  #12 (permalink)  
Old 16-07-2013, 03:06 PM
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Default Short Term Technical Analysis for Majors (07:00 GMT)

EURUSD

The Euro trades in a prolonged consolidation, holding in a sideways mode, with price action being entrenched within 1.3000/80 range. Hourly studies are still neutral, as the price attempts through the range tops, while 4-hour technicals maintain bullish tone and see scope for fresh strength that needs to clear initial barriers at 1.3121/45, to open key resistance at 1.3205. Double hanging man candle on the daily chart, however, keeps the risk of fresh weakness, with slide below key support levels at 1.3000/1.2980 that keep the downside protected for now, required to bring bears in play.

Res: 1.3100; 1.3121; 1.3145, 1.3205
Sup: 1.3050; 1.3000; 1.2980; 1.2926






GBPUSD

Cable’s hourly studies remain neutral, despite the price dented initial support and range floor at 1.5060, on a dip to 1.5026, as quick recovery above 1.5100, brought the price back to the range. From the other side, 4-hour chart maintain positive, with fresh strength, still being in play. Monday’s Doji candle shows indecision and sees potential for prolonged consolidation, with break of either 1.5026 or 1.5130, required to signal fresh direction.


Res: 1.5170; 1.5192; 1.5200; 1.5220
Sup: 1.5089; 1.5060; 1.5000; 1.4979






USDJPY

The pair extended short-term recovery off 98.22 low, as the price initially broke above 99.68, consolidation range top and more important psychological 100 barrier. Fresh rally reached 100.47 so far, with corrective pullback being contained at 99.68, previous low / 55DMA. Positively aligned hourly studies keep the upside favored, with sustained break above 100 hurdle, expected to resume recovery and open key 101.52 barrier, 08/07 high. Conversely, downside risk would increase on a violation of initial 99.68 support, while loss of 99.00 handle will be bearish and shift focus towards 98.22 low.


Res: 100.00; 100.47; 100.62; 101.00
Sup: 99.68; 99.34; 99.00; 98.87






AUDUSD

The Aussie remains extends recovery rally from 0.8997 low, as break above 0.9115 congestion top triggered fresh strength to important 0.9200 resistance zone. Freshly established bulls on hourly chart are supportive for further recovery, with 4-hour chart indicators heading north and building up bullish momentum. However, clear break above 0.9200 hurdle is seen as minimum requirement to open way towards key barriers at 0.9304 and 0.9343, 11/07 high and 26/27/07 tops / near 50% of 0.9664/0.8997 descend. Only break above the latter would be signaling more significant corrective action, as larger picture bears remain fully in play.


Res: 0.9200; 0.9232; 0.9252; 0.9304
Sup: 0.9145; 0.9115; 0.9085; 0.9034

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Old 17-07-2013, 03:42 PM
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Default Short Term Technical Analysis for Majors (07:00 GMT)

EURUSD

Bulls came back to play after the price broke above congestion tops at 1.3080. Fresh strength through initial barriers at 1.3121/45, opens way towards 1.3205, 11/07 peak, setting scope for further retracement of 1.3414/1.2754 downleg. Break above 1.3205 is required to open 1.3258, next target, Fibonacci 76.4% retracement and 21/06 high, seen as next target. Positive tone on lower timeframes studies and daily close above 200DMA, supports the notion, while previous resistances at 1.3100/1.3080 offer immediate support, while key support and breakpoint lies at 1.3000 higher platform.

Res: 1.3173; 1.3205; 1.3258; 1.3300
Sup: 1.3125; 1.3100; 1.3080; 1.3050







GBPUSD

The price bounced from short-term consolidation floor and cracked the upper boundary at 1.5140 zone, signaling possible extension higher and retest of key short-term hurdle at 1.5220. However, lack of momentum for final push higher, with hourly studies being overall neutral, would question short-term bulls. Failure to regain 1.5200/20 barriers, would signal prolonged sideways trading. Initial support at 1.5100 holds for now, while more downside risk would be seen on violation of range floor at 1.5030 zone.

Res: 1.5142; 1.5167; 1.5192; 1.5220
Sup: 1.5100; 1.5075; 1.5056; 1.5043






USDJPY

The pair remains under pressure, following Monday’s rejection at 100.47 and subsequent reversal that dented 99.00 support. Further extension of downmove from 100.47 would threaten 98.22, 11/07 low and psychological 98.00 support, reinforced by 100DMA, as short-term indicators hold in the negative territory and keep the downside favored. Corrective rallies are expected to stay under 100.47 high.

Res: 99.53; 100.00; 100.47; 100.62
Sup: 99.00; 98.88; 98.56; 98.22







AUDUSD

The pair returned to strength and extended short-term recovery rally from 0.8997 low, with eventual break above 0.9200 barrier, seeing scope for further gains and full retracement of 0.9304/0.8997 downleg. Positive short-term technicals support the notion, however, consolidative/corrective action on overbought hourly studies, may delay bulls, with dips to be ideally contained at 0.9160 zone, 38.2% retracement of 0.8997/0.9259 rally / 20/55DMA bullish crossover. Key upside barriers lay at 0.9304/43 and break here is required to spark stronger correction and sideline broader bars.

Res: 0.9237; 0.9259; 0.9304; 0.9343
Sup: 0.9200; 0.9160; 0.9120; 0.9085


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Old 22-07-2013, 03:16 PM
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Default Short Term Technical Analysis for Majors (07:00 GMT)

EURUSD

The Euro ended week in the positive territory, closing at 1.3142, just ahead of double-Fibonacci barriers at 1.3155/60 (76.4% of 1.3205/1.2992 / 61.8% of 1.3414/1.2754) / bear-trendline drawn off 1.3205 and weekly high at 1.3176, the last obstacle en-route to 1.3205, 11/07 high and short-term 1.3205/1.3000 range top. Short-term studies are positively aligned, as the pair is in ascending mode off 1.3066, weekly low, with bull trendline, drawn off the latter, offering initial support at 1.3115. Clearance of Fibonacci / trendline barriers, as well as 1.3176 lower top, is looking for test of key 1.3205 barrier. Daily studies are gaining momentum, with price action being well supported by 200DMA at 1.3075, with downside risk towards 1.3000 range floor, expected to increase on a violation of 1.3075/66 support zone.

Res: 1.3168; 1.3176; 1.3205; 1.3258
Sup: 1.3126; 1.3100; 1.3065; 1.3000






GBPUSD

Cable closed for the week near pivotal 1.5282/1.5304 resistance zone, 50% retracement of 1.5751/1.4812 descend and 03/07 high / 55DMA, after denting 100DMA at 1.5263. Hourly and 4h structure is positive and supports final attempt through 1.53 barrier, to resume broader corrective rally off 1.4812, 09/07 low and expose next barriers at 1.5372, daily Ichimoku cloud base and psychological 1.5400, near Fibonacci 61.8% retracement. Bull trendline connecting 1.4812/1.5045/1.5076 low, offers support at 1.5220, along with the pervious peak of 11/07, while slide below 1.5150 would sideline bulls. Key short-term support lies at 1.5040 higher platform.

Res: 1.5296; 1.5304; 1.5342; 1.5372
Sup: 1.5237; 1.5200; 1.5157; 1.5100





USDJPY

The pair remains steady, as the price broke and closed above 100 barrier on Thursday. Clearance of previous high of 15/07 at 100.47 and regain of 10/07 high at 100.62, sees scope for fresh attempt through psychological 101.00 resistance, towards key barrier at 101.52, 08/07 high. Corrective pullback, triggered by overbought hourly studies, was for now contained at 99.60, Fibonacci 61.8% of 98.88/100.85 upleg. Positive 4-hour studies keep the upside favored, with price required to hold above 100 support to keep focus higher. Corrective pullback, triggered by overbought hourly studies, was for now contained at 99.60, Fibonacci 61.8% of 98.88/100.85 upleg.

Res: 100.47; 100.61; 100.85; 101.00
Sup:99.63; 99.28; 99.00, 98.88





AUDUSD

The pair remains in a consolidative range of 0.9000/0.9300, with weekly close occurring in the upper area of the range and lower timeframes studies being positively aligned. Overall bear-trend, however, remains in play and sees the resumption lower, once break below 0.9000 signals completion of consolidative phase. Only clear break above 0.9300 barrier would signal basing attempt and allow for stronger corrective action.


Res: 0.9235; 0.9250; 0.9290; 0.9304
Sup: 0.9200; 0.9173, 0.9136; 0.9109







GOLD

Spot Gold ended week with positive tone, after testing both boundaries of short-term range, with recovery off 1267 range low, closing just under strong 1300 barrier, range top / 50% retracement of 1423/1180 descend and bear-trendline, drawn off 1588, 10/04 high. Positive tone dominating on short-term studies, pushed the price for final break above 1300 barrier, with acceleration higher clearing initial 1321 target. Upside is now seen favored and price is looking for 1330, Fibonacci 61.8% of 1423/1180 descend and 1338, 19/05 low. Overbought conditions on lower timeframes studies suggest corrective pullback would precede fresh rally, with previous key barrier at 1300, now acting as key support and expected to contain corrective dips.




Res: 1322; 1338; 1354; 1365
Sup: 1310; 1300; 1288; 1282
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Old 31-07-2013, 03:24 PM
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Default Short Term Technical Analysis for Majors (07:00 GMT)

EURUSD

The Euro trades in extended consolidative phase, confirmed by Tuesday’s Doji, with the price action holding above bull-trendline, off 1.2992 and dips being contained at 50% of 1.3164/1.3300 upleg. Tuesday’s test of 1.3300 barrier keeps the upside favored, with positive 4-hour studies supporting the notion. Clearance of range top at 1.3300 is required to signal resumption of larger uptrend from 1.2754 and expose short-term target at 1.3414. Conversely, extension below 1.3233 range floor, would delay bulls, while loss of 1.3200/1.3164 supports would neutralize short-term bulls.

Res: 1.3271; 1.3300; 1.3325; 1.3400
Sup: 1.3233; 1.3216; 1.3200; 1.3164





GBPUSD

Cable accelerated lower after repeated failures at near-term range tops at 1.5400 zone. Completion of daily diamond reversal pattern and loss of initial support and range floor at 1.5262, signals increased downside risk. The fall dented 11/07 high at 1.5220, bringing important support at 1.5200, Fibonacci 38.2% of 1.4812/1.5433, in focus. Break lower to signal near-term top and allow for deeper reversal towards 1.5122, 50% retracement and 1.5100, round figure support. Negative near-term studies favor further downside, with corrective rallies on oversold conditions to be ideally capped under 1.5350 barrier.


Res: 1.5249; 1.5262; 1.5300; 1.5327
Sup: 1.5200; 1.5157; 1.5122; 1.5100






USDJPY

The pair trades in near-term consolidative mode off 97.60 support zone, where 50% retracement of 93.78/101.52 and daily Ichimoku cloud base, offered temporary support for the fall from 100.44, 25/07 high. Sideways mode is confirmed by double-Doji candle. Negative tone prevails on 4-hour studies and sees current consolidation preceding fresh leg lower, as strong bearish signal was given on a completion of Head and Shoulders pattern on 4-hour chart and daily failure swing. Break below 97.60 to open round figure support at 97.00 and 96.74, Fibonacci 61.8% retracement. Only extension through initial barrier at 98.45, 100DMA, would provide near-term relief and give initial signal of stronger recovery.

Res: 98.15; 98.45; 98.70; 99.00
Sup: 97.62; 97.22; 96.95; 96.74





AUDUSD

The Aussie came under increased pressure on Tuesday, as downside acceleration was triggered on a break below previous low at 0.9127 and psychological 0.9100 support. Completion of 0.8997/0.9316 corrective phase is seen as likely scenario, as the price approaches key support at 0.8997, 12/07 fresh low, break of which to commence fresh bear-leg, as a part of larger downtrend. Hesitation ahead of 0.8997 support, may be triggered by oversold near-term studies, while regain of 0.9157, range’s midpoint, would avert downside risk and signal prolonged sideways trading.

Res: 0.9100; 0.9127; 0.9175; 0.9200
Sup: 0.9011; 0.8997; 0.8900; 0.8861






GOLD

Spot Gold showed no changes in Tuesday’s trading, compared to previous sessions, as near-term 1308/40 range remains intact. Price action oscillates around range’s mid-point at 1324. Near-term studies hold neutral tone, as the price remains in sideways mode. However, positive daily studies keep the upside in focus, with completion of bullish pennant and extension above 1347 peak, required to resume larger rally from 1180 low. Alternative scenario sees loss of 1308/00 support zone to bring bears in play.


Res: 1340; 1347; 1355; 1366
Sup: 1330; 1324; 1317; 1313
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Old 05-08-2013, 06:31 PM
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Default Short Term Technical Analysis for Majors (07:00 GMT)

EURUSD

EURUSD managed to recover most of Thursday’s losses after finding support at 1.3190 and rising around 100 pips in the wake of below consensus US job growth figures on Friday. It is currently trading just below important resistance 1.3300 which if broken open the way for 1.3345 (31st July High). Current Trading above 20 and 55 moving averages on the H1 chart confirm upward momentum. European economic figures to watch out for today include Spanish Services PMI (07:15 am GMT) and Italian Services PMI (07:45 am GMT).
Res: 1.3415, 1.3380 1.3345, 1.3300
Sup: 1.3190, 1.3165, 1.3145, 1.3100



GBPUSD
Friday was a good day for the cable as it managed to close 176 pips higher than its open price gaining momentum from Friday’s weak US jobs data. It continued its rise today breaking 1.5307 (Fridays high) and 1.5360 on UK Services PMI which came at 60.2, higher than the already optimistic 57.4 expectation and above last month’s reading of 56.9
Res: 1.5530, 1.5475, 1.5430, 1.5375,
Sup: 1.5250, 1.5180, 1.5100, 1.5075,


USDJPY
Weak US jobs data on Friday caused the Yen to drop to 98.65, which it managed to break below during today’s trading to make a new low at 98.27. And the question is will we see a complete wipe out of the 230 pip gain we saw last Thursday and early Friday if it drops back 97.60 support. Currently most indicators point down on H1 chart among them MACD below Zero line and Momentum 22 below 100. Only if we see trading go back above 99.50 will we reverse our bearish outlook
Res: 100.86, 100.40, 100.00, 99.50
Sup: 98.27, 97.60, 97.20, 97.00



AUDUSD
Trading at 3 year lows, AUDUSD has no difficulty achieving new trend lows. Expectations are high that Australia’s central bank will further cut the country’s benchmark interest rate. Analysts largely expect a rate cut of a quarter-percentage point at Tuesday’s meeting to a new record low of 2.5%. Currently the pair seems in a retracement phase as it rose 65 pips from the trend low of 0.8845.
Res: 0.9075, 0.9045, 0.9000, 0.8950
Sup: 0.8845, 0.8810, 0.8760, 0.8620



GOLD
We saw gold try to form a new downtrend by breaking key support 1300 and dropping to 1283 (new support), however it managed to recover that loss in the same day closing at 1312. If trading manages to stay above psychological level 1300 then outlook will remain bullish with targets at 1320 and 1331.
However it’s important to note that the general uptrend is weak as it ended on 24th July when it reached a peak of 1348 and hasn’t been able to break above since
Res: 1365, 1348, 1331, 1320
Sup: 1300, 1283, 1270, 1260

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Old 13-08-2013, 03:31 PM
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Default Short Term Technical Analysis for Majors (07:00 GMT)

EUR/USD

The euro fails to drop to yesterdays low 1.3276 making a higher low today at 1.3290. Since then it went up to 1.3315. This a reversal signal for the current downtrend from 1.3400 to 1.3276. We will change our outlook to bullish only if we see it trading go back above 1.3345 opening the way for 1.3365

Today we have Euro zone German ZEW Economic Sentiment at 09:00 GMT. German analyst and investor sentiment dropped unexpectedly in July, reaching 36.3 from 38.5 in June, contrary to predictions for a 39.6 climb. Analysts believe the slowdown in China was the major cause for this decline, endangering Germany’s export-driven economy. Investor’s climate is expected to reach 40.3 this time

Res: 1.3415, 1.3400, 1.3345, 1.3315
Sup: 1.3285, 1.3265, 1.3220, 1.3200



GBP/USD

The cable broke 1.5480 support reaching 15444. This we mentioned before would confirm the reversal of the previous uptrend on the H1 chart. This leaves the next bearish targets at 1.5385 and 1.5300. Only a rise back above 1.5520 would renew our bullish outlook.

8:30 GMT we have UK Inflation data, British inflation surged in June to the highest level in more than a year, reaching 2.9% after registering a 2.7% rise in May. However the increase was less than the 3.0% climb predicted by analysts

Res: 1.5730, 1.5680, 1.5600, 1.5555
Sup: 1.5440, 1.5385, 1.5300, 1.5200




USD/JPY

Yen successfully achieves a new high for the H1 chart uptrend breaking 97.35 and reaching 97.55. This leaves the next target at 97.80. The previous two days saw big gains completely reversing the previous downtrend with a rise of almost 160 pips.

The yen losing ground after the Nikkei newspaper reported that Japan’s Prime Minister Shinzo Abe may propose reducing corporate taxes to offset pressure on growth from a planned increase in the national consumption tax

Res: 99.15, 98.60, 98.15, 97.80
Sup: 96.40, 95.75, 95.15, 94.70



AUD/USD

The AUDUSD is in a downtrend on the H1 chart ever since making a double top near 0.9200 resistance continuing its fall to drop below the 33 exponential moving average and to trade outside the previous upward channel. However it did manage to find support at key level 0.9100.

Analysts at NAB assessed, “We see GDP growth softening to 2.2% in 2013, before rising to 2.6% in 2014, and a significant deterioration in the labour market is expected this year (unemployment above 6%) and next. Our forecasts have been revised a touch lower – with downside risks building. When combined with still low inflation, we expect another RBA cut, probably in November, and more cuts may follow. We remain a touch more bearish than recently revised (down) forecasts from the Government and the RBA”.

Res: 0.9316, 0.9300, 0.9240, 0.9200
Sup: 0.9100, 0.9050, 0.9000, 0.8920




Gold

We saw Gold break 1331 resistance yesterday to achieve a new top for the uptrend at 1343. Since then Gold seesawed between minor gains and losses Tuesday, with strength in the U.S. dollar serving as a headwind ahead of U.S. retail-sales data that may support the Federal Reserve’s plan to start tapering monetary stimulus. We can also notice that the 1331 resistance turned from a resistance to a support as we can see from today’s low

Res: 1376, 1368, 1360, 1348
Sup: 1316, 1300, 1288, 1270

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Old 19-08-2013, 04:48 PM
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Default Windsor Brokers - Short Term Technical Analysis for Majors (07:00 GMT)

EURUSD

Euro’s weekly close level was barely changed, compared to the previous week’s close, despite wide price amplitude during past sessions. Daily chart shows the price action entrenched within 200-pips consolidation, capped for now at 1.3400 zone, with daily technicals being positively aligned. Positive tone also prevails on 4-hour chart that keeps the upside focused, following last week’s sharp fall and quick recovery the reached levels close to the range top. Clearance of key 1.3399/1.3414 barriers is expected to trigger fresh phase higher, as resumption of larger uptrend from 1.2754, 09/07 low. From the other side, bulls may be delayed by weakening hourly studies, with corrective easing seen preceding fresh rally. Initial support lies at 1.3300, 50% of 1.3187/1.3399 range, while violation of range floor at 1.3187 will be bearish.

Res: 1.3342; 1.3379; 1.3399; 1.3414
Sup: 1.3300; 1.3272; 1.3260; 1.3232





GBPUSD

Cable remains in an uptrend from 1.4812 low, with near-term price action being in a consolidative mode off 1.5655, fresh 2-month high, posted last week. Weekly close above 1.5600 handle and positively aligned near-term studies keep the upside in focus for eventual push through psychological 1.5700 barrier, to open way for full retracement of 1.5751/1.4812 downleg. Previous peak at 1.5573 offers initial support, ahead of psychological 1.5500 level and key near-term support and higher platform at 1.5420.

Res: 1.5655; 1.5700; 1.5721; 1.5751
Sup: 1.5600; 1.5573; 1.5538; 1.5500






USDJPY

Near-term structure remains weak, as corrective bounce off 97.04, last Friday’s low, remains congested at 97.80, near 50% of 98.64/97.04 downleg. Failure to clear psychological 98.00 barrier as initial resistance, would risk further downside, as a part of broader weakness from 101.52 high that is maintained by bear-trendline, currently standing at 99.20. Break below 97.00 handle would open key near-term support at 95.78, 08/08 low.

Res: 97.84; 98.03; 98.64; 98.75
Sup: 97.34; 97.18; 97.00; 96.40





AUDUSD

The Aussie dollar maintains positive near-term tone and cracks the upper boundary of one-week consolidation range at 0.9220, as a part of larger recovery rally from 0.8846, 05/08 low. Positively aligned studies on lower timeframes keep focus at the upside, with 0.9240, daily Ichimoku cloud base, seen as the next barrier. Break here to complete daily cup ad holder reversal pattern and open key short-term hurdles at 0.9316/43, also 50% of 0.9790/0.8846 descend, for possible stronger recovery of larger downtrend. Alternative scenario sees risk of upside rejection at 0.9220 and double-top formation that requires confirmation on a break below 0.9080/60 supports.


Res: 0.9240; 0.9255; 0.9316; 0.9343
Sup: 0.9167; 0.9140; 0.9123; 0.9072

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Old 20-08-2013, 03:05 PM
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Default Short Term Technical Analysis for Majors (07:00 GMT)

EURUSD

The Euro trades in extended consolidative phase, holding the sideways mode, with price action being entrenched within 1.3310/1.3379 range. Neutral tone prevails on hourly chart, while 4-hour studies maintain positive tone and keep the upside focused for final push towards 1.3399, larger 1.3187/1.3399 range top. Break here and another significant barrier at 1.3414, 16/06 peak, to confirm weekly triple-bottom pattern at 1.2800/1.2750 zone, where weekly Ichimoku cloud base contained dips and kept the downside protected. Completion of the pattern is expected to open next target at 1.3710, 01/02 peak, in the short-term. Immediate support at 1.3300, higher platform zone, reinforced by 4-hour 55DMA, is expected to hold the downside and keep bulls in play.

Res: 1.3355; 1.3379; 1.3399; 1.3414
Sup: 1.3300; 1.3272; 1.3260; 1.3232




GBPUSD

Cable continues to trend higher and posted marginally fresh high at 1.5672 on Monday, vs Friday’s 1.5655 peak. Positively aligned near and short-term technicals remain supportive for eventual attempt towards key short-term barrier and target at 1.5751,17/06 high, with interim hurdles at 1.5700, round figure and 1.5721, Fibonacci 100% expansion of the third wave of larger upleg from 1.4812 that commenced from 1.5100 higher low. The wave could travel to 1.5958, its 138.2% expansion, once 1.5751 barrier is cleared that will also confirm formation of double-bottom at 1.4830/12 lows. Previous consolidation bottom at 1.5600, offers initial support, along with former high at 1.5573, with key-near-term support, laying at 1.5420 higher platform.

Res: 1.5672; 1.5700; 1.5721; 1.5751
Sup: 1.5607; 1.5576; 1.5538; 1.5517





USDJPY

Near-term recovery rally off 97.04 low has lost traction after failing to hold gains above psychological 98.00 barrier. Rally stalled at 98.11, with subsequent pullback retracing 61.8% of 97.04/98.11 upleg. Weakened near-term studies increase downside risk, with acceleration seen on violation of 97.28, 55DMA and 97.04 support. Conversely, regain of 98.64, 15/08 high, is required to shift focus higher and expose trendline resistance at 99.20.

Res: 97.84; 98.11; 98.64; 98.75
Sup: 97.18; 97.00; 96.40; 96.00





AUDUSD

The Aussie dollar came under increased pressure, as failure to clear 0.9220/40 barriers, previous high / daily Cloud base, triggered fresh weakness that accelerated on a break below 0.9100/0.9057 support zone. Hourly studies are deep in negative territory, with 4-hour indicators breaking below the midlines that keep the downside in near-term focus, as the fall so far reversed 50% of 0.8846/0.9232 upleg. Formation of double-top at 0.9220/32 increases downside risk, with loss of psychological 0.9000 support, required to confirm and expose lower targets at 0.8900/0.8846.

Res: 0.9057; 0.9100; 0.9188; 0.9200
Sup: 0.9000; 0.8971; 0.8918; 0.8900


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Old 21-08-2013, 02:29 PM
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Default Short Term Technical Analysis for Majors (07:00 GMT)

EURUSD

The Euro completed two-month cycle and fully retraced 1.3414/1.2754 downleg on break above 1.3414, 16/06 high. Extension higher also confirms formation of triple-bottom, seen on a weekly chart that signals further gains. Daily close above psychological 1.3400 level and previous high at 1.3414, along with positive near-term studies, supports the notion. Next targets lay at 1.3482, Fibonacci 76.4% retracement of larger 1.3710/1.2744 descend and 1.3500, round figure. Overbought conditions of lower timeframes, however, suggest that consolidative/corrective action may precede fresh gains. Initial supports lay at 1.3400/1.3375, while higher platform and pivotal support at 1.3310, should hold any deeper dips.

Res: 1.3450; 1.3482; 1.3500; 1.3518
Sup: 1.3400; 1.3380; 1.3356; 1.3310






GBPUSD

Cable remains in a steady uptrend, posting series of higher highs and approached psychological 1.5700 barrier. Break here opens the last obstacle en-route to key support at 1.5751, 17/06 high, at 1.5721, 1.5721, Fibonacci 100% expansion of the wave from 1.5100. Technicals on lower and larger timeframes hold positive tone and remain supportive, as clearance of 1.5751 is required to confirm 1.4830/12 double-bottom formation and signals further upside. Initial supports lay at 1.5600 higher platform and 1.5573, 08/08 previous high.

Res: 1.5700; 1.5721; 1.5751; 1.5800
Sup: 1.5648; 1.5627; 1.5607; 1.5576







USDJPY

The pair extended near-term downtrend from 98.64 high, with important support at 97.00 being cracked. Fresh weakness tested 96.90, Fibonacci 61.8% retracement of 95.78/98.64 rally, increasing downside risk towards key support at 95.78, 08/08 low. Negatively aligned near-term studies support the notion. Daily close above 97.00 handle, sees scope for corrective action, with rallies expected to be capped under 97.85 peak, to keep the structure intact.

Res: 97.85; 98.11; 98.64; 98.75
Sup: 97.13; 96.90; 96.40; 96.00






AUDUSD

The Aussie dollar came under increased pressure, following double-failure at 0.9220/32, where double-top has been formed. Subsequent pullback that broke below near-term base at 0.9060 zone, retraced over 50% of 0.8846/0.9232 upleg, with further weakness seen likely, as near-term studies remain negative. With 0.9100 barrier capping, fresh extension below 0.9100, round figure support and near Fibonacci 61.8% retracement, would look for test of interim supports at 0.8918/00, en-route towards key near-term support at 0.8846, 05/08 low. Alternative scenario requires regain of minimum 0.9130/50, Fibonacci 50% / 61.8% of 0.9232/0.9026 descend, to avert immediate downside risk.

Res: 0.9057; 0.9100; 0.9131; 0.9200
Sup: 0.9017; 0.9000; 0.8971; 0.8918


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