Short Term Technical Analysis for Majors (07:00 GMT)


Windsor Brokers Representative
Continues near-term consolidation off 1.2681, yesterday’s low, with 1.2750 zone, Fib 23.6% of 1.2980/1.2681 downleg, capping for now. Near-term price action found footstep at 1.2700 zone and improving hourly studies, seeing potential for further corrective action, with break above yesterday’s high at 1.2757, required to resume higher and expose 1.2800 zone, Fib 38.2% and 15 May lows, next. Larger timeframes outlook, however, remains negative, but oversold daily conditions may be supportive for stronger correction, before test of yearly low at 1.2622.

Res: 1.2757, 1.2790, 1.2800, 1.2815
Sup: 1.2700, 1.2681, 1.2622, 1.2600

Brief corrective/consolidative action that followed past three-day’s slide from 1.6100 zone, showed not much of recovery, as gains above 1.5900 handle were capped at 1.5953, near Fib 23.6% of 1.6112/1.5889 descend. Overnight’s price action was limited at 1.5930, with attack at 1.5900, increasing risk of fresh weakness. Main near-term targets lie at 1.5826/00, 200 day MA / beginning of Apr higher platform. Only regain of 1.6000/30 zone would ease bear pressure.

Res: 1.5931, 1.5953, 1.5974, 1.6000
Sup: 1.5889, 1.5852, 1.5827, 1.5800

The pair holds above 80.00 support, with reversal off yesterday’s fresh high at 80.54 seen as corrective for now. Strong support zone at 80.00, where 90 day MA / broken bear trendline off 84.08 and Ichimoku cloud base stand, needs to hold, with clearance of 80.60, 02 May high and 50% retracement, required to resume short-term recovery off 79.42 and bring the price in the more safe zone. Otherwise, loss of 80.00 handle would risk return to 79.42 and possible resumption of broader downtrend off 84.17, yearly high.

Res: 80.54, 80.60, 80.90, 81.00
Sup: 80.27, 80.15, 80.00, 79.67

Corrective pullback from 0.9469, yesterday’s fresh high, where recent strong gains were capped, en-route to 0.9500, is attempting to base above 0.9400, as near-term price action finds footstep at 0.9415 zone. Rather weak hourly studies, however, do not rule out further reversal, but more positive tone seen on 4-H chart, keeps the near-term focus at the upside. Below 0.9400, Fibonacci support at 0.9368 comes next, while only loss of key supports at 0.9330 and 0.9300 would weaken short-term structure and sideline bulls.

Res: 0.9453, 0.9469, 0.9500, 0.9545
Sup: 0.9412, 0.9400, 0.9360, 0.9330