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

Discussion in 'Market Predictions and Reports' started by WindsorBrokers, Oct 16, 2012.

  1. WindsorBrokers

    WindsorBrokers Windsor Brokers Representative

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    EUR/USD

    The Euro returns to strength after finding ground at 1.2900 zone yesterday, with psychological 1.3000 barrier, coming under pressure. However, sideways consolidation still keeps the price within 1.2800/1.3070 range, as yesterday’s Doji candle signals lack of direction. Break above cluster of barriers at 1.3000; 1.3025, trendline resistance and upper range boundary at 1.3070, is required to turn focus higher, otherwise, upside rejection would risk slide towards 1.2930, trendline support and 1.2900 higher low, with return towards strong 1.2820/00 support not ruled out on break lower. Hourly structure remains positive, while 4h chart indicators start to point higher, with lift above initial 1.3000/25 required to confirm near-term bullish stance.

    Res: 1.3000, 1.3025, 1.3047, 1.3070
    Sup: 1.2952, 1.2930, 1.2900, 1.2890

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    GBP/USD

    Cable’s fresh strength off 1.6020 higher base, approaches pivotal 1.6100 point, as a part of larger recovery from 1.5975, 10 Oct low. Positive hourly studies are supportive for possible break higher, however, appearance of Doji candle, may question current rally, as 4h chart outlook still lacks direction and sees risk of further congestion between 1.6000 and 1.6100. From the other side, break above 1.6100 and Fib 61.8% of 1.6216/1.5975 at 1.6124, would confirm near-term bulls and open way for possible extension towards the next significant barriers at 1.6200 zone.

    Res: 1.6090, 1.6100, 1.6124, 1.6150
    Sup: 1.6059, 1.6042, 1.6020, 1.6000

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    USD/JPY

    Positive sentiment, established on a bounce from 78.00 base, approaches important barrier at 79.00, round figure resistance / daily Ichimoku cloud top, break of which is required to open 79.21/37, 19 Sep high / 200 day MA and confirm near-term base on a break. Positive tone dominates on near-term studies, however, overbought hourly conditions signal corrective action preceding fresh strength. Dips should be ideally contained at 78.50 zone, otherwise, further easing towards 78.30, strong support, would put near-term bulls on hold.

    Res: 78.92, 79.00, 79.21, 79.37
    Sup: 78.62, 78.50, 78.30, 78.26

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    USD/CHF

    The pair comes under increased pressure, as recovery attempt from 0.9304, last Friday’s low, stalls at 0.9370, leaving a double-top top, ahead of fresh weakness. Brief break below psychological 0.9300 support, increases risk of slide through 0.9273, 05 Oct low, to focus key near-term support at 0.9237, 14 Sep low and confirm daily double-top pattern at 0.9430 zone that will signal further extension of larger downtrend from 0.9970.

    Res: 0.9342, 0.9370, 0.9400, 0.9430
    Sup: 0.9293, 0.9273, 0.9237, 0.9200

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