Short Term Technical Analysis for Majors (14:00 GMT)


Windsor Brokers Representative
Reversal off yesterday’s high at 1.3264 is attempting to base at 1.3170 zone, where hourly 55 day EMA contained dips, after initial support at 1.3190 has been dented. Hourly studies are improving as the price bounces through 1.3200 and 20 day EMA at 1.3211, turning the focus higher. Regain of yesterday high at 1.3264 is required to resume short-term bulls off 1.3000 and open next array of resistances at 1.3290/1.3300, 08 Mar high / Fib 61.8% of 1.3485/1.3000 descend.

Res: 1.3240, 1.3264, 1.3290, 1.3300
Sup: 1.3190, 1.3170, 1.3141, 1.3100

The pair attempts to base at 1.5830, day’s low / 08 Mar high, after pullback from fresh high at 1.5913, posted yesterday, briefly broke under 200 day SMA. Hourly studies, however, remain weak and risk of fresh weakness still exists. To avoid such scenario, we need to see break above 1.5913 that will improve the near-term structure. Otherwise, potential is seen for break below 1.5830/20 base that will allow for stronger reversal and open initial targets at 1.5800/1.5760.

Res: 1.5885, 1.5900, 1.5913, 1.5974
Sup: 1.5830, 1.5820, 1.5800, 1.5757

The near-term price action remains entrenched within 83.00/83.80 range, after bounce off 83.00, regained initial barrier at 83.60, but failed on approach to the next barrier at 84.00 zone. The near-term studies remain neutral after yesterday’s Doji candle on daily chart, with break of either limit to define the near-term price direction. Extended daily studies, however, see potential for stronger reversal.

Res: 83.82, 83.93, 84.00, 84.17
Sup: 83.28, 83.00, 82.80, 82.50

Returns to weakness, as the near-term recovery attempt off yesterday’s low at 0.9090, stalled at the first barrier at 0.9150. Fresh slide aims at 0.9100/0.9090, loss of which to resume short-term bears off 0.9333 high and expose next static supports at 0.9070/20. Today’s high at 0.9150, also 55 day EMA, is expected to cap the upside for now.

Res: 0.9138, 0.9150, 0.9176, 0.9200
Sup: 0.9100, 0.9090, 0.9070, 0.9020