Windsor Brokers - Short Term Technical Analysis for Majors (07:45 GMT)


Windsor Brokers Representative

Two-day bullish acceleration peaked at 1.1283 yesterday, after the pair left another long green daily candle and closed above pivotal 1.1206/18 resistance zone, former lower top of 22 May and Fibonacci 61.8% of 1.1465/1.0818 slide. Daily indicators reversed above their midlines, suggesting further rallies that look for immediate barrier at 1.1312, Fibonacci 76.4%, with key 1.1465 barrier, 15 May peak, coming in focus. Near-term price action enters consolidative phase, moving within tight range. Extended consolidation is expected on overextended near-term studies, however, bullish sentiment and supportive fundamentals, keep focus at the upside. Former breakpoint at 1.12 zone, also Fibonacci 38.2% of yesterday’s rally, now acts as pivotal support and is expected to ideally contain extended dips. Only loss of yesterday’s low and trough of 1.0916/1.1283 rally at 1.1078, would neutralize bulls.

Res: 1.1283; 1.1312; 1.1350; 1.1400
Sup: 1.1251; 1.1206; 1.1188; 1.1136



The pair ended yesterday’s trading in long-legged Doji, following bumpy ride, entrenched within 1.5249 and 1.5373 amplitude. Near-term indecision extends, keeping fresh, marginally higher high at 1.5373, intact for now, with the downside being so far protected at 1.5249, where yesterday’s sharp fall and subsequent swift recovery, left hourly double-bottom. Near-term studies are positively aligned, however mixed daily technicals and price action being so far limited by descending daily 10SMA, see limited upside action for now. Sustained break above 1.5373 high, is required to signal resumption of recovery rally from 1.5168 and open next significant barrier at 1.5488, daily 20SMA and Fibonacci 61.8% of 1.5688/1.5168 descend that guards daily 200SMA, currently at 1.5528. Strong 1.53 support zone remains as initial support, also marking near-term consolidation floor and break lower to weaken near-term structure and expose key 1.5249 higher base, loss of which to bring bears back fully in play.

Res: 1.5348; 1.5373; 1.5444; 1.5488
Sup: 1.5320; 1.5300; 1.5249; 1.5216



Immediate risk of stronger reversal is sidelined, after pullback from 125.03 peak found footstep above pivotal 123.60 support and subsequent bounce keeps near-term price action above 124 handle. Yesterday’s long-legged daily candle confirms near-term sideways action, as the price establishes in consolidative range, with near-term studies being so far positively aligned, as the price moves around range’s mid-point. On the other side, overstretched daily studies and initial negative signal, given by reversal of daily Stochastic, keep the downside vulnerable. Sustained break below 123.60 support, to confirm scenario and trigger further easing towards next targets at 122.68, Fibonacci 38.2% retracement of 118.87/125.03 rally and strong 122.01, former peak and breakpoint.

Res: 124.56; 124.67; 124.81; 125.03
Sup: 123.98; 123.74; 123.60; 122.68


Aussie loses traction as data-driven pullback from session’s high at 0.7785, retraces nearly 50% of 0.7596/0.7817 recovery rally and forms hourly double-top at 0.7817/12, yesterday’s peaks. Daily studies remain negative, as rally failed to break above daily 100SMA and Fibonacci 38.2% of 0.8161/0.7596 descend that reinforced psychological 0.78 barrier. Further easing and break below 0.7681, Fibonacci 61.8% of 0.7596/0.7817 and higher low at 0.7665, to confirm lower top at 0.7817 and re-open 0.7596 low, for possible final push towards key 0.7531 support. On the other side, hopes of fresh attempts higher would remain alive, while the price holds above 0.7681 support, but regain of yesterday’s lower top at 0.7787, is seen as minimum requirement to confirm scenario and re-focus 0.7817 high and 0.7846, daily 20SMA, in extension.
Res: 0.7749; 0.7787; 0.7817; 0.7846
Sup: 0.7707; 0.7681; 0.7665; 0.7648