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

0700 , analysis , brokers , gmt , majors , short , technical , term , windsor

The Euro remains at the back foot after last Friday’s spike lower posted fresh low at 1.3671 and quiet overnight trading consolidating around 1.37 handle, where the pair closed trading for the week. Negative structure on 4-hour chart keep the downside pressured, while hourly studies are in neutral mode. Fresh bears below initial support at 1.3690, daily cloud top and 1.3671, last Friday’s fresh five-week low, also near Fibonacci 61.8% retracement of larger 1.3475/1.3965 ascend, open way towards 27 Feb higher low at 1.3642 and psychological 1.3600 support in extension. Corrective action would face the first pivot at 1.3730, last Friday’s post-data spike high and Fibonacci 38.2% of 1.3819/1.3671 descend, above which to signal stronger recovery towards 1.3650 lower ****, where rallies should find solid resistance. Only lift above breakpoint at 1.3819, 02 Apr high and trendline resistance at 1.3830, would neutralize near-term bears.

Res: 1.3730; 1.3750; 1.3770; 1.3805

Sup: 1.3690; 1.3671; 1.3642; 1.3600

Cable remains under pressure and extends near-term corrective pullback off 1.6683, 31 Mar peak, after losing strong supports at 1.6620/00, with fresh low being posted at 1.6548, Fibonacci 61.8% retracement of 1.6464/1.6683 upleg. Negative tone prevails on lower timeframes studies, favors further weakness, with extension below 1.6548, to expose psychological 1.6500 level next, also bear-channel support and focus key near-term support at 1.6464, 24 Mar low. Previous support, last Friday’s high; double MA’s bear-crossover and Fibonacci 38.2% of 1.6683/1.6548 at 1.6600, now offers initial resistance, ahead of 1.6620, previous congestion **** / 50% retracement and pivotal barrier and lower platform at 1.6660.

Res: 1.6600; 1.6620; 1.6660; 1.6685

Sup: 1.6563; 1.6548; 1.6500; 1.6464

The pair enters near-term corrective phase after repeated failure to clear psychological 104 barrier. Subsequent pullback probes at psychological / 38.2% retracement of 101.19/104.10 / daily cloud top support, below which to confirm negative near-term mode and allow for deeper pullback. Hourly studies are negative, as well as 4-hour indicators attempting below the midlines and supporting the notion. Further easing should ideally fin footstep at 102.65, previous consolidation top and 50% retracement, to keep larger picture bulls intact for fresh attempt higher. Break above 104 handle to open lower tops at 104.73/93 next.

Res: 103.38; 103.55; 103.68; 104.10

Sup: 102.98; 102.65; 102.30; 102.00

The pair regained strength and rallied from near-term ****, established at 0.92 zone, to fully retrace 0.9302/0.9204 corrective phase. Fresh probe above 0.93 barrier and near-term congestion tops is under way, with fresh bulls on 4-hour studies being supportive for eventual break higher and extension of larger uptrend from 0.8658 towards 0.9336, Fibonacci 61.8% of 0.9755/0.8658, also bull-channel resistance. Overextended hourly studies, however, may signal prolonged consolidation before fresh attempt higher, with initial support at 0.9265 and higher **** at 0.92 zone, required to hold.

Res: 0.9306; 0.9336; 0.9388; 0.9400

Sup: 0.9265; 0.9240; 0.9200; 0.9184

Spot Gold trades in extended consolidative phase off fresh low at 1277, with crack and weekly close above psychological 1300 resistance and breakpoint, confirming near-term ****. Fresh bulls, established on lower timeframes, favor further upside and look for the next targets at 1315 lower platform and 1321, Fibonacci 38.2% retracement of 1392/1277 descend, break of which to revive larger picture bulls. Corrective action on overbought near-term conditions is expected to precede fresh push higher, with good support standing at 1295, Fibonacci 38.2% of 1277/1306 and previous double-top, where dips should be ideally contained.

Res: 1306; 1315; 1321; 1334

Sup: 1295; 1288; 1284; 1281

Spot Silver trades in near-term sideways mode after recovery attempts above initial 20.00 barrier failed to sustain break. Lack of momentum for more significant action in the near-term, results in neutral 4-hour and negatively aligned hourly technicals that keeps near-term neutral mode in play. However, bearish larger picture sees scope for fresh extension lower, once consolidative phase is over, with break below near-term **** at 19.56, to face interim supports at 19.30 and 19.11, en-route towards short-term target at 18.99, 30 Jan low. Daily death-cross formation of 20/200SMA and bear-cross of 20/55SMA’s, support the notion.

Res: 19.94; 20.13; 20.21; 20.40

Sup: 19.77; 19.65; 19.62; 19.56

The Euro returned to strength, with fresh acceleration of recovery from 1.3671, 04 Apr low, probing above psychological 1.380 barrier. The rally was capped just under pivotal 1.3820 resistance, 02 Apr previous high / Fibonacci 38.2% retracement of 1.3965/1.3671 rally and bear-channel resistance. Positive near-term technicals are supportive for eventual break here, to confirm near-term bottom and open way for further recovery towards 1.3853, Fibonacci 61.8% retracement and lower top of 24 Mar at 1.3874. Corrective actions on overbought near-term studies are expected to precede fresh push higher, with 1.3750/60 zone, Fibonacci 38.2% retracement of 1.3671/1.3810 rally and previous **** of 20/25 Mar, seen as ideal reversal point. Any weakness below 1.3740 higher platform / daily cloud top and rally’s mid-point, would delay immediate bulls.

Res: 1.3810; 1.3820; 1.3853; 1.3874

Sup: 1.3777; 1.3757; 1.3740; 1.3724

Cable surged yesterday, leaving higher **** at 1.6548 and resuming the bull-phase off 1.6464, 24 Mar low, after clearing 1.6683, 31 Mar previous top. Break above bear-channel resistance and completion of inverted head-and shoulders pattern on 4-hour chart, sees scope for eventual push towards 1.6784, 07 Mar lower top and attack at key near-term barrier at 1.6821, 17 Feb peak. Near-term studies are positive, however, overbought conditions suggest pause ahead of fresh push higher, with previous peaks at 1.6716 and 1.6683 offering immediate supports. Further dips should be ideally contained at 1.6650, 50% retracement of 1.6548/1.6753 upleg / daily Tenkan-sen line, to keep the structure intact. Conversely, slide below previous barriers at 1.6620/00, reinforced by daily cloud top, will be bearish.

Res: 1.6753; 1.6784; 1.6800; 1.6821

Sup: 1.6716; 1.6683; 1.6650; 1.6620

The pair resumes the downtrend from 104.11 peak, as fresh acceleration lower cleared 102, psychological / trendline support and found temporary footstep at 101.54. With the biggest part of 101.20/104.11 rally being already retraced, risk of retesting strong 101.20 **** remain in play. Bears may be delayed as near-term studies are oversold, with initial 102 barrier being regained and rallies expected to find solid resistance at 102.65, previous support and 102.83, 50% retracement of 104.11/101.54, ahead of psychological 103 barrier, reinforced by double MA’s bear-cross, where rallies should be capped. Violation of 102.20 **** is expected to open another key support at 100.74, low of 04 Feb 2014.

Res: 102.50; 102.65; 102.83; 103.00

Sup: 101.83; 101.54; 101.20; 100.74

The pair the pair remains supported and moves higher after eventual break above near-term congestion tops at 0.93 triggered fresh extension of larger uptrend that commenced from 0.8658. Fresh bulls probed above bull-channel resistance and Fibonacci 61.8% of 0.9755/0.8658 descend, on extension to 0.9385 so far, focusing psychological 0.9400 barrier and 0.9477, Fibonacci 138.2% expansion of the wave from 0.8889, 03 Mar higher low. However, overbought near-term studies see consolidative/corrective phase preceding fresh push higher. Initial support lies at 0.9330, ahead of more significant 0.9316, Fibonacci 38.2% of 0.9204/0.9385 upleg, reinforced by hourly 55SMA and 0.9300, previous range tops, where corrective dips should face good support.

Res: 0.9385; 0.9400; 0.9477; 0.9500

Sup: 0.9330; 0.9316; 0.9300; 0.9273

Spot Gold remains supported and resumes recovery rally off 1277 low, after leaving higher **** 1295. Fresh bulls tested next target at 1315, 25/26 Mar lower platform / daily Cloud top, above which to open 1319/21, daily 20SMA / Fibonacci 38.2% retracement of 1392/1277 descend, with break here to confirm bottom at 1277 for further recovery. Positive near-term studies are supportive, with consolidative phase expected to precede fresh extension higher. Conolidation floor at 1306 offers immediate support, ahead of 1300/1297, psychological support / 200SMA and 1295 ****, where stronger dips should ideally find footstep.

Res: 1315; 1321; 1334; 1342

Sup: 1306; 1300; 1297; 1295

Spot Silver trades in near-term sideways mode after recovery attempts above initial 20.00 barrier failed to sustain break. Near-term studies are losing traction as upside attempts above psychological 20.00 barrier stalled at 20.14. Sustained break above current range top at 20.21, reinforced by daily 100SMA and regain of 20.40, Fibonacci 38.2% retracement of 21.77/19.56 descend, is seen as minimum requirement to avert immediate downside risk and signal stronger recovery. Otherwise, increased downside risk will remain in play, as larger picture studies are bearish and 20/200SMA’s death-cross and 20/55 bearish cross, keeping the downside pressured. Completion of near-term consolidation expected to fresh weakness for final push towards short-term target at 18.99, 30 Jan low.

Res: 20.09; 20.17; 20.21; 20.40

Sup: 19.84; 19.77; 19.65; 19.56

The Euro came under pressure after overnight’s gap lower opening which followed last Friday’s test of 1.39 barrier and hesitation, confirmed by Doji candle. Weakened hourly studies see risk of further easing that should be viewed as corrective phase of larger uptrend, with notion confirmed by 4-hour indicators reversing form overbought territory. Extension of Asian narrow range trading would threaten test of strong 1.3820/00 support zone, where previous tops of 01/02 Apr lay, along with Fibonacci 38.2% retracement of 1.3671/1.3904 upleg and support being reinforced by broken bear-trendline, drawn off 1.3965 peak and daily Kijun-sen line. Ideally, dips should find support around 1.38 handle and above 1.3779, 09 Apr higher low / daily Tenkan-sen line, to keep near-term bullish structure intact for renewed attempt through 1.3900 hurdle and eventual test of key 1.3965 barrier, 13 Mar peak. Violation of 1.3779 and Fibonacci 61.8% at 1.3760, would sideline near-term bulls and shift near-term focus lower.

Res: 1.3859; 1.3900; 1.3946; 1.3965

Sup: 1.3820; 1.3800; 1.3779; 1.3760

Cable trades in near-term corrective mode off fresh high at 1.6819, after fresh bulls completed 1.6821/1.6464 corrective phase. Pullback was so far contained at 1.6715, Fibonacci 38.2% of 1.6548/1.6819 upleg / broken bear-channel upper line, where dips should be ideally contained. Overall picture remains positive and favors final push through 1.6821 peak, to resume broader bull-trend on extension of the third wave from 1.6548, 04 Apr higher low, to 1.6849, its 138.2% Fibonacci expansion and 1.6900, Fibonacci expansion 161.8%, in extension, once corrective phase is completed. However, risk of further consolidation and possible deeper corrective action is seen on overextended studies on 4-hour chart, as Evening star pattern is formed on a daily chart. Break below 1.6715 support to open 1.6684, 31 Mar previous peak and 50% retracement and 1.6652, Fibonacci 61.8% retracement in extension.

Res: 1.6748; 1.6790; 1.6821; 1.6849

Sup: 1.6715; 1.6683; 1.6652; 1.6600

The pair trades in near-term sideways mode, consolidating recent losses that found temporary support at 101.31. Near-term studies are bearish and look for final attack at strong 101.20 ****, to fully retrace 101.20/ 104.11 bull-leg and open way towards key short-term support at 100.74, 04 Feb low. However, hesitation on approach to key support levels, should be anticipated, as 4-hour studies are reversing from oversold zone and suggest further consolidative action. Signal of stronger recovery attempt requires bounce above 102.14, 09 Apr lower platform reinforced daily cloud ****, to sideline immediate downside risk and open way for stronger recovery towards Fibonacci barriers at 102.38 and 102.71, 38.2% / 50% retracement of 104.11/101.31 descend , with psychological 103 barrier, also double MA’s bear-cross, and Fibonacci 61.8% retracement, expected to cap stronger rallies.

Res: 101.86; 102.14; 102.38; 102.71

Sup: 101.31; 101.20; 100.74; 100.00

The pair corrects fresh bulls that peaked at 0.9460 last week, with near-term price action consolidating above the pullback low and 38.2% retracement of 0.9204/0.9460 upleg at 0.9360, also broken channel resistance line. Overall positive sentiment keeps the upside still in play for eventual test of next targets at 0.9477, Fibonacci 138.2% expansion of the third wave from 0.8889 and 0.9500, round-figure resistance / Fibonacci 76.4% retracement of 0.9755/0.8658 descend. However, hourly studies are losing traction, while 4-hour indicators are descending from overbought territory that may delay bulls for further consolidative/corrective action. Previous peaks and Fibonacci 61.8% retracement of 0.9204/0.9460 at 0.9300, should contain stronger pullbacks.

Res: 0.9425; 0.9460; 0.9477; 0.9500

Sup: 0.9362; 0.9332; 0.9300; 0.9253

Spot Gold remains supported and resumed near-term uptrend after clearing last Thu/Fri consolidation tops at 1324. Immediate targets lay at 1334, 50% retracement of 1392/1277 descend and 1342, 21 Mar lower high. Positively aligned near-term technicals support the scenario, with 1324 now offering initial support. Further down, Friday’s correction low and previous consolidation peaks at 1313, offer strong support and should keep the downside protected.

Res: 1334; 1342; 1348; 1354

Sup: 1324; 1313; 1309; 1300

Spot Silver remains directionless after unsuccessful attempts at the both sides of near-term range. Hourly studies are flat, however, positive tone persists on 4-hour chart that keeps hopes of renewed attempts higher, where 20.37, 10 Apr rally peak and 20.40, Fibonacci 38.2% retracement of 21.77/19.56 descend, offer initial barriers and pivotal points. Sustained break here is required to signal stronger recovery. Otherwise, downside will remain at risk, as larger picture studies remain bearish and risk further weakness for completion of 18.99/22.15 ascend, with the notion being supported by triple MA’s bear-crosses, 20/200SMA’s death-cross and 20/55 / 20/100 SMA’s bearish crosses.

Res: 20.12; 20.19; 20.37; 20.40

Sup: 19.90; 19.77; 19.60; 19.56

The Euro remains at the back foot with fresh acceleration probing below 1.3800, psychological support / Fibonacci 38.2% of 1.3671/1.3904, reinforced by broken bear-trendline and 4-hour 55SMA. Clear break here to signal stronger reversal and mark near-term top at 1.3904. Negative hourly technicals favor further downside, with 4-hour indicators breaking below their midlines and supporting bearish scenario. Immediate targets lay at 1.3780 zone, 50% retracement / 09 Apr higher low and 1.3760, Fibonacci 61.8% retracement. Consolidation high at 1.3832 offers initial resistance, ahead of more significant yesterday’s highs at 1.3860, reinforced by double 10/55 and 20/55 SMA’s bearish crosses, where upside attempts should be capped. Only break here and filling yesterday’s gap would turn the picture bullish and signal higher **** formation for fresh attempt at the upper targets at 1.3904 and 1.3965.

.

Res: 1.3832; 1.3862; 1.3904; 1.3946

Sup: 1.3780; 1.3760; 1.3736; 1.3700

Cable trades in near-term corrective mode off 10 Apr high at 1.6819, after completing short-term 1.6821/1.6464 corrective phase. Fresh weakness through 1.6715, Fibonacci 38.2% of 1.6548/1.6819 upleg / broken bear-channel upper line, cracked psychological 1.67 support, signaling deeper pullback, as the price so far spiked near 61.8 % retracement of 1.6548/1.6819 ascend. Indicators on 4-hour chart are breaking into negative territory that suggests further easing, as hourly technicals are bearish. Break below 1.6652/42, Fibonacci 61.8% of 1.6548/1.6819 and 50% retracement of 1.6464/1.6819 ascend, to confirm near-term top and the price’s return back to range trading. Extension below 1.66 handle would risk possible retest of key near-term support at 1.6548, 04 Apr higher low. Alternative scenario requires lift above previous consolidation tops at 1.6740 zone, to avert immediate downside risk.

Res: 1.6740; 1.6790; 1.6821; 1.6900

Sup: 1.6652; 1.6642; 1.6600; 1.6563

The pair trades in near-term sideways mode, consolidating recent losses that found temporary support at 101.31. Near-term tone is turning positive as the price moves towards the upper boundary at 102.00/15, reinforced by broken bear-trendline off 100.74, with hourly studies gaining traction. Clear break here is required to revive 4-hour bulls and allow for stronger recovery, as reversal pattern is building up on daily chart. However, upside attempts are so far seen limited, as overall picture remains bearish and favors further weakness for full retracement of 101.20/104.11 ascend and test of key support at 100.74 in extension. Only break above 103 barrier would improve and shift near-term focus higher.

Res: 102.00; 102.14; 102.38; 102.71

Sup: 101.83; 101.31; 101.20; 100.74

The pair trades in near-term consolidative mode, after fresh extension of bull-phase from 0.8658 bulls peaked at 0.9460 last week. Near-term price action consolidates above the pullback low and 38.2% retracement of 0.9204/0.9460 upleg at 0.9360, also broken channel resistance line. Overall positive sentiment keeps the upside still in play for eventual test of next targets at 0.9477, Fibonacci 138.2% expansion of the third wave from 0.8889 and 0.9500, round-figure resistance / Fibonacci 76.4% retracement of 0.9755/0.8658 descend. However, hourly studies are losing traction, while 4-hour indicators are descending from overbought territory that may delay bulls for further consolidative/corrective action. Previous peaks and Fibonacci 61.8% retracement of 0.9204/0.9460 at 0.9300 zone should contain stronger pullbacks.

Res: 0.9424; 0.9460; 0.9477; 0.9500

Sup: 0.9362; 0.9332; 0.9300; 0.9253

Spot Gold enters near-term corrective phase off fresh high at 1330, posted yesterday. Acceleration through initial supports at 1324 and 1310 brings hourly bears in play, with Fibonacci 38.2% retracement of recovery rally from 1277 to 1330, being tested so far. Further weakness would risk extension to 1300, 09 Apr higher low / psychological support / 200SMA and near 50% retracement, where dips should find support to avert risk of neutralizing bulls and fresh extension towards key support and near-term **** at 1277.

Res: 1313; 1319; 1324; 1330

Sup: 1304; 1300; 1295; 1281

Spot Silver remains directionless after unsuccessful attempts at the both sides of near-term range. Hourly studies are flat, however, positive tone persists on 4-hour chart that keeps hopes of renewed attempts higher, where 20.37, 10 Apr rally peak and 20.40, Fibonacci 38.2% retracement of 21.77/19.56 descend, offer initial barriers and pivotal points. Sustained break here is required to signal stronger recovery. Otherwise, downside will remain at risk, as larger picture studies remain bearish and risk further weakness for completion of 18.99/22.15 ascend, with the notion being supported by triple MA’s bear-crosses, 20/200SMA’s death-cross and 20/55 / 20/100 SMA’s bearish crosses.

Res: 20.12; 20.19; 20.37; 20.40

Sup: 19.90; 19.77; 19.60; 19.56

The Euro trades in a corrective mode off fresh low at 1.3789, where strong support, 50% retracement of 1.3671/1.3904 / broken bear-trendline off 1.3965 peak, contained reversal off 1.3965 for now. Consolidative action broke above initial 1.3832, yesterday’s recovery rally peak and Fibonacci 38.2% retracement of 1.3904/1.3789 pullback, to retrace 50% so far, on extension to 1.3850. Improving hourly studies support further advance towards pivotal 1.3860, weekly highs and Fibonacci 61.8% retracement of 1.3904/1.3789, above which to confirm higher low formation and look for retest of key 1.3904 peak, after filling Monday’s gap. Bullish daily studies support scenario. Session low at 1.3805, also higher low of ascend from 1.3789, should keep the downside protected. Alternative scenario requires loss of 1.3805 and more significant 1.3789 support to bring bears back in play for extension of the downmove from 1.3904, 11 Apr peak.

Res: 1.3860; 1.3879; 1.3904; 1.3941

Sup: 1.3832; 1.3805; 1.3789; 1.3760

Cable completed near-term corrective phase off 1.6819, as the pullback was generally contained at 1.6700 zone, broken bear-channel resistance line, excluding yesterday’s short-lived spike lower to 1.6657. Near-term bulls are fully in play for eventual break above 1.6819/21 peak, clearance of which to signal an end of short-term congestion and resume larger bull-trend towards 1.6900, round-figure, above which to expose interim barrier at 1.6957, Fibonacci 138.2% projection, en-route to psychological 1.7000 resistance. Larger picture bullish structure is supportive. Corrective actions should be ideally contained above 1.6750, previous congestion tops.

Res: 1.6821; 1.6850; 1.6900; 1.6957

Sup: 1.6790; 1.6750; 1.6718; 1.6700

The pair is gaining traction after break above initial 102.00/15 barriers improves near-term structure and signals basing attempt. Break above the next hurdle at 102.38, Fibonacci 38.2% retracement of 104.11/101.31 is requires to sideline downside risk and open way for further recovery towards 102.71, 50% retracement and psychological 103 barrier, also Fibonacci 61.8% retracement and reinforced by double MA’s bear-cross. Weak daily studies see corrective action limited and only break above 103 barrier is required to bring bulls fully in play.

Res: 102.38; 102.7; 103.00; 103.29

Sup: 102.00; 101.80; 101.50; 101.31

The pair came under pressure after extension below near-term consolidation floor and 38.2% retracement of 0.9204/0.9460 upleg at 0.9360, also broken channel resistance line extended pullback to 0.9331, 50% retracement of 0.9204/0.9460 upleg. Negative hourlies and 4-hour indicators breaking into negative territory, keep the downside favored in the near-term, with completion of consolidative phase expected to trigger further weakness. Return and possible break of pivotal 0.9300 support, Fibonacci 61.8% retracement / previous peaks of 28 Mar / 01 Apr, to confirm reversal and mark near-term top at 0.9460. Reversing daily indicators favor the scenario, with clear break below 0.93 handle, required to confirm.

Res: 0.9383; 0.9400; 0.9424; 0.9460

Sup: 0.9331; 0.9300; 0.9253; 0.9204

Spot Gold came under strong pressure and slumped yesterday, losing all important supports, with price dipping to 1286 so far, to nearly fully retrace near-term rally from 1277 to 1330. Corrective action on oversold near-term studies is under way, with psychological barrier and previous strong support, reinforced by 200SMA at 1300, holding the upside attempts limited, despite marginal break higher. Overall negative tone favors final push to 1277, with completion of 1277/1330 bull phase to confirm lower top formation at 1330 and spark fresh leg lower, as extension of larger downtrend from 1392, 17 Mar peak. Alternatively, clear break above 1300 barrier and regain of 1313, previous support and Fibonacci 61.8% retracement of 1330/1286 downleg, would sideline near-term bears and avert immediate risk towards 1277 breakpoint.

Res: 1308; 1313; 1319; 1324

Sup: 1293; 1286; 1277; 1262

Spot Silver remains directionless after unsuccessful attempts at the both sides of near-term range. Hourly studies are flat, however, positive tone persists on 4-hour chart that keeps hopes of renewed attempts higher, where 20.37, 10 Apr rally peak and 20.40, Fibonacci 38.2% retracement of 21.77/19.56 descend, offer initial barriers and pivotal points. Sustained break here is required to signal stronger recovery. Otherwise, downside will remain at risk, as larger picture studies remain bearish and risk further weakness for completion of 18.99/22.15 ascend, with the notion being supported by triple MA’s bear-crosses, 20/200SMA’s death-cross and 20/55 / 20/100 SMA’s bearish crosses.

Res: 20.12; 20.19; 20.37; 20.40

Sup: 19.90; 19.77; 19.60; 19.56

The Euro holds positive near-term tone off fresh low at strong 1.3789 support, as the price stabilizes above 1.38 higher ****, supported by daily 20SMA / Tenkan-sen line. Recovery attempts are so far limited at initial 1.3850 barrier, also 50% retracement of 1.3904/1.3789 fall and ahead of more significant 1.3860, weekly highs / last Friday’s low and Fibonacci 61.8% retracement of 1.3904/1.3789. Sustained break here that also requires to fill Monday’s gap, is required to bring bulls fully in play for eventual attempt at 1.3904, 11 Apr high and possible attack at key 1.3965 high. Hourly structure is positive, while neutral tone prevails on 4-hour studies. Break above initial barriers and near-term congestion tops is required to revive 4-hour bulls and avert risk of re-visiting 1.3800 and more important 1.3789, loss of which will be bearish.

Res: 1.3850; 1.3860; 1.3904; 1.3946

Sup: 1.3824; 1.3800; 1.3789; 1.3760

Cable eventually broke above multi-month congestion tops at 1.6820 and trades at levels last time seen in 2009. However, marginal break higher requires today’s close above 1.6820, to confirm bullish resumption of the bull-leg from 1.4812, July 2013 low and open 1.6877, November 2009 peak and 1.6900 in extension. Sustained break higher is required to shift focus towards psychological 1.7000 barrier and key longer-term resistance at 1.7041, August 2009 peak. Overall picture remains bullish and keeps the upside favored, with corrective dips to face initial support at 1.6780 higher ****. Key near-term support lies at 1.67 **** and only break here would sideline near-term bulls.

Res: 1.6836; 1.6877; 1.6900; 1.6950

Sup: 1.6780; 1.6768; 1.6750; 1.6725

Acceleration above near-term congestion top at 102.00 failed to clear 102.38, Fibonacci 38.2% retracement of 104.11/101.31 descend and daily Ichimoku cloud top, as rally stalled here. Subsequent return to the levels below 102 handle, now support, retraced 50% of larger 100.74/102.35 ascend, would signal false break and risk further weakness, if the price slides below 101.70, Fibonacci 61.8% retracement / bull-trendline drawn off 101.31 low. Negative hourly studies support such scenario. However, positive tone, persisting on 4-hour chart, would keep the upside favored if the price stabilizes above 102 handle and renewed attempt higher breaks above 102.38, minimum requirement to confirm bear-term **** at 101.31 and allow for stronger recovery. Strong resistance and breakpoint lies at 103 zone, Fibonacci 61.8% retracement of 104.11/101.31 descend / daily Ichimoku cloud top, where possible stronger rallies should be capped , as larger picture bears remain in play.

Res: 102.38; 102.71; 103.00; 103.29

Sup: 101.85; 101.70; 101.50; 101.31

The pair trades in near-term consolidative mode after corrective attempt off fresh low at 0.9331, 50% retracement of 0.9204/0.9460 upleg, stays capped under psychological 0.9400 barrier. Near-term technicals are neutral, with break of 0.94 barrier required to confirm higher **** and re-open fresh high at 0.9460. Otherwise, the downside would remain at risk in the near-term, with loss of 0.9331 temporary support, expected to trigger fresh extension of corrective pullback from 0.9460, towards 0.9300 breakpoint, Fibonacci 61.8% retracement / previous peaks of 28 Mar / 01 Apr, loss of which to sideline near-term bulls in favor of stronger correction.

Res: 0.9400; 0.9424; 0.9460; 0.9500

Sup: 0.9351; 0.9331; 0.9300; 0.9253

Spot Gold trades in neutral near-term tone, with recovery attempts off fresh low at 1286, being capped at 1306, as the price failed to sustain gains above psychological 1300 barrier. Near-term technicals remain weak and keep the downside favored for eventual push to 1277, 01 Apr low, to full retrace 1277/1330 recovery phase. Break lower to confirm lower top formation at 1330 and spark fresh extension of larger downmove from 1392, 17 Mar peak and expose 1262, Fibonacci 61.8% retracement of larger 1182/1392 rally. Daily studies are negative and keep the downside risk in play, while only sustained break and weekly close above 1300 support, also 200SMA, would ease immediate bear-pressure.

Res: 1308; 1313; 1319; 1324

Sup: 1293; 1286; 1277; 1262

Spot Silver remains directionless after unsuccessful attempts at the both sides of near-term range. Hourly studies are flat, however, positive tone persists on 4-hour chart that keeps hopes of renewed attempts higher, where 20.37, 10 Apr rally peak and 20.40, Fibonacci 38.2% retracement of 21.77/19.56 descend, offer initial barriers and pivotal points. Sustained break here is required to signal stronger recovery. Otherwise, downside will remain at risk, as larger picture studies remain bearish and risk further weakness for completion of 18.99/22.15 ascend, with the notion being supported by triple MA’s bear-crosses, 20/200SMA’s death-cross and 20/55 / 20/100 SMA’s bearish crosses.

Res: 20.12; 20.19; 20.37; 20.40

Sup: 19.90; 19.77; 19.60; 19.56