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

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Res: 1.3168; 1.3176; 1.3205; 1.3258

Sup: 1.3126; 1.3100; 1.3065; 1.3000

Res: 1.5296; 1.5304; 1.5342; 1.5372

Sup: 1.5237; 1.5200; 1.5157; 1.5100

Res: 100.47; 100.61; 100.85; 101.00

Sup:99.63; 99.28; 99.00, 98.88

The pair remains in a consolidative range of 0.9000/0.9300, with weekly close occurring in the upper area of the range and lower timeframes studies being positively aligned. Overall bear-trend, however, remains in play and sees the resumption lower, once break below 0.9000 signals completion of consolidative phase. Only clear break above 0.9300 barrier would signal basing attempt and allow for stronger corrective action.

Res: 0.9235; 0.9250; 0.9290; 0.9304

Sup: 0.9200; 0.9173, 0.9136; 0.9109

Spot Gold ended week with positive tone, after testing both boundaries of short-term range, with recovery off 1267 range low, closing just under strong 1300 barrier, range top / 50% retracement of 1423/1180 descend and bear-trendline, drawn off 1588, 10/04 high. Positive tone dominating on short-term studies, pushed the price for final break above 1300 barrier, with acceleration higher clearing initial 1321 target. Upside is now seen favored and price is looking for 1330, Fibonacci 61.8% of 1423/1180 descend and 1338, 19/05 low. Overbought conditions on lower timeframes studies suggest corrective pullback would precede fresh rally, with previous key barrier at 1300, now acting as key support and expected to contain corrective dips.

Res: 1322; 1338; 1354; 1365

Sup: 1310; 1300; 1288; 1282

Res: 1.3300; 1.3325; 1.3400; 1.3414

Sup: 1.3250; 1.3220; 1.3200; 1.3164

Cable ended Friday’s trade with Doji candle, as the price moved within 1.5350/80 consolidative range. However, positive tone dominates on lower timeframes studies and favors further upside. Clear break above 1.5400 barrier that was cracked on spike to 1.5433, is required to open 1.5476, 26/06 high and psychological 1.5500 barrier. Positively aligned daily studies are supportive, with Friday’s low at 1.5354, reinforced by 20DMA, offering initial support, ahead of psychological 1.5300 handle. Only loss of last week lows at 1.5262, would delay bulls.

Res: 1.5402; 1.5433; 1.5476; 1.5489

Sup: 1.5350; 1.5327; 1.5300; 1.5262

The Dollar/yen ended week in red, after repeated failure to hold gains above psychological 100 level, triggered fresh weakness. Friday’s extension lower that broke below 98.22, previous low, probed below 98.00 support. This completed daily failure swing and opens way for broader weakness. Break below important supports at 97.65/58, 50% retracement of 93.78/101.52 ascend / daily Ichimoku cloud ****, is required to confirm bearish resumption from 101.52 and 100.85 highs and open 97.00, round-figure support and 96.74, Fibonacci 61.8% retracement, as daily indicators are attempting below their midlines. Negative tone prevails on lower timeframes, with the downside being favored, however, bears may be interrupted by corrective rally on oversold conditions.

Res: 98.33; 98.70; 99.00; 99.38

Sup: 97.62; 97.22; 96.95; 96.74

The pair ended week during which the pair tested both, 0.9000/0.9300 near-term range borders, with positive tone prevailing on a bounce towards the upper boundary. Friday’s trading was seen as consolidation under the range top, as the price held above 0.9200 support. Positively aligned short-term studies keep the upside focused, with clearance of 0.9316/43 barriers, required to confirm bottom and commence recovery phase. Conversely, repeated upside rejection would signal further sideways trading and increase downside risk, if price falls below 0.9200/0.9150, Fibonacci 38.2% / 50% of 0.8997/0.9316 range.

Res: 0.9286; 0.9316; 0.9343; 0.9400

Sup: 0.9226; 0.9200; 0.9167; 0.9127

Res: 1.3271; 1.3300; 1.3325; 1.3400

Sup: 1.3233; 1.3216; 1.3200; 1.3164

Cable accelerated lower after repeated failures at near-term range tops at 1.5400 zone. Completion of daily diamond reversal pattern and loss of initial support and range floor at 1.5262, signals increased downside risk. The fall dented 11/07 high at 1.5220, bringing important support at 1.5200, Fibonacci 38.2% of 1.4812/1.5433, in focus. Break lower to signal near-term top and allow for deeper reversal towards 1.5122, 50% retracement and 1.5100, round figure support. Negative near-term studies favor further downside, with corrective rallies on oversold conditions to be ideally capped under 1.5350 barrier.

Res: 1.5249; 1.5262; 1.5300; 1.5327

Sup: 1.5200; 1.5157; 1.5122; 1.5100

The pair trades in near-term consolidative mode off 97.60 support zone, where 50% retracement of 93.78/101.52 and daily Ichimoku cloud ****, offered temporary support for the fall from 100.44, 25/07 high. Sideways mode is confirmed by double-Doji candle. Negative tone prevails on 4-hour studies and sees current consolidation preceding fresh leg lower, as strong bearish signal was given on a completion of Head and Shoulders pattern on 4-hour chart and daily failure swing. Break below 97.60 to open round figure support at 97.00 and 96.74, Fibonacci 61.8% retracement. Only extension through initial barrier at 98.45, 100DMA, would provide near-term relief and give initial signal of stronger recovery.

Res: 98.15; 98.45; 98.70; 99.00

Sup: 97.62; 97.22; 96.95; 96.74

The Aussie came under increased pressure on Tuesday, as downside acceleration was triggered on a break below previous low at 0.9127 and psychological 0.9100 support. Completion of 0.8997/0.9316 corrective phase is seen as likely scenario, as the price approaches key support at 0.8997, 12/07 fresh low, break of which to commence fresh bear-leg, as a part of larger downtrend. Hesitation ahead of 0.8997 support, may be triggered by oversold near-term studies, while regain of 0.9157, range’s midpoint, would avert downside risk and signal prolonged sideways trading.

Res: 0.9100; 0.9127; 0.9175; 0.9200

Sup: 0.9011; 0.8997; 0.8900; 0.8861

Spot Gold showed no changes in Tuesday’s trading, compared to previous sessions, as near-term 1308/40 range remains intact. Price action oscillates around range’s mid-point at 1324. Near-term studies hold neutral tone, as the price remains in sideways mode. However, positive daily studies keep the upside in focus, with completion of bullish pennant and extension above 1347 peak, required to resume larger rally from 1180 low. Alternative scenario sees loss of 1308/00 support zone to bring bears in play.

Res: 1340; 1347; 1355; 1366

The U.S. dollar rise against the Japanese yen arrived after Japanese economic growth figures came in weaker than projected after Japan’s Cabinet Office said the economy grew an annualized 2.6% in the April-June period, sharply slower than first-quarter expansion of 4.1%

The advance comes as heavyweight gold exchange-traded fund logged its first increase in holdings since June. Higher-than-expected import growth in China indicates a domestic-demand recovery, which will bode well for gold demand