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

The Euro remains under pressure, as yesterday’s fresh weakness left lower top at 1.2505 and subsequent acceleration lower fully retraced corrective rally and broke below 1.2360 ****. Yesterday’s long red candle, with negative technicals on all timeframes, favors further downside, as the pair met its next target at 1.2325, Fibonacci 161.8% expansion of the wave from 1.2505 lower top. Psychological 1.23 support offers immediate support, with near-term focus at

break and close below pivotal 1.2360 support, to extend the wave from 1.2505 lower top, towards 1.2325, its Fibonacci 161.8% expansion and psychological 1.23 support, with focus at 1.2106, trendline support and 1.2042, July 2012 low. Daily 10/200SMA’s bear cross at 1.2450 should cap extended corrective rallies.

Res: 1.2390; 1.2418; 1.2450; 1.2475

Sup: 1.2321; 1.2300; 1.2284; 1.2250

Near-term structure is negatively aligned, after corrective rally was capped by descending daily 20SMA at 1.5761 and fresh weakness pushed the price in the lower part of near-term 1.5590/1.5823 range. Yesterday’s close in red and below 1.57 handle, daily Tenkan-sen line / 10SMA, confirms near-term bearish stance and eyes 1.5590 **** for retest. Break here to confirm an end of consolidative phase and resumption of larger downtrend, towards target at 1.5373, Fibonacci 76.4% of 1.4812/1.7189 ascend. Rallies should be ideally capped at 1.5700/23 barriers, Tenkan-sen line, 20SMA, while only sustained break above 1.5761 would neutralize immediate downside risk.

Res: 1.5668; 1.5700; 1.5723; 1.5761

Sup: 1.5617; 1.5590; 1.5550; 1.5500

The pair remains supported, as extension of recovery rally from Monday’s corrective low eventually broke above 119 barrier. Near-term price action is consolidating above 119, now support, for final push towards targets at 120.00/12, psychological barrier / Fibonacci 61.8% retracement of multi-year 147.68/75.55 descend. Yesterday’s positive close supports the notion, with price action being supported by rising daily 10SMA / Tenkan-sen line at 118.30, where stronger corrective actions should be contained.

Res: 119.42; 119.61; 120.00; 112.12

Sup: 119.11; 118.80; 118.45; 118.30

AUDUSDThe pair remains under pressure and continues to trend lower, as overnight’s acceleration eventually broke below 0.84 support. Yesterday’s red candle with long upper shadow, confirms downside pressure, with the wave from 0.8794, 17 Nov lower top, capable to travel to 0.8268 and 0.8174, its 138.2% and 161.8% Fibonacci expansion, with psychological 0.8000 support being in short-term focus. Session high at 0.8465, offers strong resistance, with Monday / yesterday’s highs at 0.8530/40, seen capping stronger rallies.

Res: 0.8431; 0.8465; 0.8500; 0.8540
Sup: 0.8386; 0.8350, 0.8315; 0.8300