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

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EURUSD

The single currency remains entrenched within 3-week range and holding near-term neutral tone. Yesterday’s rally that ended day in Hammer candlestick could be seen as bullish signal in case of close above pivotal 1.1450 high, ceiling of narrower 1.1320/1.1450 range, reinforced by daily Kijun-sen line, that came under pressure again. Sustained break to open 1.1497, 05 Feb lower top, ahead of key near-term resistance at 1.1532, 03 Feb high and the upper boundary of 1.1260/1.1532 range and signal resumption of recovery rally from 1.096 low. Otherwise, expect prolonged directionless trade, on repeated upside rejections, with increased risk of return to the range floor, seen on a break below 1.1350, daily 20SMA.

Res: 1.1450; 1.1497; 1.1532; 1.1565

Sup: 1.1390; 1.1350; 1.1332; 1.1320

GBPUSD

Yesterday’s fresh rally that broke above previous high at 1.5438 and also cleared Fibonacci 76.4% barrier at 1.5460, ended day in long green candle, confirming resumption of recovery rally from 1.4950 low. Strong bullish setup on all timeframes keeps the upside in focus, with fresh extension higher targeting 1.5526, daily Ichimoku cloud top, with break here, expected to open 1.5607/18, daily 100SMA, pivotal lower top of 31 Dec 2014. Corrective dips should be contained by ascending daily 10SMA and daily Tenkan-sen line at 1.5330 zone.

Res: 1.5478; 1.5500; 1.5526; 1.5585

Sup: 1.5414; 1.5375; 1.5330; 1.5315

USDJPY

Near-term structure remains weak, with yesterday’s fresh acceleration lower, leaving temporary platform at 119.40 zone. However, key near-term supports at 118.37/25, daily 20SMA / 16/17 Feb lows / Fibonacci 61.8% of 116.86/120.46 ascend, stay intact for now, suggesting extended consolidation, as positive tone still exists on daily studies. Break above 119.40 platform and near-term consolidation top, is required to confirm higher low at 118.25 and re-focus 120.00/46 targets. Otherwise, completion of 4-hour Head and Shoulders pattern and fresh acceleration higher, could be expected on sustained break below 118.25 handle and 118.15, daily Kijun-sen line.

Res: 119.00; 119.40; 119.60; 120.00

Sup: 118.37; 118.25; 118.15; 117.71

AUDUSD

The pair dipped from fresh high at 0.7841 and broke below 0.78 handle, after news of possible Australia’s credit rating downgrade was released. Yesterday’s Doji and close below daily 20SMA, keep the upside attempts limited for now, as positive tone of near-term studies is fading. Close above 20SMA is required to open pivotal 0.7874 barrier, high of 06 Feb, to end near-term consolidative phase and trigger stronger correction. Otherwise, expect prolonged sideways trade, with rising downside risk, as setup of larger timeframes studies remains negative. Loss of 0.7740, 17 Feb trough and 50% of 0.7642/0.7841 upleg, to neutralize and re-focus key downside levels at 0.7642 and 0.7624, lows of 12 and 03 Feb respectively.

Res: 0.7800; 0.7829; 0.7841; 0.7874
Sup: 0.7765; 0.7740; 0.7723; 0.7700

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

EURUSD 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

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