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

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EURUSD

The Euro extends recovery rally off daily Ichimoku cloud top, which marks initial support and yesterday’s low. Today’s fresh acceleration higher, tested daily 20SMA at 1.1225, so far. Bullish near-term structure sees scope for further upside, on extension above 20SMA, to expose next strong barrier at 1.1265, 200SMA. Sustained break here would sideline current scenario that favors selling rallies, for stronger correction towards 1.1331, lower top of 01 Sep and breakpoint. Otherwise, look for lower top formation, ideally under 200SMA, for fresh leg lower, to re-focus near-term targets at 1.1086, hourly **** and 1.1020/15, daily Ichimoku cloud **** / higher lows of 18/19 Aug.

Res: 1.1230; 1.1265; 1.1278; 1.1300

Sup: 1.1150; 1.1120; 1.1086; 1.1015

GBPUSD

Cable accelerates higher, extending the third wave of recovery from 1.5165, hourly ****. The wave C, which commenced from 1.5267, so far cracked its 100% Fibonacci expansion level at 1.5383 and could extend to 1.5428, 138.2% Fibonacci expansion. Also, break above 200SMA at 1.5356, supports scenario of extended correction, with near-term technicals, turning into bullish mode. The notion is supported by daily slow Stochastic that reversed from oversold zone and gives bullish signal. However, to confirm reversal and open way for further retracement of steep downmove from 1.5816 to 1.5163, break above 1.5490, 50% of the fall and daily 20SMA, is required.

Res: 1.5386; 1.5412; 1.5427; 1.5454

Sup: 1.5325; 1.5300; 1.5265; 1.5245

USDJPY

The pair is forming higher low at 118.57, 04 Sep low, following bounce that commenced yesterday and accelerated higher today. Fresh rally approaches psychological 120 barrier, reinforced by daily 10SMA, the first breakpoint, above which to open more significant 200SMA, which capped previous recovery attempt at 120.70. However, overall bearish structure sees limited upside action, ahead of fresh attempts lower, with rallies to be ideally capped under 200SMA. Only sustained break here, would sideline existing downside risk for stronger recovery action towards next breakpoint at 121.64, lower top of 31 Aug.

Res: 120.10; 120.77; 121.46; 121.64

Sup: 119.55; 119.15; 118.84; 118.57

AUDUSD

The pair extends above near-term consolidation range, formed above fresh 6 ½ low at 0.6906, signaling stronger action higher, after yesterday’s trading ended in tight Doji. Initial signal of recovery was given by hourly studies turning bullish, along with oversold daily technicals and RSI / slow Stochastic, reversing higher. Generating reversal signal, would spark stronger correction and sideline immediate downside risk, as overall picture remains firmly bearish. Look for extension above initial 0.7000 barrier, to open daily 10SMA at 0.7043, for confirmation of corrective phase. However, upside attempts should stay capped under falling daily 20SMA, currently at 0.7176 and only break here to open way for stronger correction.

Res: 0.7000; 0.7043; 0.7100; 0.7176
Sup: 0.6946; 0.6917; 0.6906; 0.6870

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

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جميع الحقوق محفوظة لمنتديات الدولار العربي 2011