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

Res: 1.3355; 1.3379; 1.3399; 1.3414

Sup: 1.3300; 1.3272; 1.3260; 1.3232

Cable continues to trend higher and posted marginally fresh high at 1.5672 on Monday, vs Friday’s 1.5655 peak. Positively aligned near and short-term technicals remain supportive for eventual attempt towards key short-term barrier and target at 1.5751,17/06 high, with interim hurdles at 1.5700, round figure and 1.5721, Fibonacci 100% expansion of the third wave of larger upleg from 1.4812 that commenced from 1.5100 higher low. The wave could travel to 1.5958, its 138.2% expansion, once 1.5751 barrier is cleared that will also confirm formation of double-bottom at 1.4830/12 lows. Previous consolidation bottom at 1.5600, offers initial support, along with former high at 1.5573, with key-near-term support, laying at 1.5420 higher platform.

Res: 1.5672; 1.5700; 1.5721; 1.5751

Sup: 1.5607; 1.5576; 1.5538; 1.5517

Near-term recovery rally off 97.04 low has lost traction after failing to hold gains above psychological 98.00 barrier. Rally stalled at 98.11, with subsequent pullback retracing 61.8% of 97.04/98.11 upleg. Weakened near-term studies increase downside risk, with acceleration seen on violation of 97.28, 55DMA and 97.04 support. Conversely, regain of 98.64, 15/08 high, is required to shift focus higher and expose trendline resistance at 99.20.

Res: 97.84; 98.11; 98.64; 98.75

Sup: 97.18; 97.00; 96.40; 96.00

The Aussie dollar came under increased pressure, as failure to clear 0.9220/40 barriers, previous high / daily Cloud ****, triggered fresh weakness that accelerated on a break below 0.9100/0.9057 support zone. Hourly studies are deep in negative territory, with 4-hour indicators breaking below the midlines that keep the downside in near-term focus, as the fall so far reversed 50% of 0.8846/0.9232 upleg. Formation of double-top at 0.9220/32 increases downside risk, with loss of psychological 0.9000 support, required to confirm and expose lower targets at 0.8900/0.8846.

Res: 0.9057; 0.9100; 0.9188; 0.9200

Sup: 0.9000; 0.8971; 0.8918; 0.8900