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

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The Euro remains at the back foot after last Friday’s spike lower posted fresh low at 1.3671 and quiet overnight trading consolidating around 1.37 handle, where the pair closed trading for the week. Negative structure on 4-hour chart keep the downside pressured, while hourly studies are in neutral mode. Fresh bears below initial support at 1.3690, daily cloud top and 1.3671, last Friday’s fresh five-week low, also near Fibonacci 61.8% retracement of larger 1.3475/1.3965 ascend, open way towards 27 Feb higher low at 1.3642 and psychological 1.3600 support in extension. Corrective action would face the first pivot at 1.3730, last Friday’s post-data spike high and Fibonacci 38.2% of 1.3819/1.3671 descend, above which to signal stronger recovery towards 1.3650 lower ****, where rallies should find solid resistance. Only lift above breakpoint at 1.3819, 02 Apr high and trendline resistance at 1.3830, would neutralize near-term bears.

Res: 1.3730; 1.3750; 1.3770; 1.3805

Sup: 1.3690; 1.3671; 1.3642; 1.3600

Cable remains under pressure and extends near-term corrective pullback off 1.6683, 31 Mar peak, after losing strong supports at 1.6620/00, with fresh low being posted at 1.6548, Fibonacci 61.8% retracement of 1.6464/1.6683 upleg. Negative tone prevails on lower timeframes studies, favors further weakness, with extension below 1.6548, to expose psychological 1.6500 level next, also bear-channel support and focus key near-term support at 1.6464, 24 Mar low. Previous support, last Friday’s high; double MA’s bear-crossover and Fibonacci 38.2% of 1.6683/1.6548 at 1.6600, now offers initial resistance, ahead of 1.6620, previous congestion **** / 50% retracement and pivotal barrier and lower platform at 1.6660.

Res: 1.6600; 1.6620; 1.6660; 1.6685

Sup: 1.6563; 1.6548; 1.6500; 1.6464

The pair enters near-term corrective phase after repeated failure to clear psychological 104 barrier. Subsequent pullback probes at psychological / 38.2% retracement of 101.19/104.10 / daily cloud top support, below which to confirm negative near-term mode and allow for deeper pullback. Hourly studies are negative, as well as 4-hour indicators attempting below the midlines and supporting the notion. Further easing should ideally fin footstep at 102.65, previous consolidation top and 50% retracement, to keep larger picture bulls intact for fresh attempt higher. Break above 104 handle to open lower tops at 104.73/93 next.

Res: 103.38; 103.55; 103.68; 104.10

Sup: 102.98; 102.65; 102.30; 102.00

The pair regained strength and rallied from near-term ****, established at 0.92 zone, to fully retrace 0.9302/0.9204 corrective phase. Fresh probe above 0.93 barrier and near-term congestion tops is under way, with fresh bulls on 4-hour studies being supportive for eventual break higher and extension of larger uptrend from 0.8658 towards 0.9336, Fibonacci 61.8% of 0.9755/0.8658, also bull-channel resistance. Overextended hourly studies, however, may signal prolonged consolidation before fresh attempt higher, with initial support at 0.9265 and higher **** at 0.92 zone, required to hold.

Res: 0.9306; 0.9336; 0.9388; 0.9400

Sup: 0.9265; 0.9240; 0.9200; 0.9184

Spot Gold trades in extended consolidative phase off fresh low at 1277, with crack and weekly close above psychological 1300 resistance and breakpoint, confirming near-term ****. Fresh bulls, established on lower timeframes, favor further upside and look for the next targets at 1315 lower platform and 1321, Fibonacci 38.2% retracement of 1392/1277 descend, break of which to revive larger picture bulls. Corrective action on overbought near-term conditions is expected to precede fresh push higher, with good support standing at 1295, Fibonacci 38.2% of 1277/1306 and previous double-top, where dips should be ideally contained.

Res: 1306; 1315; 1321; 1334

Sup: 1295; 1288; 1284; 1281

Spot Silver trades in near-term sideways mode after recovery attempts above initial 20.00 barrier failed to sustain break. Lack of momentum for more significant action in the near-term, results in neutral 4-hour and negatively aligned hourly technicals that keeps near-term neutral mode in play. However, bearish larger picture sees scope for fresh extension lower, once consolidative phase is over, with break below near-term **** at 19.56, to face interim supports at 19.30 and 19.11, en-route towards short-term target at 18.99, 30 Jan low. Daily death-cross formation of 20/200SMA and bear-cross of 20/55SMA’s, support the notion.

Res: 19.94; 20.13; 20.21; 20.40

Sup: 19.77; 19.65; 19.62; 19.56