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

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Res: 1.3773; 1.3800; 1.3840; 1.3876

Sup: 1.3688; 1.3670; 1.3642; 1.3619

Cable continues to trend lower and posted marginally lower low at 1.6817, approaching psychological 1.68 support, also Fibonacci 38.2% retracement of 1.6464/1.6995 upleg. Near-term studies are negative and favor further downside, while bulls are still in play on the larger timeframe that requires reversal above 1.6760 higher platform, to maintain the structure in positive mode for fresh attempt higher and repeated attack at psychological 1.70 barrier. Extension below 1.6760, however, to sideline bulls, confirm reversal and open 1.6730, 50% retracement and 1.6700, round figure, in extension.

Res: 1.6885; 1.6900; 1.6927; 1.6973

Sup: 1.6817; 1.6800; 1.6760; 1.6730

The pair lost traction and fell below 102 support, Fibonacci 38.2% retracement of 101.45/102.35 upleg. This weakens the structure, as hourly technicals turned negative and threatens further downside. On the other side, 4-hour studies are still positive and see possibility for fresh attempt higher that requires 101.79, Fibonacci 61.8% retracement level, to hold. Such scenario sees potential of higher low formation that requires regain of 102.35 high, to confirm and resume near-term bulls off 101.45. Otherwise, fresh push lower and pressure at strong 101.40/20 support zone, with corrective attempts being rejected under 102.35, would be likely near-term scenario.

Res: 102.00; 102.35; 102.78; 103.00

Sup: 101.79; 101.42; 101.31; 101.20

The pair regained positive near-term tone after pullback from 0.9393 high found support at 0.9332 and fresh strength eventually broke above psychological 0.94 barrier, to complete cup and holder reversal pattern. Overall bullish tone sees test of key 0.9460 barrier as likely scenario, as the price action continues to move higher, above main bull-trendline. Clear break above 0.9460 is required to confirm bullish resumption and open psychological 0.9500 barrier next. Corrective dips should not exceed 0.9360, Fibonacci 61.8% of entire rally from 0.9332, to keep bulls in play.

Res: 0.9439; 0.9450; 0.9500; 0.9541

Sup: 0.9378; 0.9360; 0.9345; 0.9332

Res: 1298; 1303; 1306; 1315

Sup: 1290; 1284; 1277; 1273

Res: 1.3700; 1.3729; 1.3773; 1.3800

Sup: 1.3642; 1.3619; 1.3600; 1.3561

Cable remains pressured and continues to move lower, eventually breaking below 1.68 support and posting fresh lows on approach to 1.6700, psychological support. Near-term studies are negative and favor further downside, as bulls on the larger timeframe lost momentum and will be likely sidelined in favor of fresh weakness. Loss of 1.6730/20, 50% retracement of 1.6464/1.6995 upleg / daily 55SMA, is required to confirm. Corrective rallies face immediate barrier at 1.6775/85, ahead of 1.68 zone, while 1.69 lower top and Fibonacci 61.8% of descend from 1.6995, should keep the upside attempts limited.

Res: 1.6785; 1.6800; 1.6829; 1.6873

Sup: 1.6730; 1.6700; 1.6667; 1.6650

The pair lost traction and fell below 102 handle, posting fresh low at 101.66, Fibonacci 76.4 retracement of 101.42/102.35 ascend. Fresh bulls, established on a rally from 101.42 and break above 102 handle, are now on hold, as neart-term studies turned negative. This shifted focus lower for possible retest of very strong 101/40/20 support zone. However, bulls may be revived if fresh recovery attempts emerge above 102 and regain 13 May’s fresh high at 102.35, where rally was capped by daily cloud ****. Otherwise, negative tone would prevail and focus lower boundaries short-term range.

Res: 102.00; 102.15; 102.35; 102.78

Sup: 101.78; 101.66; 101.42; 101.31

The pair’s general positive tone remains in play after probe above 0.94 barrier and subsequent pullback to 0.9360, also Fibonacci 61.8% of 0.9332/0.9407 upleg. Extended consolidation is expected to precede eventual push towards key 0.9460 barrier, 10 Apr peak, to complete corrective phase and resume broader uptrend. Clear break higher to expose 0.9500, round figure resistance and 0.9541, 03 Nov 2013 peak in extension. Only loss of 0.9320 trendline support would delay bulls, while break below key 0.9200 handle is required to bring bears in play.

Res: 0.9383; 0.9400; 0.9460; 0.9500

Sup: 0.9360; 0.9345; 0.9332; 0.9320

Res: 1.3735; 1.3779; 1.3800; 1.3820

Sup: 1.3700; 1.3683; 1.3647; 1.3619

Cable trades in near-term corrective phase off fresh low at 1.6730. Rallies were so far capped by daily 20 SMA, with near-term technicals being in neutral/negative mode. On the other side, larger timeframes’ studies are losing momentum that sees downside risk still in play. Yesterday’s Doji confirm near-term indecision and keeps risk of lower top formation, ahead of fresh weakness. Break below 1.6730 support, also daily 55SMA, to confirm bearish scenario and resume larger bears off 1.6995 towards Fibonacci 61.8% retracement level at 1.6667, with 100SMA at 1.6634 and 1.66, round- figure support seen in extension. Only break above 1.69 barrier would neutralize bears.

Res: 1.6843; 1.6872; 1.6900; 1.6937

Sup: 1.6800; 1.6782; 1.6752; 1.6730

The pair maintains overall negative tone, as weakness off 102.35, recovery rejection level, dented strong supports and short-term **** at 101.40/20 zone. Overall structure is negative and keeps risk towards the downside, with clear break below 101.20 ****, required to confirm. Immediate targets lie at 101.20/00 supports and more significant 100.74, 04 Feb low, loss of which to signal bearish resumption of larger downtrend from 105.43, 02 Jan year-to-date high and focus psychological 100 support. Current consolidation above 101.20 would signal prolonged sideways movements, while only break above 103 barrier would revive bulls.

Res: 101.66; 102.00; 102.11; 102.35

Sup: 101.10; 101.00; 100.74; 100.00

The pair lost ground and fell below 0.9300 handle, after break below initial 0.9330 support and previous consolidation range. Near-term studies lost traction and fell into negative territory that risks further weakness and possible full retracement of 0.9201/ 0.9407 ascend. Support at 0.92 zone is seen as a breakpoint and in case of extension lower, would signal an end of larger consolidation under fresh peak at 0.9265, 10 Apr high and would trigger stronger correction of larger 0.8658/ 0.9460 uptrend. Next strong support lies at 0.9154 and marks Fibonacci 38.2% retracement and 55/200SMA golden cross, with break here required to confirm bears fully in play.

Res: 0.9300; 0.9330; 0.9372; 0.9407

Sup: 0.9250; 0.9226; 0.9200, 0.9154

Res: 1.3725; 1.3735; 1.3779; 1.3800

Sup: 1.3700; 1.3687; 1.3676; 1.3647

Cable trades in near-term corrective phase off fresh low at 1.6730, with fresh strength, developing on lower timeframes. Fresh strength eventually broke above 1.6900 breakpoint, also 61.8% Fibonacci retracement of 1.6995/1.6725 descend, signaling higher low formation and stronger recovery. Daily studies in positive territory, are gaining bullish momentum and support the notion. This opens way towards 1.70 psychological barrier, with corrective actions expected to interrupt. Immediate support lies at previous peak at 1.6860, ahead of 1.6830 and 1.68 breakpoint, loss of which to bring bears back in play.

Res: 1.6937; 1.6973; 1.6995; 1.7041
Sup: 1.6872; 1.6860; 1.6830; 1.6800

The pair maintains overall negative tone, as weakness off 102.35, recovery rejection, eventually broke below strong supports and short-term **** at 101.40/20 zone. The structure is negative overall and keep risk towards the downside, with extension below 101.00, opening immediate target at 100.74, 04 Feb low, loss of which to signal bearish resumption of larger downtrend from 105.43, 02 Jan year-to-date high and focus psychological 100 support. Consolidation actions are expected to precede fresh weakness, with 104.40/60 lower tops, expected to ideally cap. Only break above 103 barrier would revive bulls and shift focus higher.

Res: 101.10; 1.10.20; 101.38; 101.59

Sup: 100.74; 100.60; 100.00; 99.14

The pair maintains negative near-term tone after losing 0.9300 handle, with fresh weakness aiming towards 0.9200 support. Near-term studies are negative and support further weakness for full retracement of 0.9201/ 0.9407 upleg. Support at 0.92 zone is seen as a breakpoint and in case of extension lower, would signal an end of larger consolidation between 0.9200 and 0.9265, 10 Apr high and would trigger stronger correction of larger 0.8658/ 0.9460 uptrend. Next strong support lies at 0.9154, Fibonacci 38.2% retracement and 55/200SMA golden cross, with break here required to confirm bears fully in play. However, overextended conditions of lower timeframes studies, may delay immediate bears, in favor of corrective action, with 0.93 barrier, previous support and Fibonacci 38.2% of 0.9407/0.9215 descend offering the first strong resistance, ahead of 0.9330, Fibonacci 61.8% and previous range floor, where rallies should be limited.

Res: 0.9260; 0.9300; 0.9330; 0.9372

Sup: 0.9215; 0.9200, 0.9154; 0.9100

Res: 1296; 1300; 1305; 1309

Sup: 1285; 1283; 1277; 1273

Res: 1.3725; 1.3735; 1.3779; 1.3800

Sup: 1.3647; 1.3633; 1.3600; 1.3561

Cable maintains overall positive tone, as rally from 1.6730, correction low, probed above 1.69 barrier, with 1.6919, the highest seen so far. Near-term congestion fresh high is under way, with the downside being contained at 1.6855, near 38.2% retracement of 1.6730/1.6919 upleg and price action underpinned by 4-hour 20/55SMA bullish cross. While the latter levels stay intact, fresh upside attempts will remain in play, with the price’s move above 1.6919 and firm break higher, required to resume near-term uptrend from 1.6730 and open Fibonacci 76.4% at 1.6932, ahead of lower top at 1.6973 and psychological 1.7000 barrier in focus. Alternatively, slide below 1.6850 support zone, would delay bulls.

Res: 1.6902; 1.6919; 1.6932; 1.6973

Sup: 1.6874; 1.6855; 1.6825; 1.6800

The pair maintains overall negative tone, as weakness off 102.35, recovery rejection level, broke below strong supports and short-term **** at 101.40/20 zone as well as psychological 101 support. Subsequent bounce to the levels that mark 61.8% retracement of 102.32/100.81 downleg, signal further hesitation at this important support zone. However, the structure is negative overall and will keep risk towards the downside, as long as the price holds below 102 barrier, with clear break below 101.20 ****, required to confirm. Near-term target lies at 100.74, 04 Feb low, loss of which to signal bearish resumption of larger downtrend from 105.43, 02 Jan year-to-date high and focus psychological 100 support. Extension of the current correction above 102 handle, to delay bears for further sideways trading, while only break above the larger range top at 103, would provide relief and open way for stronger recovery.

Res: 101.75; 102.00; 102.11; 102.35

Sup: 101.60; 101.34; 101.10; 100.81

The pair maintains negative near-term tone, with fresh weakness aiming towards 0.9200 support, as the price fell ticks away from this support. Overall picture is negative and looks for further weakness and full retracement of 0.9201/ 0.9407 ascend. Support at 0.92 zone is seen as a breakpoint and in case of extension lower, would signal an end of larger consolidation under fresh peak at 0.9265, 10 Apr high and would trigger stronger correction of larger 0.8658/ 0.9460 uptrend. Next supports lie at 0.9172, 200SMA, ahead of 0.9154 Fibonacci 38.2% retracement and 55/200SMA golden cross, with break here required to confirm bears fully in play. Current correction on overextended conditions of lower timeframes studies, delays immediate bears for corrective action, with 0.93 barrier, previous support and Fibonacci 38.2% of 0.9407/0.9215 descend, offering the first strong resistance, ahead of 0.9330, Fibonacci 61.8% and previous range floor, where rallies should be limited.

Res: 0.9272; 0.9288; 0.9300; 0.9330

Sup: 0.9255; 0.9207; 0.9200; 0.9172

Res: 1.3637; 1.3670; 1.3687; 1.3733

Sup: 1.3625; 1.3611; 1.3600; 1.3561

Cable came under pressure yesterday, after leaving lower top at 1.6880 and fresh acceleration through bull-trendline support at 1.6835, which retraced over 76.4% of 1.6730/1.6919 upleg. Near-term indicators are in the negative territory that keeps risk of full retracement of 1.6730/1.6919 rally and resumption of larger descend from 1.6917, on penetration of 1.6730 higher low. Fresh weakness below 1.6795, main bull-trendline, drawn off 1.6464, 24 Mar low and previous low at 1.6780, confirms the scenario, as daily studies are building up bearish momentum and being supportive.

Res: 1.6813; 1.6832; 1.6880; 1.6902

Sup: 1.6752; 1.6730; 1.6700; 1.6667

The pair remains supported and posted fresh high at 102.13, with consolidative action under way, before fresh attempt higher. Consolidation low at 101.70 zone, reinforced by 20/55SMA’s bullish cross, is expected to hold and maintain positive structure, formed on 4-hour chart, to fulfill minimum requirement for bullish resumption on a break above 102.35, 13May lower top / daily cloud ****. Otherwise risk of lower top forming under 102.35, would remain in play, as daily studies hold negative tone and overall price action being capped by 100SMA, which reinforces 102.35 barrier.

Res: 102.04; 102.13; 102.35; 102.49

Sup: 101.70; 101.63; 101.31; 101.10

The pair holds near recovery highs, but fresh extension higher, seen yesterday, failed to break above initial barriers at 0.9272, recovery high and 0.9283, Fibonacci 38.2% retracement of 0.9407/ 0.9207 descend. Near-term studies remain positively aligned and supportive for further gains through 0.9283/0.9300 barriers, to re-confirm 0.9200 **** and bring bulls back in play for further retracement of 0.9407/0.9207 fall. Break higher to open psychological 0.93 barrier, also 50% retracement and daily cloud **** and 0.9330, previous consolidation range floor and 61.8% retracement. Conversely, slide below 0.9230, recent lows, to bring bears back in play and re-focus 0.92 support.

Res: 0.9276; 0.9283; 0.9300; 0.9330

Sup: 0.9250; 0.9230; 0.9200; 0.9172