- 11-21-2011, 07:10 #1
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Windsor Brokers - Short Term Technical Analysis for Majors (07:40 GMT)
Hovers at 1.3500 zone after finding near-term support at 1.3421 last week, with upside attempts being capped at 1.3600 area. Hourly studies are in rather neutral mode, suggesting further consolidation, as daily Ichimoku cloud base limits the upside at 1.3530, while 4-hour outlook shows broader bearish tone still intact. Main barriers lie at 1.3600/14, main bear trendline drawn off 1.4246 high / last Friday’s high and while below here, focus remains at the downside. Loss of 1.3500 handle to re-focus key near-term support zone at 1.3400 area, where previous low at 1.3421 lies and weekly Ichimoku cloud base at 1.3407, break of which to open 1.3360 and main support at 1.3145 on a break.
Res: 1.3530, 1.3555, 1.3600, 1.3614
Sup: 1.3500, 1.3466, 1.3446, 1.3421
Hourly outlook returns to weakness after last Friday’s strong rally stalled on approach to 1.5900 resistance, also Fib 50% of 1.6090/1.5690 descend, with subsequent reversal bringing the price to the higher platform at 1.5740 area. Completion of head and shoulders pattern on hourly chart, requires break below the neckline at 1.5740 zone, to signal and end of recovery phase and focus 1.5690 support next. Wider picture’s outlook maintain negative tone, as daily 55 day SMA caps at 1.5790 and daily MACD breaks below the centerline, suggesting fresh bear-leg. Break below 1.5690 to open 1.5630/15, 18 Oct low / Fib 61.8% of 1.5271/1.6164 rally.
Res: 1.5760, 1.5800, 1.5840, 1.5887
Sup: 1.5732, 1.5717, 1.5690, 1.5630
Maintains near-term negative tone after last week’s dip to 76.50, initial support and subsequent bounce being capped at 77.00, strong resistance zone. Hourly and 4-hour studies remain in the negative territory, as 20 day SMA limits the upside at 76.90 for now. Fresh attack at 76.50 to likely open way for further weakness and expose 76.30/10 levels, next. Only firm break above 77.00 barrier would delay for possible attempt at 77.50, 15 Nov spike high.
Res: 76.93, 77.00, 77.15, 77.50
Sup: 76.74, 76.56, 76.30, 76.10
The pair returns above previous range floor at 0.9140, after dip through 0.9100 support found ground at 0.9083, also previous high of 20 Oct and Fib 23.6% of 0.8566/0.9234 ascend. Hourly studies maintain neutral tone for now, but lack of momentum may keep the price action capped under 0.9180, current range ceiling, also 4-hour 20 day SMA. On the downside, loss of initial support at 0.9140 would re-focus 0.9100/0.9083, while clearance of 0.9180/0.9200 is required to signal an end of near-term corrective phase and bring near-term bulls fully in play. Daily structure maintains its bullish stance.
Res: 0.9181, 0.9200, 0.9234, 0.9250
Sup: 0.9140, 0.9100, 0.9083, 0.9059
Provided By: www.windsorbrokers.com
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