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

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EURUSD

The Euro completed two-month cycle and fully retraced 1.3414/1.2754 downleg on break above 1.3414, 16/06 high. Extension higher also confirms formation of triple-bottom, seen on a weekly chart that signals further gains. Daily close above psychological 1.3400 level and previous high at 1.3414, along with positive near-term studies, supports the notion. Next targets lay at 1.3482, Fibonacci 76.4% retracement of larger 1.3710/1.2744 descend and 1.3500, round figure. Overbought conditions of lower timeframes, however, suggest that consolidative/corrective action may precede fresh gains. Initial supports lay at 1.3400/1.3375, while higher platform and pivotal support at 1.3310, should hold any deeper dips.

Res: 1.3450; 1.3482; 1.3500; 1.3518
Sup: 1.3400; 1.3380; 1.3356; 1.3310






GBPUSD

Cable remains in a steady uptrend, posting series of higher highs and approached psychological 1.5700 barrier. Break here opens the last obstacle en-route to key support at 1.5751, 17/06 high, at 1.5721, 1.5721, Fibonacci 100% expansion of the wave from 1.5100. Technicals on lower and larger timeframes hold positive tone and remain supportive, as clearance of 1.5751 is required to confirm 1.4830/12 double-bottom formation and signals further upside. Initial supports lay at 1.5600 higher platform and 1.5573, 08/08 previous high.

Res: 1.5700; 1.5721; 1.5751; 1.5800
Sup: 1.5648; 1.5627; 1.5607; 1.5576







USDJPY

The pair extended near-term downtrend from 98.64 high, with important support at 97.00 being cracked. Fresh weakness tested 96.90, Fibonacci 61.8% retracement of 95.78/98.64 rally, increasing downside risk towards key support at 95.78, 08/08 low. Negatively aligned near-term studies support the notion. Daily close above 97.00 handle, sees scope for corrective action, with rallies expected to be capped under 97.85 peak, to keep the structure intact.

Res: 97.85; 98.11; 98.64; 98.75
Sup: 97.13; 96.90; 96.40; 96.00






AUDUSD

The Aussie dollar came under increased pressure, following double-failure at 0.9220/32, where double-top has been formed. Subsequent pullback that broke below near-term base at 0.9060 zone, retraced over 50% of 0.8846/0.9232 upleg, with further weakness seen likely, as near-term studies remain negative. With 0.9100 barrier capping, fresh extension below 0.9100, round figure support and near Fibonacci 61.8% retracement, would look for test of interim supports at 0.8918/00, en-route towards key near-term support at 0.8846, 05/08 low. Alternative scenario requires regain of minimum 0.9130/50, Fibonacci 50% / 61.8% of 0.9232/0.9026 descend, to avert immediate downside risk.

Res: 0.9057; 0.9100; 0.9131; 0.9200
Sup: 0.9017; 0.9000; 0.8971; 0.8918