EUR/USD
The latest action of the ECB and growing uncertainty over Eurozone’s debt crisis, keeps the bloc currency under increased pressure. The recent weakness through important supports at 1.2500 and 1.2400, has cracked the two year low at 1.2287, posted on 27 May, opening way for further decline. Overnight’s gap lower opening and price action being capped by 1.2300 barrier and 20 day EMA, keeps the downside in focus, with 1.2200/1.2150 seen next. Any corrective action should regain minimum 1.2360/1.2400, to ease current bear pressure.
Res: 1.2300, 1.2363, 1.2400, 1.2440
Sup: 1.2255, 1.2200, 1.2151, 1.2142
GBP/USD
The pair remains in a downtrend after upside rejection at 1.5700 zone, with break below bull trendline connecting 1.5267 and 1.5484 at 1.5535, extending losses through psychological 1.5500 level, to test Fib 61.8% of 1.5267/1.5776 ascend at 1.5460 so far. Negative short-term technicals keep the downside fully in focus, however, overextended conditions on 4H chart and formation of MACD bearish divergence on the hourly one may be a trigger for corrective bounce. Clearance of initial barrier at 1.5500 is required to open way towards more significant 1.5550/60, violation of which to allow for stronger recovery. Otherwise, upside rejection under here would risk lower top and fresh extension lower, as larger timeframe’s studies maintain firm bearish tone. Break below 1.5460 to open 1.5400.
Res: 1.5500, 1.5550, 1.5560, 1.5600
Sup: 1.5460, 1.5400, 1.5371, 1.5326
USD/JPY
Near-term structure weakened as repeated failure to clear pivotal 80.00 barrier, triggered fresh weakness and moved the price to mid 79.00/80.00 range levels. Negative hourly studies see the downside more vulnerable and risk test of the range floor and 200 day MA at 79.00 zone, as price slide below bull trendline off 78.60. Short-term range trading that lasts for past three-weeks, requires break of either side, to establish fresh direction.
Res: 79.76, 80.00, 80.09, 80.21
Sup: 79.55, 79.40, 79.30, 79.12
USD/CHF
Strong rally off 0.9461, 29 June higher low, continues to post fresh highs, as clearance of the previous peak at 0.9769, 01 June high, extended gains to test our next target at 0.9800 so far, also new yearly high. Bullish short-term studies keep the upside favored, with break above 0.9800 to focus 0.9900, figure resistance and 0.9949, Fib 61.8% of larger 1.1730/0.7067 descend. Overbought conditions on 1 and 4 hour studies, suggest corrective pullback, ahead of fresh push higher, with initial supports at 0.9720/00, while only break below 0.9680/60, would delay bulls.
Res: 0.9800, 0.9850, 0.9900, 0.9949
Sup: 0.9713, 0.9700, 0.9685, 0.9677
Go to this thread to read more:
http://www.forex-tsd.com/analytics/25077-windsor-brokers-short-term-technical...
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