Short Term Technical Analysis for Majors

[WindsorBrokers]

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

EURUSD

EURUSD managed to recover most of Thursday’s losses after finding support at 1.3190 and rising around 100 pips in the wake of below consensus US job growth figures on Friday. It is currently trading just below important resistance 1.3300 which if broken open the way for 1.3345 (31st July High). Current Trading above 20 and 55 moving averages on the H1 chart confirm upward momentum. European economic figures to watch out for today include Spanish Services PMI (07:15 am GMT) and Italian Services PMI (07:45 am GMT).
Res: 1.3415, 1.3380 1.3345, 1.3300
Sup: 1.3190, 1.3165, 1.3145, 1.3100

GBPUSD
Friday was a good day for the cable as it managed to close 176 pips higher than its open price gaining momentum from Friday’s weak US jobs data. It continued its rise today breaking 1.5307 (Fridays high) and 1.5360 on UK Services PMI which came at 60.2, higher than the already optimistic 57.4 expectation and above last month’s reading of 56.9
Res: 1.5530, 1.5475, 1.5430, 1.5375,
Sup: 1.5250, 1.5180, 1.5100, 1.5075,

USDJPY
Weak US jobs data on Friday caused the Yen to drop to 98.65, which it managed to break below during today’s trading to make a new low at 98.27. And the question is will we see a complete wipe out of the 230 pip gain we saw last Thursday and early Friday if it drops back 97.60 support. Currently most indicators point down on H1 chart among them MACD below Zero line and Momentum 22 below 100. Only if we see trading go back above 99.50 will we reverse our bearish outlook
Res: 100.86, 100.40, 100.00, 99.50
Sup: 98.27, 97.60, 97.20, 97.00

AUDUSD
Trading at 3 year lows, AUDUSD has no difficulty achieving new trend lows. Expectations are high that Australia’s central bank will further cut the country’s benchmark interest rate. Analysts largely expect a rate cut of a quarter-percentage point at Tuesday’s meeting to a new record low of 2.5%. Currently the pair seems in a retracement phase as it rose 65 pips from the trend low of 0.8845.
Res: 0.9075, 0.9045, 0.9000, 0.8950
Sup: 0.8845, 0.8810, 0.8760, 0.8620

GOLD
We saw gold try to form a new downtrend by breaking key support 1300 and dropping to 1283 (new support), however it managed to recover that loss in the same day closing at 1312. If trading manages to stay above psychological level 1300 then outlook will remain bullish with targets at 1320 and 1331.
However it’s important to note that the general uptrend is weak as it ended on 24th July when it reached a peak of 1348 and hasn’t been able to break above since
Res: 1365, 1348, 1331, 1320
Sup: 1300, 1283, 1270, 1260

http://mediaserver.fxstreet.com/Rep...8-8193-afec3573778f/goldh1_20130805105207.png

 

[WindsorBrokers]

Short Term Technical Analysis for Majors (07:30 GMT)

EUR/USD

The pair currently lacks a trend on the H1 chart with range trading between 1.3300 and 1.3230, this range was further narrowed during the Asian session. This lack of trend makes it difficult to get any good signals from our technical indicators. The outlook remains as before, if we see a break above 1.3300 then this will open the way for 31st July high 1.3345, while a drop below 1.3230 makes leaves the next support at 1.3190 (low of 1st & 2nd of July).

USD Trade balance at 12:30pm GMT is the figure to monitor today with the deficit expected to decrease from 45B to 43.1B

Res: 1.3415, 1.3380 1.3345, 1.3300
Sup: 1.3230, 1.3190, 1.3165, 1.3145

GBP/USD

Better than expected UK Services PMI caused the sterling to jump 40 pips breaking resistances and finally setting the daily high at 1.5375, which we will take as today’s resistance. Since then it retraced finding support at 1.5315. If it manages to hold above this level, then the outlook remains bullish with key target at 1.5430, the previous uptrend high reached on 25th of July

UK Manufacturing Production m/m is at 8:30am GMT with expectation of 0.9% much higher than the previous -0.8%

Res: 1.5530, 1.5475, 1.5430, 1.5375
Sup: 1.5315, 1.5250, 1.5180, 1.5100

USD/JPY

Yen continues its fall breaking 98.27 support (previous low), the current downtrend on the H1 chart is from 99.93 (2nd Aug) to today’s low 97.82. Currently it’s still in retracement mode rising more than 65 pips to currently trade near 98.50. The biggest barrier to the current downtrend would be 97.60, a support it failed to break many times during 31st Jul to 1st Aug sessions and that ended the previous downtrend.

Res: 100.40, 100.00, 99.15, 98.80
Sup: 97.82, 97.60, 97.20, 97.00

AUD/USD

Australia’s currency rose against the U.S. dollar breaking 0.8950 resistance switching the outlook from bearish to bullish and making key psychological level 0.9000 the next target of the bulls. Since hitting a 3 year low at 0.8845, the Aussie has regained 145 pips.

Australia's central bank cut its main cash rate by a quarter point to a record low of 2.5 percent on Tuesday as it tries to prepare the economy for life after the mining boom. A move already factored in the market

Res: 0.9100, 0.9075, 0.9045, 0.9000
Sup: 0.8845, 0.8810, 0.8760, 0.8620

Gold

Gold falls back below 1300 support and looks heading towards 2nd of August low 1283. This came after it twice failed rise above 1320. Currently it’s trading below both moving averages 20 & 55 with RSI also showing clear downward trend line on the H1 chart. Gold prices have been steadily dropping since the 23rd of July from 1348

The decline comes as investors wrestle with uncertainty about the Federal Reserve’s timeline for reducing the flow of monetary stimulus.

Res: 1365, 1348, 1331, 1320
Sup: 1283, 1270, 1260, 1243

 

[WindsorBrokers]

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

EUR/USD

The pair currently lacks a trend on the H1 chart with range trading between 1.3300 and 1.3230, this range was further narrowed during the Asian session. This lack of trend makes it difficult to get any good signals from our technical indicators. The outlook remains as before, if we see a break above 1.3300 then this will open the way for 31st July high 1.3345, while a drop below 1.3230 makes leaves the next support at 1.3190 (low of 1st & 2nd of July).

USD Trade balance at 12:30pm GMT is the figure to monitor today with the deficit expected to decrease from 45B to 43.1B

Res: 1.3415, 1.3380 1.3345, 1.3300
Sup: 1.3230, 1.3190, 1.3165, 1.3145

GBP/USD

Better than expected UK Services PMI caused the sterling to jump 40 pips breaking resistances and finally setting the daily high at 1.5375, which we will take as today’s resistance. Since then it retraced finding support at 1.5315. If it manages to hold above this level, then the outlook remains bullish with key target at 1.5430, the previous uptrend high reached on 25th of July

UK Manufacturing Production m/m is at 8:30am GMT with expectation of 0.9% much higher than the previous -0.8%

Res: 1.5530, 1.5475, 1.5430, 1.5375
Sup: 1.5315, 1.5250, 1.5180, 1.5100

USD/JPY

Yen continues its fall breaking 98.27 support (previous low), the current downtrend on the H1 chart is from 99.93 (2nd Aug) to today’s low 97.82. Currently it’s still in retracement mode rising more than 65 pips to currently trade near 98.50. The biggest barrier to the current downtrend would be 97.60, a support it failed to break many times during 31st Jul to 1st Aug sessions and that ended the previous downtrend.

Res: 100.40, 100.00, 99.15, 98.80
Sup: 97.82, 97.60, 97.20, 97.00

AUD/USD

Australia’s currency rose against the U.S. dollar breaking 0.8950 resistance switching the outlook from bearish to bullish and making key psychological level 0.9000 the next target of the bulls. Since hitting a 3 year low at 0.8845, the Aussie has regained 145 pips.

Australia's central bank cut its main cash rate by a quarter point to a record low of 2.5 percent on Tuesday as it tries to prepare the economy for life after the mining boom. A move already factored in the market

Res: 0.9100, 0.9075, 0.9045, 0.9000
Sup: 0.8845, 0.8810, 0.8760, 0.8620

Gold

Gold falls back below 1300 support and looks heading towards 2nd of August low 1283. This came after it twice failed rise above 1320. Currently it’s trading below both moving averages 20 & 55 with RSI also showing clear downward trend line on the H1 chart. Gold prices have been steadily dropping since the 23rd of July from 1348

The decline comes as investors wrestle with uncertainty about the Federal Reserve’s timeline for reducing the flow of monetary stimulus.

Res: 1365, 1348, 1331, 1320
Sup: 1283, 1270, 1260, 1243

 

[WindsorBrokers]

Short Term Technical Analysis for Majors (07:30 GMT)

EUR/USD

Finally EURUSD manages to achieve a daily high yesterday above 1.3300 resistance reaching 1.3323. Since then it retraced 45 pips to 1.3280. The outlook remains bullish as long as trading is maintained above 1.3230 with key target 1.3345 in sight (31 July high).

The pair is supported after a round of upbeat economic data including a climb in German manufacturing orders in June and a narrower contraction in Italy’s GDP in the 2nd quarter

Res: 1.3415, 1.3380 1.3345, 1.3320
Sup: 1.3230, 1.3190, 1.3165, 1.3145

GBP/USD

With multiple attempts by the cable to continue its uptrend, it managed to achieve a new high of 1.5390, however we didn’t see candles close above 1.5375 resistances on the H1 chart to consider it broken so the resistance level still holds. Prices did drop after that to 1.5315 and found support there as was expected

At 09:30 am GMT Bank of England Governor will hold a press conference along with the release of the Inflation Report

Res: 1.5530, 1.5475, 1.5430, 1.5375
Sup: 1.5315, 1.5250, 1.5180, 1.5100

USD/JPY

Sharp moves on the Yen breaking 3 supports during yesterdays and today’s trading. The 130 pip drop broke supports 97.82, 97.60, and 97.20 to achieve a low at 97.08. They key support it managed to break was 97.60 which it failed to do multiple times to do during 29th – 31st July period. Currently it’s trading at lowest price since 25th Jun

Asian stock markets traded broadly lower Wednesday after overnight losses in the U.S. on monetary-policy concerns, with Japan taking an especially heavy hit from gains for the yen

Res: 100.00, 99.15, 98.80, 98.15
Sup: 96.80, 96.20, 95.75, 94.80

AUD/USD

We see a triple top at key psychological resistance level 0.9000 proving itself a difficult barrier for the current uptrend on the H1 chart. This failure rise caused the RSI to form a downward trend line indicating a loss of buying momentum. However prices are still above 55 moving average and daily pivot point 0.8900

The Aussie on Tuesday briefly fell after the Reserve Bank of Australia cut its key interest rate by a quarter-percentage point to 2.5%, but it bounced off intraday lows, with some analysts saying the bank’s statement carried a less-dovish tone

Res: 0.9100, 0.9075, 0.9045, 0.9000
Sup: 0.8900, 0.8845, 0.8810, 0.8760,

Gold

The break of 1283 support indicated the strength of the current downtrend from 1348 (24th July) to current low of 1273. This leaves 1270 and 1260 targets within reach. Gold prices extended declines into a seventh consecutive day today as the outlook for US Fed monetary-stimulus tapering strengthened.

Res: 1348, 1331, 1320, 1300
Sup: 1270, 1260, 1250, 1243

 

[WindsorBrokers]

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

EUR/USD

Finally EURUSD manages to achieve a daily high yesterday above 1.3300 resistance reaching 1.3323. Since then it retraced 45 pips to 1.3280. The outlook remains bullish as long as trading is maintained above 1.3230 with key target 1.3345 in sight (31 July high).

The pair is supported after a round of upbeat economic data including a climb in German manufacturing orders in June and a narrower contraction in Italy’s GDP in the 2nd quarter

Res: 1.3415, 1.3380 1.3345, 1.3320
Sup: 1.3230, 1.3190, 1.3165, 1.3145

GBP/USD

With multiple attempts by the cable to continue its uptrend, it managed to achieve a new high of 1.5390, however we didn’t see candles close above 1.5375 resistances on the H1 chart to consider it broken so the resistance level still holds. Prices did drop after that to 1.5315 and found support there as was expected

At 09:30 am GMT Bank of England Governor will hold a press conference along with the release of the Inflation Report

Res: 1.5530, 1.5475, 1.5430, 1.5375
Sup: 1.5315, 1.5250, 1.5180, 1.5100

USD/JPY

Sharp moves on the Yen breaking 3 supports during yesterdays and today’s trading. The 130 pip drop broke supports 97.82, 97.60, and 97.20 to achieve a low at 97.08. They key support it managed to break was 97.60 which it failed to do multiple times to do during 29th – 31st July period. Currently it’s trading at lowest price since 25th Jun

Asian stock markets traded broadly lower Wednesday after overnight losses in the U.S. on monetary-policy concerns, with Japan taking an especially heavy hit from gains for the yen

Res: 100.00, 99.15, 98.80, 98.15
Sup: 96.80, 96.20, 95.75, 94.80

AUD/USD

We see a triple top at key psychological resistance level 0.9000 proving itself a difficult barrier for the current uptrend on the H1 chart. This failure rise caused the RSI to form a downward trend line indicating a loss of buying momentum. However prices are still above 55 moving average and daily pivot point 0.8900

The Aussie on Tuesday briefly fell after the Reserve Bank of Australia cut its key interest rate by a quarter-percentage point to 2.5%, but it bounced off intraday lows, with some analysts saying the bank’s statement carried a less-dovish tone

Res: 0.9100, 0.9075, 0.9045, 0.9000
Sup: 0.8900, 0.8845, 0.8810, 0.8760,

Gold

The break of 1283 support indicated the strength of the current downtrend from 1348 (24th July) to current low of 1273. This leaves 1270 and 1260 targets within reach. Gold prices extended declines into a seventh consecutive day today as the outlook for US Fed monetary-stimulus tapering strengthened.

Res: 1348, 1331, 1320, 1300
Sup: 1270, 1260, 1250, 1243

 

[WindsorBrokers]

Short Term Technical Analysis for Majors (07:30 GMT)

EUR/USD

EURUSD resumes its uptrend breaking previous high 1.3320 to achieve new top at 1.3345. The previous uptrend failed to break the 1.3345 level on 31st July, so the retest now will be a good indicator of current buying strength. This leaves the next target at 1.3380. On the H1 chart we can see the trend started from 1.3190 on 2nd August. Only in the case that we see a drop below 1.3265 we will reverse our bullish outlook

Res: 1.3476, 1.3415, 1.3380 1.3345.
Sup: 1.3265, 1.3230, 1.3190, 1.3160.

GBP/USD

The initial reaction to the Bank of England press conference and Inflation Report was a 90 pip drop breaking two supports on its way. It saw a sharp rally right afterwards recovering all loses an continuing its way to break three resistances to achieve a new high for the uptrend at 1.5530

The Bank of England on Wednesday provided explicit forward guidance on the central bank's future monetary policy, saying its key lending rate will remain at a record low of 0.5% until the U.K.'s unemployment rate drops to 7%

Res: 1.5750, 1.5675, 1.5600, 1.5530
Sup: 1.5385, 1.5300, 1.5200, 1.5100

USD/JPY

Another day of successful support breaking for the Yen’s current downtrend. This times breaking 96.80 to achieve a new trend low at 96.30 close to 96.20 support. This is the lowest prices we’ve seen since 20th June.

The Bank of Japan kept its policy unchanged Thursday following its meeting, while maintaining language from the previous month that the economy "is starting to recover moderately."

Res: 98.80, 98.15, 97.80, 97.35
Sup: 96.20, 95.75, 95.15, 94.80

AUD/USD

The Aussie didn’t find much trouble breaking key psychological resistance level 0.9000, which it failed to do 3 times before during the 6th August forming a triple top. It didn’t stop there continuing its rally to break the following 2 resistances 0.9045 and 0.9075.

Australia's unemployment rate was unchanged in July, but a large number of jobs were shed from the workforce, adding to concerns about a slowdown in the economy

Res: 0.9300, 0.9190, 0.9130, 0.9100
Sup: 0.8970, 0.8900, 0.8845, 0.8810

Gold

As opposed to other financial instruments that saw sharp moves, we didn’t see any support or resistances broken for Gold. The outlook remains bearish if trading stays below psychological resistance level 1300 with 1270 as the target. Currently it’s trading close to that resistance and testing its 20 period moving average.

The main economic news affecting Gold right now is Federal Reserve official’s comments Tuesday that the central bank could begin to slow purchases in 2013 and the U.S. trade deficit dropping 22.3% to $34.2 billion in June, which could mean an upward revision in second-quarter U.S. growth

Res: 1348, 1331, 1320, 1300
Sup: 1270, 1260, 1250, 1243

 

[WindsorBrokers]

Short Term Technical Analysis for Majors 9th Aug 2013

EUR/USD
The pair managed to maintain the uptrend above 31-Jul high above 1.3340 for a test of 1.3415 18-Jul high and 1.3435 20-Feb high. Support is found at 1.340 and 1.3325 zone where a break of 1.3435 would open further rise towards 1.3520 13-Feb high. Only a break below 1.3325 will open a correction to 1.3265-30 zone.

Res: 1.3415, 1.3435, 1.3520, 1.3590
Sup: 1.3340, 1.3325, 1.3265, 1.3230

GBP/USD
Higher lows patter dominates the picture while no resistance is found before 17-Jun high at 1.5750 and next at 1.5840 8-Feb high. To resume the uptrend 1.5395 needs to hold. Minor supports are found at 1.5530 and 1.5485. A break below 1.5395 would open 1.5205 low of 7-Aug

Res: 1.5750, 1.5840, 1.5890, 1.5995
Sup: 1.5530, 1.5485, 1.5395, 1.5205

USD/JPY
Failure to break yesterdays high at 96.95 maintained the pair in a down trend for a target of a target to retest yesterdays low at 95.80 and if broken 94.80 19-Jun low. First support is found at 96.35 prior to 95.80 low. A break above 96.95 would open more to the upside towards 97.35 and 97.80 next (38.2% fibo of 99.90 to 95.80 fall). A break of 50% Fibo at 97.80 would open the path towards 100.00 zone.

Res: 96.95, 97.35, 97.80, 98.55
Sup: 96.35, 95.80, 94.80, 93.55

Gold
Failure to break 1265 zone kept Gold in a side way trend to test 1320 zone 5-Aug high, a break below 1297 and 1287 would open a retest for 7-Aug low at 1272 before 1265 zone. On the upside a break above 1320 would open 1333 zone and a retest for Jul high at 1346.

Res: 1320, 1333, 1339, 1346
Sup: 1297, 1287, 1272, 1265

 

[WindsorBrokers]

Re: Short Term Technical Analysis for Majors (Updated 2xDaily)

EUR/USD

We do see a reversal pattern for the current uptrend on the EURUSD. The pair made a double top near the resistance level 1.3400 before continuing to drop dropping 80 pips. On the HI chart we can safely say the uptrend ended as we trading is currently below the 55 period exponential moving average.

U.S. data due out this week include retail sales and housing starts for July. Also, Atlanta Federal Reserve Bank President Dennis Lockhart and St. Louis Fed President James Bullard are each scheduled to speak

Res: 1.3435, 1.3415, 1.3400, 1.3365
Sup: 1.3290, 1.3265, 1.3220, 1.3200

GBP/USD

As the euro, we see a double top reversal pattern for the cable near the 1.5570 area and a subsequent drop of 80 pips. However it’s preferable to wait for a candle close or two below 1.5480 supports to confirm the current uptrend reversal. The importance of 1.5480 is because we find a 8th of August low and the 55 exponential moving average at this level.

Among the important figures this week for the UK include Inflation data on Tuesday and unemployment data on Wednesday

Res: 1.5730, 1.5675, 1.5600, 1.5570
Sup: 1.5480, 1.5385, .1.5300, 1.5200

USD/JPY

The previous low for the current downtrend is at 97.75, the fact that Yen failed to drop to the same level making a higher low at 95.90 is considered a bad sign for the downtrend. A rise above 97.00 would confirm a complete reversal which doesn’t seem far off now as its currently trading close to that level

The U.S. dollar rise against the Japanese yen arrived after Japanese economic growth figures came in weaker than projected after Japan’s Cabinet Office said the economy grew an annualized 2.6% in the April-June period, sharply slower than first-quarter expansion of 4.1%

Res: 98.55, 98.15, 97.80, 97.35
Sup: 95.75, 95.15, 94.70, 93.55

AUD/USD

We also see the strength of the dollar against the Aussie. A double top near 0.9200 shows a pause in the current uptrend and we are monitoring if it will hold below 0.9170 support (previous low) which if it does would be another sign of a reversal as a lower low

Over the week the Aussie could see a run towards July highs above 0.9300, given the RBA’s likely steady hand in Sep, rising commodity prices and stretched spec positioning

Res: 0.9316, 0.9300, 0.9240, 0.9200
Sup: 0.9100, 0.9050, 0.9000, 0.8971

Gold

Currently testing 1331 resistance, this could has been rising the past 4 sessions ever since hitting a low of 1270, with the sharpest gains during the 8th of August (25 dollar rise) and today (17 dollar rise so far).

The advance comes as heavyweight gold exchange-traded fund logged its first increase in holdings since June. Higher-than-expected import growth in China indicates a domestic-demand recovery, which will bode well for gold demand

Res: 1376, 1360, 1348, 1331
Sup: 1300, 1288, 1270, 1264

 

[WindsorBrokers]

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

EUR/USD

We do see a reversal pattern for the current uptrend on the EURUSD. The pair made a double top near the resistance level 1.3400 before continuing to drop dropping 80 pips. On the HI chart we can safely say the uptrend ended as we trading is currently below the 55 period exponential moving average.

U.S. data due out this week include retail sales and housing starts for July. Also, Atlanta Federal Reserve Bank President Dennis Lockhart and St. Louis Fed President James Bullard are each scheduled to speak

Res: 1.3435, 1.3415, 1.3400, 1.3365
Sup: 1.3290, 1.3265, 1.3220, 1.3200

GBP/USD


As the euro, we see a double top reversal pattern for the cable near the 1.5570 area and a subsequent drop of 80 pips. However it’s preferable to wait for a candle close or two below 1.5480 supports to confirm the current uptrend reversal. The importance of 1.5480 is because we find a 8th of August low and the 55 exponential moving average at this level.

Among the important figures this week for the UK include Inflation data on Tuesday and unemployment data on Wednesday

Res: 1.5730, 1.5675, 1.5600, 1.5570
Sup: 1.5480, 1.5385, .1.5300, 1.5200

USD/JPY

The previous low for the current downtrend is at 97.75, the fact that Yen failed to drop to the same level making a higher low at 95.90 is considered a bad sign for the downtrend. A rise above 97.00 would confirm a complete reversal which doesn’t seem far off now as its currently trading close to that level

The U.S. dollar rise against the Japanese yen arrived after Japanese economic growth figures came in weaker than projected after Japan’s Cabinet Office said the economy grew an annualized 2.6% in the April-June period, sharply slower than first-quarter expansion of 4.1%

Res: 98.55, 98.15, 97.80, 97.35
Sup: 95.75, 95.15, 94.70, 93.55

AUD/USD

We also see the strength of the dollar against the Aussie. A double top near 0.9200 shows a pause in the current uptrend and we are monitoring if it will hold below 0.9170 support (previous low) which if it does would be another sign of a reversal as a lower low

Over the week the Aussie could see a run towards July highs above 0.9300, given the RBA’s likely steady hand in Sep, rising commodity prices and stretched spec positioning

Res: 0.9316, 0.9300, 0.9240, 0.9200
Sup: 0.9100, 0.9050, 0.9000, 0.8971

Gold

Currently testing 1331 resistance, this could has been rising the past 4 sessions ever since hitting a low of 1270, with the sharpest gains during the 8th of August (25 dollar rise) and today (17 dollar rise so far).

The advance comes as heavyweight gold exchange-traded fund logged its first increase in holdings since June. Higher-than-expected import growth in China indicates a domestic-demand recovery, which will bode well for gold demand

Res: 1376, 1360, 1348, 1331
Sup: 1300, 1288, 1270, 1264

 

[WindsorBrokers]

Short Term Technical Analysis for Majors 13.8.12

EUR/USD

The euro fails to drop to yesterdays low 1.3276 making a higher low today at 1.3290. Since then it went up to 1.3315. This a reversal signal for the current downtrend from 1.3400 to 1.3276. We will change our outlook to bullish only if we see it trading go back above 1.3345 opening the way for 1.3365

Today we have Euro zone German ZEW Economic Sentiment at 09:00 GMT. German analyst and investor sentiment dropped unexpectedly in July, reaching 36.3 from 38.5 in June, contrary to predictions for a 39.6 climb. Analysts believe the slowdown in China was the major cause for this decline, endangering Germany’s export-driven economy. Investor’s climate is expected to reach 40.3 this time

Res: 1.3415, 1.3400, 1.3345, 1.3315
Sup: 1.3285, 1.3265, 1.3220, 1.3200

GBP/USD

The cable broke 1.5480 support reaching 15444. This we mentioned before would confirm the reversal of the previous uptrend on the H1 chart. This leaves the next bearish targets at 1.5385 and 1.5300. Only a rise back above 1.5520 would renew our bullish outlook.

8:30 GMT we have UK Inflation data, British inflation surged in June to the highest level in more than a year, reaching 2.9% after registering a 2.7% rise in May. However the increase was less than the 3.0% climb predicted by analysts

Res: 1.5730, 1.5680, 1.5600, 1.5555
Sup: 1.5440, 1.5385, 1.5300, 1.5200

USD/JPY

Yen successfully achieves a new high for the H1 chart uptrend breaking 97.35 and reaching 97.55. This leaves the next target at 97.80. The previous two days saw big gains completely reversing the previous downtrend with a rise of almost 160 pips.

The yen losing ground after the Nikkei newspaper reported that Japan’s Prime Minister Shinzo Abe may propose reducing corporate taxes to offset pressure on growth from a planned increase in the national consumption tax

Res: 99.15, 98.60, 98.15, 97.80
Sup: 96.40, 95.75, 95.15, 94.70

AUD/USD

The AUDUSD is in a downtrend on the H1 chart ever since making a double top near 0.9200 resistance continuing its fall to drop below the 33 exponential moving average and to trade outside the previous upward channel. However it did manage to find support at key level 0.9100.

Analysts at NAB assessed, “We see GDP growth softening to 2.2% in 2013, before rising to 2.6% in 2014, and a significant deterioration in the labour market is expected this year (unemployment above 6%) and next. Our forecasts have been revised a touch lower – with downside risks building. When combined with still low inflation, we expect another RBA cut, probably in November, and more cuts may follow. We remain a touch more bearish than recently revised (down) forecasts from the Government and the RBA”.

Res: 0.9316, 0.9300, 0.9240, 0.9200
Sup: 0.9100, 0.9050, 0.9000, 0.8920

Gold

We saw Gold break 1331 resistance yesterday to achieve a new top for the uptrend at 1343. Since then Gold seesawed between minor gains and losses Tuesday, with strength in the U.S. dollar serving as a headwind ahead of U.S. retail-sales data that may support the Federal Reserve’s plan to start tapering monetary stimulus. We can also notice that the 1331 resistance turned from a resistance to a support as we can see from today’s low

Res: 1376, 1368, 1360, 1348
Sup: 1316, 1300, 1288, 1270

 

[WindsorBrokers]

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

EUR/USD

The euro fails to drop to yesterdays low 1.3276 making a higher low today at 1.3290. Since then it went up to 1.3315. This a reversal signal for the current downtrend from 1.3400 to 1.3276. We will change our outlook to bullish only if we see it trading go back above 1.3345 opening the way for 1.3365

Today we have Euro zone German ZEW Economic Sentiment at 09:00 GMT. German analyst and investor sentiment dropped unexpectedly in July, reaching 36.3 from 38.5 in June, contrary to predictions for a 39.6 climb. Analysts believe the slowdown in China was the major cause for this decline, endangering Germany’s export-driven economy. Investor’s climate is expected to reach 40.3 this time

Res: 1.3415, 1.3400, 1.3345, 1.3315
Sup: 1.3285, 1.3265, 1.3220, 1.3200

GBP/USD

The cable broke 1.5480 support reaching 15444. This we mentioned before would confirm the reversal of the previous uptrend on the H1 chart. This leaves the next bearish targets at 1.5385 and 1.5300. Only a rise back above 1.5520 would renew our bullish outlook.

8:30 GMT we have UK Inflation data, British inflation surged in June to the highest level in more than a year, reaching 2.9% after registering a 2.7% rise in May. However the increase was less than the 3.0% climb predicted by analysts

Res: 1.5730, 1.5680, 1.5600, 1.5555
Sup: 1.5440, 1.5385, 1.5300, 1.5200

USD/JPY

Yen successfully achieves a new high for the H1 chart uptrend breaking 97.35 and reaching 97.55. This leaves the next target at 97.80. The previous two days saw big gains completely reversing the previous downtrend with a rise of almost 160 pips.

The yen losing ground after the Nikkei newspaper reported that Japan’s Prime Minister Shinzo Abe may propose reducing corporate taxes to offset pressure on growth from a planned increase in the national consumption tax

Res: 99.15, 98.60, 98.15, 97.80
Sup: 96.40, 95.75, 95.15, 94.70

AUD/USD

The AUDUSD is in a downtrend on the H1 chart ever since making a double top near 0.9200 resistance continuing its fall to drop below the 33 exponential moving average and to trade outside the previous upward channel. However it did manage to find support at key level 0.9100.

Analysts at NAB assessed, “We see GDP growth softening to 2.2% in 2013, before rising to 2.6% in 2014, and a significant deterioration in the labour market is expected this year (unemployment above 6%) and next. Our forecasts have been revised a touch lower – with downside risks building. When combined with still low inflation, we expect another RBA cut, probably in November, and more cuts may follow. We remain a touch more bearish than recently revised (down) forecasts from the Government and the RBA”.

Res: 0.9316, 0.9300, 0.9240, 0.9200
Sup: 0.9100, 0.9050, 0.9000, 0.8920

Gold

We saw Gold break 1331 resistance yesterday to achieve a new top for the uptrend at 1343. Since then Gold seesawed between minor gains and losses Tuesday, with strength in the U.S. dollar serving as a headwind ahead of U.S. retail-sales data that may support the Federal Reserve’s plan to start tapering monetary stimulus. We can also notice that the 1331 resistance turned from a resistance to a support as we can see from today’s low

Res: 1376, 1368, 1360, 1348
Sup: 1316, 1300, 1288, 1270

 

[WindsorBrokers]

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

EURUSD

Euro’s weekly close level was barely changed, compared to the previous week’s close, despite wide price amplitude during past sessions. Daily chart shows the price action entrenched within 200-pips consolidation, capped for now at 1.3400 zone, with daily technicals being positively aligned. Positive tone also prevails on 4-hour chart that keeps the upside focused, following last week’s sharp fall and quick recovery the reached levels close to the range top. Clearance of key 1.3399/1.3414 barriers is expected to trigger fresh phase higher, as resumption of larger uptrend from 1.2754, 09/07 low. From the other side, bulls may be delayed by weakening hourly studies, with corrective easing seen preceding fresh rally. Initial support lies at 1.3300, 50% of 1.3187/1.3399 range, while violation of range floor at 1.3187 will be bearish.

Res: 1.3342; 1.3379; 1.3399; 1.3414
Sup: 1.3300; 1.3272; 1.3260; 1.3232

GBPUSD

Cable remains in an uptrend from 1.4812 low, with near-term price action being in a consolidative mode off 1.5655, fresh 2-month high, posted last week. Weekly close above 1.5600 handle and positively aligned near-term studies keep the upside in focus for eventual push through psychological 1.5700 barrier, to open way for full retracement of 1.5751/1.4812 downleg. Previous peak at 1.5573 offers initial support, ahead of psychological 1.5500 level and key near-term support and higher platform at 1.5420.

Res: 1.5655; 1.5700; 1.5721; 1.5751
Sup: 1.5600; 1.5573; 1.5538; 1.5500

USDJPY

Near-term structure remains weak, as corrective bounce off 97.04, last Friday’s low, remains congested at 97.80, near 50% of 98.64/97.04 downleg. Failure to clear psychological 98.00 barrier as initial resistance, would risk further downside, as a part of broader weakness from 101.52 high that is maintained by bear-trendline, currently standing at 99.20. Break below 97.00 handle would open key near-term support at 95.78, 08/08 low.

Res: 97.84; 98.03; 98.64; 98.75
Sup: 97.34; 97.18; 97.00; 96.40

AUDUSD

The Aussie dollar maintains positive near-term tone and cracks the upper boundary of one-week consolidation range at 0.9220, as a part of larger recovery rally from 0.8846, 05/08 low. Positively aligned studies on lower timeframes keep focus at the upside, with 0.9240, daily Ichimoku cloud base, seen as the next barrier. Break here to complete daily cup ad holder reversal pattern and open key short-term hurdles at 0.9316/43, also 50% of 0.9790/0.8846 descend, for possible stronger recovery of larger downtrend. Alternative scenario sees risk of upside rejection at 0.9220 and double-top formation that requires confirmation on a break below 0.9080/60 supports.


Res: 0.9240; 0.9255; 0.9316; 0.9343
Sup: 0.9167; 0.9140; 0.9123; 0.9072

 

[WindsorBrokers]

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

EURUSD

The Euro trades in extended consolidative phase, holding the sideways mode, with price action being entrenched within 1.3310/1.3379 range. Neutral tone prevails on hourly chart, while 4-hour studies maintain positive tone and keep the upside focused for final push towards 1.3399, larger 1.3187/1.3399 range top. Break here and another significant barrier at 1.3414, 16/06 peak, to confirm weekly triple-bottom pattern at 1.2800/1.2750 zone, where weekly Ichimoku cloud base contained dips and kept the downside protected. Completion of the pattern is expected to open next target at 1.3710, 01/02 peak, in the short-term. Immediate support at 1.3300, higher platform zone, reinforced by 4-hour 55DMA, is expected to hold the downside and keep bulls in play.

Res: 1.3355; 1.3379; 1.3399; 1.3414
Sup: 1.3300; 1.3272; 1.3260; 1.3232

GBPUSD

Cable continues to trend higher and posted marginally fresh high at 1.5672 on Monday, vs Friday’s 1.5655 peak. Positively aligned near and short-term technicals remain supportive for eventual attempt towards key short-term barrier and target at 1.5751,17/06 high, with interim hurdles at 1.5700, round figure and 1.5721, Fibonacci 100% expansion of the third wave of larger upleg from 1.4812 that commenced from 1.5100 higher low. The wave could travel to 1.5958, its 138.2% expansion, once 1.5751 barrier is cleared that will also confirm formation of double-bottom at 1.4830/12 lows. Previous consolidation bottom at 1.5600, offers initial support, along with former high at 1.5573, with key-near-term support, laying at 1.5420 higher platform.

Res: 1.5672; 1.5700; 1.5721; 1.5751
Sup: 1.5607; 1.5576; 1.5538; 1.5517

USDJPY

Near-term recovery rally off 97.04 low has lost traction after failing to hold gains above psychological 98.00 barrier. Rally stalled at 98.11, with subsequent pullback retracing 61.8% of 97.04/98.11 upleg. Weakened near-term studies increase downside risk, with acceleration seen on violation of 97.28, 55DMA and 97.04 support. Conversely, regain of 98.64, 15/08 high, is required to shift focus higher and expose trendline resistance at 99.20.

Res: 97.84; 98.11; 98.64; 98.75
Sup: 97.18; 97.00; 96.40; 96.00

AUDUSD

The Aussie dollar came under increased pressure, as failure to clear 0.9220/40 barriers, previous high / daily Cloud base, triggered fresh weakness that accelerated on a break below 0.9100/0.9057 support zone. Hourly studies are deep in negative territory, with 4-hour indicators breaking below the midlines that keep the downside in near-term focus, as the fall so far reversed 50% of 0.8846/0.9232 upleg. Formation of double-top at 0.9220/32 increases downside risk, with loss of psychological 0.9000 support, required to confirm and expose lower targets at 0.8900/0.8846.

Res: 0.9057; 0.9100; 0.9188; 0.9200
Sup: 0.9000; 0.8971; 0.8918; 0.8900

 

[WindsorBrokers]

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

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

 

[WindsorBrokers]

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

EURUSD

The Euro came under increased pressure, following release of dollar supportive FOMC minutes. The pair extended pullback from Tuesday’s fresh high at 1.3450, retracing 50% of 1.3205/1.3450 ascend on a dip to 1.3330 support, reinforced by 55DMA, where temporary footstep was found. Negative hourly studies keep the downside at risk, as the price loses momentum, with violation of higher platform at 1.33 zone, expected to sideline larger bulls and trigger further weakness. Conversely, bounce above initial 1.3400 barrier, is required to neutralize bears in favor of fresh attempt at 1.3450 peak.

Res: 1.3373; 1.3400; 1.3427; 1.3450
Sup: 1.3330; 1.3310; 1.3263; 1.3232

GBPUSD

Cable eases after cracking psychological 1.57 resistance and posting fresh high at 1.5716. Near-term targets at 1.5421, 100% Fibonacci expansion of the wave from 1.5100 and key 1.5751 barrier, 17/06 peak, remain in focus, as current pullback could be described as corrective, as long as key support and pivotal point at 1.5400 stays intact. Four-hour chart technicals are still positive, however, negative tone on hourly studies, keeps the downside risk in play, with penetration through initial 1.5600/1.5575 supports, to signal deeper pullback.

Res: 1.5627; 1.5650; 1.5700; 1.5716
Sup: 1.5576; 1.5500; 1.5480; 1.5420

USDJPY

The pair extended recovery rally from 96.90 low and broke above 98.00 barrier, 61.8% of 98.64/96.90 downleg. Improved hourly conditions see potential for extension towards key near-term barrier at 98.64, 15/08 high. Positive near-term studies support the notion, however, regain of 98.64 barrier is seen as minimum requirement to complete near-term corrective phase and open way for stronger recovery towards 99.00, trendline resistance / 100DMA. Alternatively, upside rejection under 98.64 would signal prolonged sideways trade, with downside risk to revive on possible extension below 97.00 support, as daily studies are negative.


Res: 98.64; 98.75; 99.00; 99.50
Sup: 98.00; 97.60; 97.13; 96.90

AUDUSD

The Aussie remains under pressure, as fresh weakness from 0.9220/32 double-top penetrated through 0.9000 support, with daily close occurring below the latter. The price approaches initial targets at 0.8920/00, before final push towards key support, 05/08 low at 0.8846, as negative tone dominates on all timeframes and keeps the bears in play. Corrective rallies should be ideally capped under 0.9100, also near mid-point of slide from 0.9232 to 0.8930.

Res: 0.9000; 0.9045; 0.9081; 0.9100
Sup: 0.8965; 0.8930; 0.8918; 0.8900

 

[WindsorBrokers]

Short Term Outlook for Majors 26-8-13

EURUSD

The euro achieved an uptrend high of 1.3450 on the 20th of August. Since then we saw a reversal attempt when it fell to 1.3300 on the 22nd. It did manage to recover most of these losses went it went back up to 1.3410. We will remain bullish as long as 1.3300 support holds with targets at 1.3410 & 1.3450. However the opposite scenario would open the way for 1.3300 & 1.3260

Res: 1.3410, 1.3450, 1.3480, 1.3520
Sup: 1.3330, 1.3300, 1.3260, 1.3230

GBPUSD

The cable ended its uptrend on the 21st of August when it reached a high of 1.5717, since then we saw a 180 pip drop to 1.5537 which constitutes our main support for today’s session. There was an attempt last Friday to go back to the uptrend but was capped at 1.5635 resistance. Only if it manages to go above this level will we reverse our current bearish outlook on the H1 chart. Sterling is currently trading below the Ichimoku Cloud

Res: 1.5600, 1.5640, 1.5700, 1.5720
Sup: 1.5540, 1.5515, 1.5490, 1.5420

USDJPY

We do have a couple of bad signals for the current uptrend on the Yen. We have a triple top reversal pattern at 99.10, prices are trading outside the upward channel and its currently testing 55 moving average. If it does drop below the 55 Exponential moving average on the H1 chart it will be our final confirmation of the uptrend reversal. Or the same could be said if we see a break below 98.40 support.
Res: 98.80, 99.15, 99.35, 99.55
Sup: 98.40, 98.10, 97.85, 97.30

AUDUSD

The Aussie reached a low of 0.8930 on the 22nd of August. In the same day it went up to 0.9040 and since then has not been able to break that resistance getting stuck in range mode. So a good signal for the bulls is if we see 1 or 2 candle closing on the H1 chart above this level. The RSI is moving horizontally which means we have weak momentum on both the buy and sell side
Res: 0.9040, 0.9100, 0.9130, 0.9150
Sup: 0.8970, 0.8930, 0.8900, 0.8850

Gold

A key level we are watching today is 1400 psychological resistance level. Gold managed to rise above this level during today’s trading (reaching 1407) however as we always say we need to see 1 or 2 candles close above this level to be sure it broke it and not just be a failed attempt. The precious metal found support at 1390 shortly afterwards.

Res: 1400, 1407, 1415, 1425
Sup: 1390, 1378, 1368, 1355

 

[WindsorBrokers]

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

EURUSD
The euro achieved an uptrend high of 1.3450 on the 20th of August. Since then we saw a reversal attempt when it fell to 1.3300 on the 22nd. It did manage to recover most of these losses went it went back up to 1.3410. We will remain bullish as long as 1.3300 support holds with targets at 1.3410 & 1.3450. However the opposite scenario would open the way for 1.3300 & 1.3260
Res: 1.3410, 1.3450, 1.3480, 1.3520
Sup: 1.3330, 1.3300, 1.3260, 1.3230

GBPUSD
The cable ended its uptrend on the 21st of August when it reached a high of 1.5717, since then we saw a 180 pip drop to 1.5537 which constitutes our main support for today’s session. There was an attempt last Friday to go back to the uptrend but was capped at 1.5635 resistance. Only if it manages to go above this level will we reverse our current bearish outlook on the H1 chart. Sterling is currently trading below the Ichimoku Cloud
Res: 1.5600, 1.5640, 1.5700, 1.5720
Sup: 1.5540, 1.5515, 1.5490, 1.5420

USDJPY
We do have a couple of bad signals for the current uptrend on the Yen. We have a triple top reversal pattern at 99.10, prices are trading outside the upward channel and its currently testing 55 moving average. If it does drop below the 55 Exponential moving average on the H1 chart it will be our final confirmation of the uptrend reversal. Or the same could be said if we see a break below 98.40 support.
Res: 98.80, 99.15, 99.35, 99.55
Sup: 98.40, 98.10, 97.85, 97.30

AUDUSD
The Aussie reached a low of 0.8930 on the 22nd of August. In the same day it went up to 0.9040 and since then has not been able to break that resistance getting stuck in range mode. So a good signal for the bulls is if we see 1 or 2 candle closing on the H1 chart above this level. The RSI is moving horizontally which means we have weak momentum on both the buy and sell side
Res: 0.9040, 0.9100, 0.9130, 0.9150
Sup: 0.8970, 0.8930, 0.8900, 0.8850

Gold
A key level we are watching today is 1400 psychological resistance level. Gold managed to rise above this level during today’s trading (reaching 1407) however as we always say we need to see 1 or 2 candles close above this level to be sure it broke it and not just be a failed attempt. The precious metal found support at 1390 shortly afterwards.
Res: 1400, 1407, 1415, 1425
Sup: 1390, 1378, 1368, 1355

 

[WindsorBrokers]

Short Term Outlook for Majors 27-8-13

EURUSD
Euro failed to break or even test any support or resistance levels during the previous session. It spent most of the time trading in a tight 30 pip range between 1.3390 and 1.3360. So the bullish outlook remains as long as trading stays above 1.3330 with the same targets at 1.3410 & 1.3440. Momentum indicators RSI, MACD give no signals which means the bullish outlook is weak. German ifo Business Climate is the figure to watch out for today for the EURUSD at 8:00am GMT

Res: 1.3410, 1.3450, 1.3480, 1.3520
Sup: 1.3330, 1.3300, 1.3260, 1.3230

GBPUSD
Overall we saw narrow trading within a 40 pip range, however there was an attempt to break the 1.5600 level. It did manage to rise above it reaching 1.5610, but the candle on the H1 failed to close above 1.5600 resistances so we will consider it a false break and that resistance still valid. We see here the same scenario as the euro were momentum indicators show weak momentum on both the buy and sell side, which may continue today with lack of figures from the UK

Res: 1.5600, 1.5640, 1.5700, 1.5720
Sup: 1.5540, 1.5515, 1.5490, 1.5420

USDJPY
Strong moves on the Yen, continuing its downtrend breaking 98.40 supports and falling further to test 98.10. The first attempt failed to show a candle closing below that support and we saw a subsequent rise. It currently dropped back to that level and is testing it again. Although now it’s trading below 98.10t, we won’t consider it broken until it trades for some time below it proving the market is comfortable breaking that support and not just another failed attempt

Res: 98.40, 98.80, 99.15, 99.35,
Sup: 98.10, 97.85, 97.30, 97.55

AUDUSD
The Aussie breaks 0.8970 support and looks heading to test 0.8930. However we might see a brief retracement before that happens. It’s important to note that 0.8930 will be a much more difficult barrier for it to pass, as it is the low of the previous downtrend that ended on the 2nd of August. Moving averages 20 & 55 plus momentum indicator RSI(14) point down.

Res: 0.9040, 0.9100, 0.9130, 0.9150
Sup:, 0.8930, 0.8900, 0.8845, 0.8800

Gold
We see a double top at 1407, which is known as a reversal signal for the current uptrend. However there appears to be firm support at 1390 as we saw it drop twice to this level and bought their back up. So these will be the levels we will monitor today and based on whether we see one of them broken we will take a signal whether the current uptrend will continue or we will start to see the beginning of a reversal

Res: 1407, 1415, 1425, 1475
Sup: 1390, 1378, 1368, 1355

 

[WindsorBrokers]

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

EURUSD
Euro failed to break or even test any support or resistance levels during the previous session. It spent most of the time trading in a tight 30 pip range between 1.3390 and 1.3360. So the bullish outlook remains as long as trading stays above 1.3330 with the same targets at 1.3410 & 1.3440. Momentum indicators RSI, MACD give no signals which means the bullish outlook is weak. German ifo Business Climate is the figure to watch out for today for the EURUSD at 8:00am GMT
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Res: 1.3410, 1.3450, 1.3480, 1.3520
Sup: 1.3330, 1.3300, 1.3260, 1.3230

GBPUSD
Overall we saw narrow trading within a 40 pip range, however there was an attempt to break the 1.5600 level. It did manage to rise above it reaching 1.5610, but the candle on the H1 failed to close above 1.5600 resistances so we will consider it a false break and that resistance still valid. We see here the same scenario as the euro were momentum indicators show weak momentum on both the buy and sell side, which may continue today with lack of figures from the UK
Res: 1.5600, 1.5640, 1.5700, 1.5720
Sup: 1.5540, 1.5515, 1.5490, 1.5420

USDJPY
Strong moves on the Yen, continuing its downtrend breaking 98.40 supports and falling further to test 98.10. The first attempt failed to show a candle closing below that support and we saw a subsequent rise. It currently dropped back to that level and is testing it again. Although now it’s trading below 98.10t, we won’t consider it broken until it trades for some time below it proving the market is comfortable breaking that support and not just another failed attempt
Res: 98.40, 98.80, 99.15, 99.35,
Sup: 98.10, 97.85, 97.30, 97.55

AUDUSD
The Aussie breaks 0.8970 support and looks heading to test 0.8930. However we might see a brief retracement before that happens. It’s important to note that 0.8930 will be a much more difficult barrier for it to pass, as it is the low of the previous downtrend that ended on the 2nd of August. Moving averages 20 & 55 plus momentum indicator RSI(14) point down.
Res: 0.9040, 0.9100, 0.9130, 0.9150
Sup:, 0.8930, 0.8900, 0.8845, 0.8800

 

[WindsorBrokers]

Short Term Outlook for Majors 28-8-13

EURUSD
Again we see a failure to break any support or resistance levels during the previous session. There was 2 attempt to break 1.3330 support, first time dropping to daily low 1.3322 and second time to 1.3327, however in both cases the candle on the H1 chart failed to close below 1.3330 support making it a failed attempt instead of a genuine break. This means the outlook remains the same and no change to any support or resistance levels.

Watch out for US pending Home Sales m/m at 2:00pm GMT which is expected at 0.2% an improvement on the previous reading of -0.4%

Res: 1.3410, 1.3450, 1.3480, 1.3520
Sup: 1.3330, 1.3300, 1.3260, 1.3230

GBPUSD
Strong downward momentum for the Sterling, we saw it break 2 supports (1.5540 & 1.5515) and continued to drop to test the 3rd support at 1.5490. It did manage to achieve a daily low below that level at 1.5480 however the candle on the H1 chart did not close below it so we will consider it just a test and not a break, so the support still holds. Sterling retraced up 75 pips later on and now looks like it’s going for another shot at the 1.5490 support

Res: 1.5555, 1.5600, 1.5640, 1.5700,
Sup: 1.5490, 1.5420, 1.5375. 1.5300

USDJPY
The previous session was a big losing day for USDJPY, with the daily range between high and low at 155 pips. This steep drop broke all 4 previously mentioned supports 98.10, 97.8, 97.55 and 97.30. A strong achievement for just 1 day. It achieved a trend low of 96.80 which will be our first support level for today, since that low USDJPY took a brief break retracing 60 pips back up to 97.40 during today’s early trading. Japan's Nikkei ends down 1.5% at 13,338.46

Res: 97.40, 97.70, 98.00 98.40
Sup: 96.80, 96.40, 96.00, 95.80

AUDUSD
After 2 previous failed attempts to break 0.8930 support, the Aussie finally did earlier today and continued its fall to test next support at 0.8900, which is also today’s daily low. We saw a 30 pip retracement afterwards which is usually expected. The current downtrend for AUDUSD on the H1 chart is from 0.9070 (26th August) to 0.8900. The outlook will remain bearish today as long as trading stays below 0.9030 with a revisit of 0.8900 and further fall to 0.8845 as our targets

Res: 0.9000, 0.9040, 0.9100, 0.9130
Sup:, 0.8900, 0.8845, 0.8800, 0.8769

Gold
Gold has seen 4 consecutive sessions of gains and today appears to continue this trend. It found no problem breaking our 3 resistances 1407, 1415 and 1425 to achieve a current uptrend high at 1433. Gold futures declined early Wednesday, with the safe-haven asset taking a breather after surging into a bull market on concerns about military action against Syria. Only a drop back below 1400 will we reverse our current bullish outlook

Res: 1433, 1445, 1455, 1490
Sup: 1413, 1405, 1390, 1370