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

EUR/USD

The Euro maintains near-term bulls, following last Friday’s rally to the levels near psychological 1.3000 barrier, where daily Ichimoku cloud top limited gains and weekly close above 1.2955, Fib 61.8% of 1.3138/1.2660 descend. Corrective easing, seen overnight, was contained at 1.2942, for now, however, loss of initial bullish momentum, seen on hourly chart, may signal further consolidation, before fresh attempt higher. Clearance of 1.2989, last Friday’s peak and more important 1.3000 barrier, to open way for fresh bullish extension towards the next targets at 1.3020, 25/31 Oct double-top and 1.3070, 05 Oct peak, 1.3084, tentative bear-trendline, connecting 1.3170/38 peaks. Any stronger dips need to be contained at/above 1.2900, psychological support, reinforced by ascending 20 day EMA, to keep bullish structure intact.

Res: 1.2989, 1.3000, 1.3020, 1.3070
Sup: 1.2942, 1.2913, 1.2900, 1.2874





GBP/USD

Last Friday’s strong rally through 1.6000 barrier and weekly close above here, keeps the near-term bulls off 1.5826, 15 Nov low, in play. Fresh strength so far retraced over 61.8% of 1.6174/1.5826 decline on a break below 1.6041, Fib 61.8% and 07 Nov high. Technical pullback has so far been contained by ascending 20 day EMA, above 1.6000, with fresh bulls gaining pace, as break above last Friday’s fresh peak at 1.6048, to open 1.6100 zone, round figure / Fib 76.4%. Positive structure on 4h chart, supports the notion, with any deeper dips, to be contained at 1.6000 zone, previous barrier and broken main bear-trendline.

Res: 1.6048, 1.6060, 1.6092, 1.6100
Sup: 1.6014, 1.6000, 1.5977, 1.5946




USD/JPY

The pair remains in a corrective phase, as repeated attempt at 82.00 support / 50% of 81.12/82.83 upleg, keeps near-term focus at the downside. Hourly indicators are in the negative territory, with 10 day EMA bearish crossover below 20/55 day ones and 4h indicators descending towards the midlines, see the downside favored in the near-term. Loss of 82.00 to confirm failure swing and open way towards next support at 81.58, 19 Nov high / 4h 55 day EMA, also near Fib 38.2% of 79.06/82.83 ascend. Only break above last Friday’s high at 82.61, would avert immediate downside risk.


Res: 82.37, 82.50, 82.61, 82.83
Sup: 82.05, 81.77, 81.58, 81.28





USD/CHF

Fresh bearish extension through psychological 0.9300 support and weekly close below here, keep bears in play for full retracement of 0.9213/0.9511 rally. Loss of the last support at 0.9275, confirms bearish stance. However, corrective action, preceding fresh slide, cannot be ruled out, as hourly indicators are emerging from oversold zone and more indicative for the near-term outlook, 4h studies, are overextended. Initial resistance lies at 0.9300, also overnight high, with more significant 0.9335, 22 Nov low / Fib 38.2% of 0.9456/0.9263, expected to cap any stronger bounce.

Res: 0.9300, 0.9335, 0.9355, 0.9366
Sup: 0.9275, 0.9263, 0.9237, 0.9213

The short, intermediate, long and overall analysis is the weighted averages of the indicators analyzed. It can be inferred that these weightings do correlate with success as stocks will continue to trend until the trend is broken. Strongly trending stocks will be near the extremes of +1 and -1, and our analytical tools allows us to find these trends early. The trend is your friend but watch out for fundamentals as they always rule the trade!