Thread: 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

EURUSD is a good pair for a short trade this week........