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Short Term Technical Analysis for Majors (07:00 GMT)
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Short Term Technical Analysis for Majors (07:00 GMT) - January 22nd, 2013

EUR/USD

The single currency continues to move within one-week 1.3400/1.3255 range, with yesterday’s slide being contained at psychological 1.3300 support. Bounce higher brings positive sentiment and sets scope for possible attack at strong 1.3400 barrier. Positive hourly studies support the notion, as the rally retraces 76.4% of 1.3397/1.3280 descend. Holding above 1.3300 base, reinforced by 55 day EMA, keeps near-term bulls in play, while break here would attract lower range boundaries.

Res: 1.3370, 1.3400, 1.3418, 1.3485
Sup: 1.3350, 1.3330, 1.3300, 1.3280





GBP/USD

Negative near-term tone continues to drive the pair lower, as the price approached next target and psychological support at 1.5800, after fully retracing Nov/Jan 1.5826/1.6380 rally. Clear break here to signal fresh bear phase, as the pair breaks below the range, established in Sep 2012. Immediate target at 1.5800 remains in near-term focus, with penetration here to open 1.5753, 28 Aug low, possibly 1.5700, round figure support. Any bounce higher would be seen as corrective with initial barrier at 1.5900, also 200 day MA. Only regain of 1.6000 handle would ease bear-pressure.

Res: 1.5864, 1.5900, 1.5922, 1.5950
Sup: 1.5826, 1.5805, 1.5753, 1.5700





USD/JPY

Fresh weakness off upside rejection level at 90.10, cracked 89.00 support, also 50% of 87.78/90.23, with losses being temporarily contained by 55 day EMA at 88.88. This softens near-term tone and increases risk of further reversal, with near-term focus at Fibonacci supports at 88.72 and 88.36, 61.8% and 76.4% retracement. Corrective actions face good resistance at 89.30/50 zone, while only regain of psychological 90.00 barrier, would shift focus higher again.

Res: 89.35, 89.50, 89.85, 90.10
Sup: 88.88, 88.72, 88.36, 88.12





USD/CHF

The near-term price action seems to be running out of steam, as the price slides to consolidation range floor and psychological support at 0.9300 zone. Hourly indicators show negative readings, as price holds below 20 day EMA, with immediate risk seen on a break below 0.9300/0.9280, range floor / 55 day EMA that would signal completion of H&S pattern, shown on 4-h chart and open way for further easing towards 0.9250/00. Conversely, break above 0.9350, would improve and re-focus upper barriers at 0.9387 and 0.9400.

Res: 0.9350, 0.9387, 0.9400, 0.9430
Sup: 0.9292, 0.9284, 0.9248, 0.9215

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Re: Short Term Technical Analysis for Majors (07:00 GMT) - May 22nd, 2013

EUR/USD

The Euro maintains positive near-term tone and holds above 1.2900 support, following overnight’s extension to 1.2937, where rally was capped by 55 day EMA. The level lays just ahead of 1.2950, previous range floor and Fib 38.2% of 1.3193/1.2795 descend, break of which to confirm near-term base and open more significant barriers at 1.3000, 50% retracement and 1.3027, 14 May high. Corrective actions should be ideally contained at 1.2880/70 zone, Fib 38.2% / 50% of the near-term ascend from 1.2795 and hourly 55 day EMA, to keep bullish structure intact.

Res: 1.2937, 1.2950, 1.2972, 1.3000
Sup: 1.2900, 1.2883, 1.2865, 1.2840








GBP/USD

Cable slumped to the fresh lows near 1.5100 yesterday, after upside rejection at 1.5280, where lower top was left. Bears are back in play, as the pair ended corrective action and near-term focus lays at psychological 1.5100 support, blow which, fresh resumption of the pullback from 1.5600 area, would look for test of 1.5020/00 zone. Quick corrective rally stays so far capped under important 1.5200 resistance that keeps the downside pressured, with near-term indicators holding in the negative territory.

Res: 1.5188, 1.5200, 1.5220, 1.5261
Sup: 1.5137, 1.5110, 1.5100, 1.5020









USD/JPY

The pair holds neutral near-term tone and moves in a directionless mode, with 102.24/87 marking near-term range limits. As the pullback from fresh high at 103.29, has been contained at 102.00, the latter offers solid support for fresh attempt higher. Studies of 4h chart remain positive, while overall bullish tone keeps the upside favored. Clearance of 103.29 to resume the broader uptrend that could travel up to 105.00 barrier. Only loss of 102.00 and 101.80, near-term range floor, would delay and allow for stronger correction.

Res: 102.87, 102.93, 103.29, 103.50
Sup: 102.24, 102.00, 101.80, 101.25








AUD/USD

Aussie dollar has regained some ground after finding temporary support at 0.9709, with subsequent rally being limited at 0.9840 for now. Repeated failures at 0.9840, keep the upside attempts limited, with near-term price action moving in a sideways mode, within 0.9750/0.9840 range. Hourly studies are neutral, while negative tone prevails on 4h chart that sees the current corrective action limited. Potential break above 0.9840, would look for test of strong 0.9900 zone, to signal further recovery, while more likely scenario, sees loss of 0.9750 platform and return to initial support at 0.9700.


Res: 0.9840, 0.9881, 0.9915, 0.9939
Sup: 0.9762, 0.9750, 0.9720, 0.9709


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Re: Short Term Technical Analysis for Majors (07:00 GMT) - August 19th, 2013

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

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Re: Short Term Technical Analysis for Majors (07:00 GMT) - December 10th, 2013

EURUSD

The Euro continues to trend higher and posts fresh six-week highs, after break and close above the last barrier at 1.3710 opens way towards key resistance and annual high at 1.3831. The advance is supported by risk-on mode and positive sentiment that favors eventual push to 1.3831, as extension of the third wave from 1.3398 focuses its 138.2% expansion at 1.3786, as the wave could travel to 1.3852, 161.8% Fibonacci expansion, once the price clears key obstacle at 1.3831. Near-term studies are bullish but overbought that suggests hesitation on approach to the target, with immediate supports at 1.3733, session low / 20DMA and 1.3710/00, previous peak / round figure support / 55DMA. More significant supports lay at 1.3675, 05/12 peak / Fibonacci 38.2% retracement of 1.3527/1.3767 upleg and 1.3650, higher platform / 50% retracement and 1.3620, previous congestion tops / Fibonacci 61.8%, where stronger pullbacks should find ground.

Res: 1.3767; 1.3789; 1.3800; 1.3852
Sup: 1.3733; 1.3700; 1.3650; 1.3620





GBPUSD

Cable completed near-term corrective phase, after fresh strength from 1.63 zone, where a higher base has been created, finally broke above previous high at 1.6441, posted on 02/12. Confirmation requires daily close above the latter, with immediate focus being shifted towards 1.6500, psychological barrier and the next target. Positive near-term technicals remain supportive, however, overbought hourly conditions may cause a delay in bull-run, towards initial support at 1.6417, session low / 20DMA and psychological 1.6400 support, also 04/05 / 12 highs and Fibonacci 38.2% retracement of 1.6290/1.6466 upleg. Key near-term support lies at 1.6300 higher platform and only violation of this support would trigger stronger pullback and sideline bulls.

Res: 1.6466; 1.6500; 1.6550; 1.6571
Sup: 1.6417; 1.6400; 1.6368; 1.6322






USDJPY

The pair returned to strength, with extension of the upleg from 101.60 base, completing near-term corrective phase from 103.36 to 101.60. Cracking 103.36 barrier and 03/12 previous high, sees scope for eventual push towards key barrier at 103.72, 22/05 peak, to complete 103.72/93.78, short-term corrective phase and resume larger rally towards 104.20/50, next targets and psychological 105.00 barrier in extension. Positive tone prevails on near-term technicals, however, approaching overbought zone, suggests consolidative action ahead of 103.72 hurdle. Immediate supports lay at 103.15, 20DMA and 103.00, round figure support / 55DMA, ahead of 102.70, 38.2% retracement of 101.60/103.38 upleg and 102.50, 50% retracement, reinforced by ascending 4-hour 55DMA, where dips should find footstep.

Res: 103.38; 103.72; 104.00;
Sup: 103.15; 103.00; 102.70; 102.50





AUDUSD

Near-term price action got congested within 0.9070/0.9115 range, following corrective rally rejection at 0.9128 and subsequent pullback that is so far contained at 0.9070 zone. Weakening hourly studies see the downside at risk, with trigger of fresh weakness on a break below 0.9070, as 4-hour action is still capped by 55DMA and indicators start to point lower. Extension below 0.9070, near-term base, would signal top at 0.9128, with extension below 0.9040, Fibonacci 61.8% of 0.8988/0.9128 upleg, required to re-focus strong 0.9000 support zone. Alternative scenario required break above initial 0.9128 barrier and more significant 0.9145/69 hurdles, to bring bulls back in play and signal stronger recovery.

Res: 0.9116; 0.9128; 0.9145; 0.9169
Sup: 0.9070; 0.9058; 0.9041; 0.9000


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Re: Short Term Technical Analysis for Majors (07:00 GMT) - December 11th, 2013

EURUSD

The Euro remains supported and advanced further, approaching psychological 1.38 barrier, en-route towards short-term target at 1.3831. Consolidation above previous low at 1.3740 and 4-hour 10DMA is under way, as the price, after yesterday’s rally stalled at 1.3794. Positive near-term studies are supportive, with overbought 4-hour conditions suggesting further consolidation, ahead of final push higher. Clearance of 1.3831, 22/05 year-to-date high, is expected to bring psychological 1.4000 barrier in the near-term focus. Session low at 1.3745 offers initial support, reinforced by hourly 55DMA, ahead of strong 1.3720/00 support zone, previous highs / Fibonacci 38.2% retracement of 1.3527/1.3794 ascend, where dips should find support. Otherwise, further easing towards 1.3620/00, 29/11 previous top / trendline support, would be likely.

Res: 1.3774; 1.3794; 1.3800; 1.3852
Sup: 1.3740; 1.3720; 1.3700; 1.3650






GBPUSD

Cable trades in near-term consolidative mode, after posting fresh high at 1.6466 and pullback being contained at 1.6400 support and Fibonacci 38.2% retracement of 1.6290/1.6466 upleg. Positive 4-hour studies favor further upside, however, weaker hourly conditions may prolong consolidative phase. Resumption o larger uptrend through 1.6466 will focus psychological 1.6500 barrier next, with further extension higher to open 1.6617, November 2009 high. Conversely, extension below 1.6400, would trigger further correction towards 1.6360 higher low and near 61.8% retracement, with key near-term support at 1.63 zone to come under pressure in case of further easing.

Res: 1.6456; 1.6466; 1.6500; 1.6550
Sup: 1.6400; 1.6357; 1.6322; 1.6300






USDJPY

The greenback lost traction against the yen after testing previous peak at 103.36, as subsequent pullback accelerates lower, following consolidation at 102.50 zone, 50% retracement of 101.60/103.38 ascend / 55DMA. Negative tone prevails on hourly studies and favors further downside, while 4-hour indicators are heading south and support the scenario. Next supports lay at 102.28, 61.8% retracement and 102.00, psychological support / Fibonacci 76.4% retracement, loss of which to expose key near-term support at 101.60. Violation of the latter would signal stronger pullback and sideline bulls, while holding above here suggests the price is in range trading.

Res: 102.79; 102.94; 103.38; 103.72
Sup: 102.28; 102.00; 101.60; 101.00






AUDUSD

The pair broke above near-term congestion and tested important 0.9165 resistance, 02/12 peak and Fibonacci 38.2% retracement of 0.9446/0.8988 downleg, where gains stalled. Subsequent pullback that was so far contained by 55DMA above 0.9100 support, round figure / Fibonacci 38.2% of 0.8988/0.9165, could be seen as corrective and preceding fresh rally. Positively aligned near-term studies support the scenario, with price expected to hold above 0.9100 for renewed attempt higher, as clearance of 0.9165 barrier is required to confirm near-term base and spark further recovery towards 0.9200. Alternatively, loss of 0.9100 handle would weaken the structure and signal further prolonged consolidation above fresh lows at 0.9000 base.

Res: 0.9128; 0.9145; 0.9169; 0.9200
Sup: 0.9115; 0.9100; 0.9070; 0.9056



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Re: Short Term Technical Analysis for Majors (07:00 GMT) - December 12th, 2013

EURUSD

The Euro maintains positive tone and cracked psychological 1.38 barrier, opening way towards key target at 1.3831, 25/10 year-to-date high. Technicals on the lower timeframes are positive, with overbought reading on 4-hour chart and 10DMA at 1.3770 offering immediate support and holding for now consolidation below fresh high at 1.3809. Next support lies at 1.3740, overnight low and yesterday’s intraday low, with further easing to ideally find footstep at 1.3700, Fibonacci 38.2% retracement of 1.3527/1.3809 upleg. Extension above 1.3831 barrier to open 1.3852, Fibonacci 161.8% expansion of the wave from 1.3398 and psychological 1.3900 barrier in extension.

Res: 1.3796; 1.3809; 1.3831; 1.3852
Sup: 1.3770; 1.3740; 1.3700; 1.3668






GBPUSD

Cable lost traction after price accelerated below initial supports at 1.6420/00, extending corrective pullback from 1.6466 peak to 1.6340 zone, near 76.4% retracement of 1.6290/1.6449 upleg. Negative tone prevails on hourly chart, however, 4-hour picture shows bulls still in play, as 55DMA protects the downside for now. Increased downside risk would be seen in case of losing key near-term support at 1.6300 zone, otherwise, further consolidation, with tone skewed towards the upside, is seen as likely near-term scenario. Break above 1.6400/20 barriers is required to confirm.

Res: 1.6400; 1.6420; 1.6456; 1.6466
Sup: 1.6351; 1.6337; 1.6322; 1.6290






USDJPY

The pair extended pullback from 130.38 peak, where strong rally from 101.60 was capped, with dips extending to 102.14 so far, keeping important 102.00 support intact for now. The price remains in near-term range between 101.60 and 103.38, holding above its midpoint, as fresh strength off 102.14, improves hourly structure. However, weak 4-hour conditions require break above psychological 103.00 barrier, to shift focus higher. Break of either boundary of the range to define near-term direction. Overall bullish picture keeps the upside favored for now, with clearance of 103.38 to open key barrier at 103.72. Only loss of 101.60 higher low, would weaken near-term structure and signal double-top formation that may result in stronger pullback in the near-term.

Res: 102.94; 103.20; 103.38; 103.72
Sup: 102.45; 102.14; 102.00; 101.60





AUDUSD

The pair failed to capitalize on extension to 0.9165, as the resistance capped bulls and subsequent fall erased the biggest part of recovery rally from 0.8988 to 0.9165 on a fall to 0.9009. Weak near term studies keep the downside under pressure, as break below 0.9000 base would trigger fresh extension of larger downtrend for final attempt at key supports at 0.8891/46. Bears, however, may be delayed for corrective rally on oversold hourly studies, with gains to be limited and ideally capped at 0.9100, round figure / Fibonacci 61.8% of 0.9165/0.9009 descend.

Res: 0.9069; 0.9087; 0.9105; 0.9128
Sup: 0.9009; 0.8988; 0.8950; 0.8900


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Re: Short Term Technical Analysis for Majors (07:00 GMT) - January 2nd, 2014

EUR/USD

After today’s double top during the Asian session at 1.3775, EURUSD managed to break 31st Dec low and so far found support at 1.3710, a break there would open 24th Dec low and 38.2% Fibo of (1.3890-1.3295) at 1.3655 and next to 20th Dec low at 1.3625 zone. On the upside, 1.3750 could offer resistance ahead of today’s high at 1.3775, in which a break there would open more to the upside towards 1.3790 and 1.3820 next.

Res: 1.3750, 1.3775, 1.3790, 1.3820
Sup: 1.3710, 1.3655, 1.3625, 1.3590



GBP/USD

Still on a higher lows pattern, cable managed to find resistance at 1.6600, 20 pips ahead of Aug 2011 highs, next target should be around 1.6745 , 2011 high. On the downside, support is found at 1.6545 and 1.6500 ahead of 1.6455 previous trading session low range. A break of 1.6455 would open downtrend towards 1.6395 and 1.6315

Res: 1.6600, 1.6620, 1.6695, 1.6745
Sup: 1.6545, 1.6500, 1.6455, 1.6395


USD/JPY

USDJPY is still testing 105.40 which would keep the uptrend intact of broken towards, 106.55, or even higher towards Sep 2008 high at 109.20 and Aug 2008 high at 110.65. on the downside short term supports are found 105.15 , 104.85 and 104.60, the latter would open acceleration towards 103.75 19th to 23ed Dec lows.


Res: 105.40, 105.90, 106.55, 107.20
Sup: 105.15, 104.85, 104.65, 104.20



USDCHF

Failure “So far” to break last week’s high at 0.8970, the pair found ground around 0.8920 zone, a break today’s high would open more acceleration towards 0.9000 peak of 20th Dec. only above 0.9050 would open an uptrend towards 0.9200 zone.
On the downside, below 0.8920 support is found at 0.8860-80 zone, ahead of 27th Dec bottom at 0.8800

Res: 0.8920, 0.8880, 0.8860, 0.8800
Sup: 0.8970, 0.9000, 0.9050, 0.9105
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Re: Short Term Technical Analysis for Majors (07:00 GMT) - January 7th, 2014

EURUSD

The Euro corrects yesterday’s fresh losses that probed below 1.36 handle and so far found support at 1.3570, just ahead of trendline support at 1.3550. Bounce to 1.3650 was capped by 4-hour 20DMA, as the price attempts to stabilize above 1.36 support. Slight positive tone exists on hourly chart, with 4-hour indicators starting to reverse that may be supportive for further recovery action. Bears are on stand-by on lower ADX timeframes, with clearance of initial barriers at 1.3650, yesterday’s high and 1.3664/75, Fibonacci 38.2% of 1.3817/1.3570 downleg / 02/01 lower high, seen as minimum requirement to spark further recovery. Strong barrier at 1.3720, Fibonacci 61.8% retracement / 20/55DMA’s bearish crossover and broken bull trendline off 1.3294 low, is seen capping upside attempts for now, with fresh bears expected to take control once corrective action is completed. The notion is supported by reversal pattern developed on daily chart, with break below 1.3570, expected to open 1.3525 higher platform / Fibonacci 61.8% retracement, reinforced by daily 100DMA. Conversely, sustained break above 1.3720 would neutralize bears and re-focus upper targets at 1.38 zone.

Res: 1.3650; 1.3670; 1.3700; 1.3720
Sup: 1.3600; 1.3570; 1.3525; 1.3500





GBPUSD

Cable maintains negative near-term tone off fresh high at 1.6602, as fresh extension of pullback from here, reached 1.6336 so far, retracing between 61.8% and 76.4% of 1.6212/1.6602 upleg. With corrective bounce being capped for now at 1.6432 by 20/55DMA’s bearish crossover of 4-hour chart, more downside risk could be seen in the near-term, as 4-hour technicals are negative. On hourly chart, however, indicators turned neutral, as the price consolidates, but price action being capped by descending 55DMA. Preferred scenario sees fresh attempt lower, with 1.6336 seen as initial support, ahead of 1.63 zone, higher platform and 76.4% retracement. To avert immediate downside risk, regain of minimum 1.6473, 03/01 lower top / 50% retracement of 1.6602/1.6336 fall, is required.

Res: 1.6400; 1.6434; 1.6473; 1.6500
Sup: 1.6380; 1.6336; 1.6300; 1.6254





USDJPY

The pair trades in near-term corrective mode off fresh highs at 105.40, where double-top was formed. Fresh extension below 104 zone, where the pair previously found footstep, also marking 38.2% retracement of 101.60/105.43 upleg and bull trendline off 101.60, signals further weakness. The notion is supported by negative near-term technicals, with corrective bounce off fresh low at 103.90, so far being capped by bear-trendline off 105.43 peak at 104.60. This is seen as ideal lower top fort fresh attempt lower, with break below 103.90, expected to open 103.50, 50% retracement of 101.60/105.43 and 103.06, Fibonacci 61.8%, in extension. Conversely, extended corrective rally above 104.60, would delay bears, however, only break above 105 barrier is required to neutralize.


Res: 104.60; 104.83; 104.94; 105.43
Sup: 104.17; 103.90; 103.52; 103.06






AUDUSD

The pair lost traction after upside rejection at 0.9000 barrier extended pullback below initial support and consolidation floor at 0.8935, with dips coming close to psychological 0.8900 support, also Fibonacci 61.8% of 0.8842/0.9003 upleg. Hourly studies are negative, with 4-hour price action losing momentum that keeps the downside vulnerable for now. Loss of 0.8900 handle to confirm bears in play for retest of downside targets at 0.8842 and 0.8819. Alternatively, Fresh strength above initial barrier and former consolidation top at 0.8975, would re-focus 0.9000 break point, also 50% retracement of 0.9165/0.8819 descend, for possible resumption of near-term recovery phase.

Res: 0.8935; 0.8975; 0.9000; 0.9033
Sup: 0.8900; 0.8880; 0.8842; 0.8819

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Re: Short Term Technical Analysis for Majors (07:00 GMT) - January 8th, 2014

EURUSD

The Euro trades in near-term consolidative phase, off fresh low at 1.3570, where the pullback found temporary support just ahead of daily Ichimoku cloud top at 1.3563 and main bull trendline at 1.3550. The price action is entrenched within 1.3600/55 range, with hourly studies in neutral mode. However, negative tone prevails on 4-hour chart that keeps the downside at risk, while the price holds below initial barriers at 1.3664/69, Fibonacci 38.2% of 1.3817/1.3570 and 4-hour 55DMA. Break lower to trigger fresh bear-leg and open next targets at 1.3525, higher platform / Fibonacci 61.8% retracement of 1.3294/1.3892 upleg, reinforced by daily 100DMA / round figure support. Conversely, sustained break above 1.3570 hurdle is required to avert immediate downside risk and allow for stronger bounce towards strong 1.3700/20 resistance zone, 50% / 61.8% retracement of 1.3817/1.3570 / bearish 20/55DMA’s crossover.


Res: 1.3655; 1.3670; 1.3700; 1.3720
Sup: 1.3600; 1.3570; 1.3525; 1.3500





GBPUSD

Cable maintains negative tone off fresh high at 1.6602, as 4-hour studies remain negative and near-term consolidation above fresh reversal low at 1.6336, stays capped by 20/55DMA’s bearish crossover and Fibonacci 38.2% of 1.6602/1.6336 descend at 1.6435. Hourly studies are neutral, as the price action consolidates within 1.6373/1.6435 range, confirmed by yesterday’s Doji, with downside seen vulnerable while 1.6435 caps. Extension higher needs to clear key near-term barrier at 1.6470, 03/01 lower top / 50% retracement, to bring bulls in play and signal near-term base. Otherwise, risk of lower top formation and fresh leg lower, would remain in play.

Res: 1.6435; 1.6473; 1.6500; 1.6539
Sup: 1.6375; 1.6336; 1.6300; 1.6254






USDJPY

The pair returns to strength, as recovery attempt from fresh low at 103.90 broke above trendline resistance at 104.45 and cracked lower top / psychological barrier at 105.00. With 4-hour indicators breaking into positive territory, near-term focus turns towards key barriers and double-top at 105.40 zone, as fresh bulls confirm higher low formation at 104 zone, strong trendline / Fibonacci support. Regain of 105.40 hurdle to signal completion of near-term corrective phase and resume larger uptrend. However, hesitation ahead of 105.40 could be expected on overbought hourly studies, with corrective action to be ideally contained above 104.50, 50% retracement of 103.90/105.12 upleg / hourly bullish 20/55DMA’s crossover.

Res: 105.12; 105.43; 105.58; 106.00
Sup: 104.82; 104.65; 104.50; 104.32







AUDUSD

Near-term structure remains weak, as the reversal from 0.9003 upside rejection probed below 0.8900 support. Negative hourly and 4-hour indicators breaking below the midlines, favor further weakness, as the price so far retraced over 61.8% of 0.8842/0.9003 recovery rally. Clear break below 0.89 handle to open initial 0.8842 support, with risk of retesting key support and 2013 low at 0.8819, seen in extension. Key near-term barrier and breakpoint lies at 0.9000 zone and only break here would improve the structure and allow for stronger corrective action.

Res: 0.8935; 0.8975; 0.9000; 0.9033
Sup: 0.8892; 0.8880; 0.8842; 0.8819

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Re: Short Term Technical Analysis for Majors (07:00 GMT)
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Re: Short Term Technical Analysis for Majors (07:00 GMT) - January 9th, 2014

EURUSD

The Euro extended near-term weakness from 1.3892 peak, to test strong support of bull-trendline off 1.2754 low and Daily Ichimoku cloud top at 1.3550 zone. The support contained bears for now, with corrective action under way, testing initial barrier at 1.3600/10, round-figure / hourly 20DMA, ahead of lower platform / Fibonacci 38.2% retracement of 1.3817/1.3552 / 4-hour 55DMA, where rallies should be ideally capped to maintain bears. Technicals on lower timeframes remain negative and favor further downside, once corrective action is completed, with slide below 1.3550 to open 1.3525, higher platform / Fibonacci 61.8% retracement of 1.3294/1.3892 upleg, reinforced by daily 100DMA and 1.3500, round-figure support in extension. Alternative scenario sees break above 1.3650 as a trigger for stronger bounce towards 1.3684, 50% retracement and 1.3716, 61.8% / 20/55DMA’s bearish crossover / broken bull-trendline off 1.3294.

Res: 1.3610; 1.3650; 1.3684; 1.3700
Sup: 1.3552; 1.3525; 1.3500; 1.3461





GBPUSD

Cable extends near-term corrective phase off fresh low at 1.6336, after break above initial barrier and consolidation top at 1.3438, also Fibonacci 38.2% of 1.6602/1.6336, tested next target at1.6469, 50% retracement. Positive hourly studies and 4-hour indicators breaking above the midlines, support further recovery, with break above 1.6469/73, Fibonacci barrier / 03/01 lower top, is required to confirm formation of higher low at 1.6336 and trigger further gains towards 1.6500, psychological resistance / Fibonacci 61.8%. Initial support lies at 1.6434, previous resistance, reinforced by hourly 20DMA, with 1.64 zone, bullish 20/55DMA’s crossover / mid-point of entire 1.6336/1.6469 rally, expected to contain corrective dips.

Res: 1.6469; 1.6473; 1.6500; 1.6539
Sup: 1.6434; 1.6400; 1.6375; 1.6336






USDJPY

The pair returns to strength, as recovery attempt from fresh low at 103.90 broke above trendline resistance and lower tops at 140.83/94, to crack psychological barrier at 105.00, on extension to 105.12 so far. With near-term studies holding positive tone, near-term focus is shifted towards key barriers and double-top at 105.40 zone, as fresh bulls confirm higher low formation at 104 zone, strong trendline / Fibonacci support. Regain of 105.40 hurdle to signal completion of near-term corrective phase and resume larger uptrend. Corrective action off 105.12 was so far contained by ascending hourly 55DMA at 104.65, 38.2% of 103.90/105.12, with triangular consolidation under 105 handle being under way. Near-term bulls would come under pressure in case the price slides below 103.65 and 103.50 supports, the latter marking 50% retracement.

Res: 105.00; 105.12; 105.43; 105.58
Sup: 104.75; 104.65; 104.50; 104.32




AUDUSD

Near-term structure remains weak, as the reversal from 0.9003 upside rejection sustains break below 0.8900 support. Negative near-term technicals favor further weakness, as the price so far retraced over 76.4% of 0.8842/0.9003 recovery rally, on extension to 0.8863 so far. Initial support at 0.8842 is under pressure, with risk of retesting key support and 2013 low at 0.8819, seen in extension, break of which to resume larger downtrend and expose the next target at 0.8769, Aug 2010low. Key near-term barrier and breakpoint lies at 0.9000 zone and only break here would neutralize near-term bears.

Res: 0.8892; 0.8910; 0.8951; 0.8975
Sup: 0.8863; 0.8842; 0.8819; 0.8800


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