Slobodan Drvenica
Windsor Brokers
EURUSD
The Euro reversed and closed above 1.07 handle yesterday, following probe below that was contained ticks away from initial targets at 1.0664/58.
Overall structure remains bearish, while near-term technicals are mixed. This suggests prolonged consolidation in the near-term.
Initial range has been established between 1.0660, initial target and 1.0800, hourly Ichimoku cloud top, with price action expected to hold within this span.
Falling daily 10SMA and Tenkan-sen line, offer next solid resistance at 1.0870, maintaining downside pressure and expected to cap extended upside attempts.
Res: 1.0772; 1.0800; 1.0832; 1.0870
Sup: 1.0715; 1.0673; 1.0658; 1.0611
GBPUSD
Cable extends recovery off 1.5026, 06 Nov low, after yesterday’s close above pivotal 1.5105 resistance, generated another bullish signal. Today’s fresh recovery extension came ticks away from next pivot at 1.52 zone, weekly Ichimoku cloud base / Fibonacci 38.2% of 1.5495/1.5025 fall.
Rally was initially capped here, with subsequent easing, seen so far as corrective action, preceding fresh attempts higher.
However, caution is required, as near-term technicals are mixed, while daily structure is firmly bearish. Current easing should be ideally contained at 1.51 zone, former resistance, to keep in play bullish signal, given by daily slow Stochastic, reversing from O/S territory. Renewed rallies and penetration of weekly cloud base pivot, would signal further recovery and expose daily Kijun-sen at 1.5266 and daily Ichimoku cloud base at 1.5288 that marks next breakpoint.
Conversely clear break back below 1.51 handle, would signal an end of near-term corrective phase.
Res: 1.5200; 1.5240; 1.5266; 1.5288
Sup: 1.5126; 1.5105; 1.5085; 1.5056
USDJPY
The pair returns above 123 handle, after overnight’s dip to 122.73, marking the current price action as consolidation of larger rally, ahead of fresh attempts higher. Overall tone remains bullish, while studies of hourly and 4-hour chart are mixed.
This supports scenario of prolonged consolidation, as yesterday’s trade ended in Doji and today’s and Asian & early Europe trading is so far shaped in long-legged Doji candle.
However, daily RSI / slow Stochastic are reversing from oversold territory, keeping further dips in play. Next good supports lay at 122.31, Fibonacci 38.2% of 120.24/123.59 upleg and 121.91, daily Tenkan-sen line.
Res: 123.21; 123.42; 123.59; 124.14
Sup: 122.73; 122.31; 121.91; 121.52
AUDUSD
Aussie continues to trade in narrow consolidation range after yesterday’s downside rejection that left fresh, marginally lower low at 0.7014. The action is so far capped by daily Ichimoku cloud base at 0.7073.
Daily slow Stochastic is turning higher in oversold zone, signaling fresh rallies, however, overall bearish structure sees limited upside attempts, ahead of final push through psychological 0.7000 support, towards short-term targets at 0.6935 and 6906.
Res: 0.7076; 0.7100; 0.7120; 0.7145
Sup: 0.7014; 0.7000; 0.6935; 0.6906
The Euro reversed and closed above 1.07 handle yesterday, following probe below that was contained ticks away from initial targets at 1.0664/58.
Overall structure remains bearish, while near-term technicals are mixed. This suggests prolonged consolidation in the near-term.
Initial range has been established between 1.0660, initial target and 1.0800, hourly Ichimoku cloud top, with price action expected to hold within this span.
Falling daily 10SMA and Tenkan-sen line, offer next solid resistance at 1.0870, maintaining downside pressure and expected to cap extended upside attempts.
Res: 1.0772; 1.0800; 1.0832; 1.0870
Sup: 1.0715; 1.0673; 1.0658; 1.0611
GBPUSD
Cable extends recovery off 1.5026, 06 Nov low, after yesterday’s close above pivotal 1.5105 resistance, generated another bullish signal. Today’s fresh recovery extension came ticks away from next pivot at 1.52 zone, weekly Ichimoku cloud base / Fibonacci 38.2% of 1.5495/1.5025 fall.
Rally was initially capped here, with subsequent easing, seen so far as corrective action, preceding fresh attempts higher.
However, caution is required, as near-term technicals are mixed, while daily structure is firmly bearish. Current easing should be ideally contained at 1.51 zone, former resistance, to keep in play bullish signal, given by daily slow Stochastic, reversing from O/S territory. Renewed rallies and penetration of weekly cloud base pivot, would signal further recovery and expose daily Kijun-sen at 1.5266 and daily Ichimoku cloud base at 1.5288 that marks next breakpoint.
Conversely clear break back below 1.51 handle, would signal an end of near-term corrective phase.
Res: 1.5200; 1.5240; 1.5266; 1.5288
Sup: 1.5126; 1.5105; 1.5085; 1.5056
USDJPY
The pair returns above 123 handle, after overnight’s dip to 122.73, marking the current price action as consolidation of larger rally, ahead of fresh attempts higher. Overall tone remains bullish, while studies of hourly and 4-hour chart are mixed.
This supports scenario of prolonged consolidation, as yesterday’s trade ended in Doji and today’s and Asian & early Europe trading is so far shaped in long-legged Doji candle.
However, daily RSI / slow Stochastic are reversing from oversold territory, keeping further dips in play. Next good supports lay at 122.31, Fibonacci 38.2% of 120.24/123.59 upleg and 121.91, daily Tenkan-sen line.
Res: 123.21; 123.42; 123.59; 124.14
Sup: 122.73; 122.31; 121.91; 121.52
AUDUSD
Aussie continues to trade in narrow consolidation range after yesterday’s downside rejection that left fresh, marginally lower low at 0.7014. The action is so far capped by daily Ichimoku cloud base at 0.7073.
Daily slow Stochastic is turning higher in oversold zone, signaling fresh rallies, however, overall bearish structure sees limited upside attempts, ahead of final push through psychological 0.7000 support, towards short-term targets at 0.6935 and 6906.
Res: 0.7076; 0.7100; 0.7120; 0.7145
Sup: 0.7014; 0.7000; 0.6935; 0.6906
The information contained in this document was obtained from sources believed to be reliable, but its accuracy or completeness cannot be guaranteed. Any opinions expressed herein are in good faith, but are subject to change without notice. No liability accepted whatsoever for any direct or consequential loss arising from the use of this document.
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