Slobodan Drvenica
Windsor Brokers
EURUSD
The single currency remains under pressure and probes below 1.12 handle, on fresh extension of descend from 1.1341 peak that was shaped in three long bearish daily candles.
Near-term structure is weak and suggests further easing, however, strong support zone at 1.1152/43 (daily Ichimoku cloud / Fibo 38.2% of 1.0820/1.1341), is seen as ideal reversal point for pullback from 1.1341.
Overall bullish structure remains intact and sees pullback from 1.1341 as corrective action.
Alternatively, break below 1.1152/43 zone would signal further easing towards 1.1092 (daily 30SMA) and 1.1074 (daily 20SMA).
At the upside, session high at 1.1222, marks initial resistance, followed by broken daily 5SMA at 1.1245 and yesterday’s high at 1.1260, above which to sideline near-term bears.
Res: 1.1222; 1.1245; 1.1260; 1.1283
Sup: 1.1178; 1.1142; 1.1092; 1.1074
GBPUSD
Cable is back under 1.42 support, which was cracked on yesterday’s strong fall that left the second long red daily candle, after unsuccessful attempts above 1.45 barrier. Fresh weakness dipped to 1.4160 (Fibo 76.4% of 1.4051/1.4512 upleg) so far, with break lower, to expose key near-term support at 1.4051 (trough of 16 Mar).
Broken daily 30SMA capped overnight’s trading at 1.4222 and marks initial resistance, ahead of daily Tenkan-sen at 1.4281 and10SMA pivot at 1.4305.
Res: 1.4222; 1.4281; 1.4305; 1.4362
Sup: 1.4133; 1.4115; 1.4051; 1.4000
USDCAD
The pair remains in narrow consolidation, entrenched within 1.3026/ 1.3136 range, following limited recovery off fresh low at 1.2921, posted on 18 Mar.
Falling 10SMA marks initial barrier at 1.3150 and so far capped upside attempts, keeping firm bearish structure of daily studies intact.
Reversal of daily Slow Stochastic from oversold territory, so far did not generate stronger bullish signal, however, fresh upside attempts cannot be ruled out, while the price remains above hourly Ichimoku cloud top, which marks initial support at 1.3070.
Potential extension above 10SMA will face strong barrier at 1.3278 (Fibo 38.2% of 1.3857/1.2921 downleg), reinforced by falling daily 20SMA, which lies just below double Death-Cross of 10/200 and 20/200SMA’s and maintains strong downside pressure.
Conversely, return below near-term consolidation floor, also hourly cloud base, will be bearish and shift focus towards key 1.2921 support.
Res: 1.3106; 1.3136; 1.3150; 1.3278
Sup : 1.3070; 1.3026; 1.3000; 1.2921
AUDUSD
Aussie continues to trade within choppy consolidation, after pullback from fresh high at 0.7678 (18 Mar peak), was contained by rising daily 10SMA at 0.7550.
The pair so far did not show stronger reaction on reversal of daily Slow Stochastic, from overbought territory that formed bearish divergence, keeping focus at the upside. The notion is supported by firm bullish setup of daily MA’s, which supports final close above 0.7651/78 pivots (Fibo 61.8% of 0.8161/0.6825 / high of 18 Mar), to resume broader bulls that emerged from 0.6825 (10 Jan low.
Extension of the wave C that commenced from 0.6972 (trough of 09 Feb), will look for next target at 0.7711, its 161.8% expansion.
Alternative scenario requires firm break below 0.7550, to signal stronger correction of 0.7107/0.7678 upleg.
Res: 0.7651; 0.7678; 0.7711; 0.7810
Sup: 0.7585; 0.7550; 0.7515; 0.7475
The single currency remains under pressure and probes below 1.12 handle, on fresh extension of descend from 1.1341 peak that was shaped in three long bearish daily candles.
Near-term structure is weak and suggests further easing, however, strong support zone at 1.1152/43 (daily Ichimoku cloud / Fibo 38.2% of 1.0820/1.1341), is seen as ideal reversal point for pullback from 1.1341.
Overall bullish structure remains intact and sees pullback from 1.1341 as corrective action.
Alternatively, break below 1.1152/43 zone would signal further easing towards 1.1092 (daily 30SMA) and 1.1074 (daily 20SMA).
At the upside, session high at 1.1222, marks initial resistance, followed by broken daily 5SMA at 1.1245 and yesterday’s high at 1.1260, above which to sideline near-term bears.
Res: 1.1222; 1.1245; 1.1260; 1.1283
Sup: 1.1178; 1.1142; 1.1092; 1.1074
GBPUSD
Cable is back under 1.42 support, which was cracked on yesterday’s strong fall that left the second long red daily candle, after unsuccessful attempts above 1.45 barrier. Fresh weakness dipped to 1.4160 (Fibo 76.4% of 1.4051/1.4512 upleg) so far, with break lower, to expose key near-term support at 1.4051 (trough of 16 Mar).
Broken daily 30SMA capped overnight’s trading at 1.4222 and marks initial resistance, ahead of daily Tenkan-sen at 1.4281 and10SMA pivot at 1.4305.
Res: 1.4222; 1.4281; 1.4305; 1.4362
Sup: 1.4133; 1.4115; 1.4051; 1.4000
USDCAD
The pair remains in narrow consolidation, entrenched within 1.3026/ 1.3136 range, following limited recovery off fresh low at 1.2921, posted on 18 Mar.
Falling 10SMA marks initial barrier at 1.3150 and so far capped upside attempts, keeping firm bearish structure of daily studies intact.
Reversal of daily Slow Stochastic from oversold territory, so far did not generate stronger bullish signal, however, fresh upside attempts cannot be ruled out, while the price remains above hourly Ichimoku cloud top, which marks initial support at 1.3070.
Potential extension above 10SMA will face strong barrier at 1.3278 (Fibo 38.2% of 1.3857/1.2921 downleg), reinforced by falling daily 20SMA, which lies just below double Death-Cross of 10/200 and 20/200SMA’s and maintains strong downside pressure.
Conversely, return below near-term consolidation floor, also hourly cloud base, will be bearish and shift focus towards key 1.2921 support.
Res: 1.3106; 1.3136; 1.3150; 1.3278
Sup : 1.3070; 1.3026; 1.3000; 1.2921
AUDUSD
Aussie continues to trade within choppy consolidation, after pullback from fresh high at 0.7678 (18 Mar peak), was contained by rising daily 10SMA at 0.7550.
The pair so far did not show stronger reaction on reversal of daily Slow Stochastic, from overbought territory that formed bearish divergence, keeping focus at the upside. The notion is supported by firm bullish setup of daily MA’s, which supports final close above 0.7651/78 pivots (Fibo 61.8% of 0.8161/0.6825 / high of 18 Mar), to resume broader bulls that emerged from 0.6825 (10 Jan low.
Extension of the wave C that commenced from 0.6972 (trough of 09 Feb), will look for next target at 0.7711, its 161.8% expansion.
Alternative scenario requires firm break below 0.7550, to signal stronger correction of 0.7107/0.7678 upleg.
Res: 0.7651; 0.7678; 0.7711; 0.7810
Sup: 0.7585; 0.7550; 0.7515; 0.7475
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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