Slobodan Drvenica
Windsor Brokers
EURUSD
The Euro remains bullishly aligned in the near-term, after hourly higher base was formed at 1.1300 support zone, which contained yesterday’s easing from fresh recovery high at 1.1337.
Daily 20SMA reinforces 1.1337 barrier, which is under strong pressure and sustained break here is needed to expose key 1.1400 resistance zone.
Daily MA’s are turning into full bullish setup, to support eventual stretch to 1.1400 target.
Extended consolidation may precede fresh rally, with initial range being established between 10 / 20 daily SMA’s at 1.1290 and 1.1333.
Only violation of lower range boundary would sideline bulls, while extension below 1.1260 (Fibo 61.8% of 1.1213/1.1337 upleg), will revive near-term bears and re-focus key 1.1213 support.
Res: 1.1337; 1.1374; 1.1400; 1.1460
Sup: 1.1308; 1.1290; 1.1260; 1.1240
GBPUSD
Cable consolidates around 1.4600 handle, following yesterday’s bullish action that peaked at 1.4637. Overall structure remains bullish and favors final attack at 1.4665/1.4701 targets (04 Feb high / Fibo 61.8% of 1.5237/1.3834 descend).
Near-term action may extend consolidation, ahead of today’s Fed, which is expected to be key market driver.
Initial support lies at 1.4550 (consolidation floor / Fibo 23.6% of 1.4297/1.4636 upleg), with extended dips allowed to 1.4500 (Fibo 38.2%), not to harm near-term bulls.
Loss of 1.4500 handle would soften near-term structure and delay immediate upside attempts.
Res: 1.4618; 1.4636; 1.4665; 1.4701
Sup: 1.4546; 1.4500; 1.4467; 1.4427
USDJPY
The pair trades in narrow consolidation, entrenched within 110.65/111.45 range, after posting fresh 3-week high at 111.85.
Overall picture shows bulls gaining momentum and daily 10/20/30SMA’s in bullish setup, supportive for fresh attempts towards targets at 112.33/65 (Fibo 76.4% of 113.79/107.61 descend / daily Ichimoku cloud base.
Near-term range boundaries mark initial sup/res, with support being reinforced by daily Kijun-sen line and resistance by cracked Fibo 61.8% of 113.79/107.61 downleg.
Res: 111.46; 111.85; 112.33; 112.64
Sup: 111.00; 110.65; 110.00 109.83
AUDUSD
The Aussie slumped overnight, driven by weaker than expected Australian CPI data. The pair left lower top at 0.7763 (session high), on bearish acceleration to 0.7603 (session low). Important support at 0.7620 (Fibo 61.8% of 0.7490/0.7833) was cracked on fresh bearish action and daily close below here is needed to confirm strong near-term bearish stance.
The third wave of pullback from 0.7833 peak that commenced from 0.7763, broke below its FE 100% at 0.7710 and could travel to 0.7558/0.7523, its FE 161.8% and 176.4% respectively.
Corrective attempts on oversold near-term conditions will face good resistance at 0.7654 (daily Kijun-sen line), with extended rallies, expected to hold below 0.7718 (daily Tenkan-sen line).
Res: 0.7621; 0.7654; 0.7690; 0.7718
Sup: 0.7603; 0.7558; 0.7523; 0.7490
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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