Slobodan Drvenica
Windsor Brokers
EURUSD
The Euro probed above 1.1350 target on quick recovery rally that emerged from 1.1160 support, where yesterday’s pullback was contained.
Today’s fresh extension higher shows hesitation at pivotal 1.1350 barrier, high of pre-Oct ECB’s meeting, but the pair remains well supported with firmly bullish technicals, favoring buying dips scenario.
Hourly higher base and European low lies at 1.1273, reinforced by Fibonacci 38.2% of 1.1158/1.1353 upleg and offers initial support, which should ideally contain dips. However, further positioning for fresh bulls is not ruled out and extended dips are allowed to 1.1235, Fibonacci 61.8% retracement, which marks downside pivot.
On the upside, fresh bulls through 1.1350 barrier, will look for psychological 1.1400 level, ahead of 1.1458, 18 Sep 2015 high and key s/t barrier at 1.1494, high of 15 Oct 2015, in extension.
Res: 1.1336; 1.1353; 1.1400; 1.1458
Sup: 1.1273; 1.1255; 1.1235; 1.1200
GBPUSD
Cable reversed the most of past two-day recovery from 1.4350 low / daily 20SMA, on today’s upside rejection at 1.4562, keeping intact yesterday’s recovery top at 1.4576.
Daily 10 & 30SMA that were offering supports at 1.4453/26, were cracked on today’s dip that probed below 1.44 handle.
Technicals of lower timeframes weakened, sidelining upside attempts and turning n/t focus towards the lower side of 1.4350/1.4576 congestion.
However, prolonged range-trading is seen as favored n/t scenario, while sideways-moving daily 20SMA at 1.4350 holds.
Break here is needed to trigger fresh leg lower and complete daily Failure swing pattern, for test of next good support at 1.4300, Fibonacci 61.8% of 1.4078/1.4665 upleg.
Intraday high at 1.4470, marks initial resistance, ahead of psychological 1.45 barrier and 1.4562/76 breakpoints.
Res: 1.4470; 1.4500; 1.4544; 1.4576
Sup: 1.4376; 1.4350; 1.4300; 1.4225
USDCAD
The pair shows signals of improvement, following yesterday’s marginal close above daily 10SMA, which capped recent action.
Today’s action holds above 10SMA that probes above 1.40 barrier, gives bullish signal for possible break above n/t congestion and extended retracement of 1.4688/1.3637 downleg.
Sustained lift above 1.4038, Fibonacci 38.2% of 1.4688/1.3637, is needed to confirm bullish resumption and open next strong barrier at 1.4100, lower top of 03 Feb, reinforced by daily 20SMA.
Rising daily cloud continues to underpin the action, with cloud top at 1.3858, offering strong support and marking downside breakpoint.
Res: 1.4038; 1.4100; 1.4120; 1.4162
Sup: 1.3935; 1.3881; 1.3800; 1.3784
USDJPY
The pair collapsed today, on fresh extension of uninterrupted sharp seven-day fall that eventually broke below critical support at 115.50 and cracked 111 support, on extension to fresh low at 110.97.
Sustained break below 115.50 breakpoint, confirms an end multi-month congestion and resumption of pullback from 125.84 peak.
Immediate support lies at 110.37, Fibonacci 38.2% of larger upleg from 100.81 to 125.84, which marks next pivot.
Initial resistance lies, at 113.58, day’s high, ahead of 115.50, Fibonacci 38.2% of entire fall from 121.47 to 110.97 and former critical support, now resistance at 115.50.
Res: 111.87; 112.78; 113.58; 115.00
Sup: 110.97; 110.37; 110.00; 109.00
The Euro probed above 1.1350 target on quick recovery rally that emerged from 1.1160 support, where yesterday’s pullback was contained.
Today’s fresh extension higher shows hesitation at pivotal 1.1350 barrier, high of pre-Oct ECB’s meeting, but the pair remains well supported with firmly bullish technicals, favoring buying dips scenario.
Hourly higher base and European low lies at 1.1273, reinforced by Fibonacci 38.2% of 1.1158/1.1353 upleg and offers initial support, which should ideally contain dips. However, further positioning for fresh bulls is not ruled out and extended dips are allowed to 1.1235, Fibonacci 61.8% retracement, which marks downside pivot.
On the upside, fresh bulls through 1.1350 barrier, will look for psychological 1.1400 level, ahead of 1.1458, 18 Sep 2015 high and key s/t barrier at 1.1494, high of 15 Oct 2015, in extension.
Res: 1.1336; 1.1353; 1.1400; 1.1458
Sup: 1.1273; 1.1255; 1.1235; 1.1200
GBPUSD
Cable reversed the most of past two-day recovery from 1.4350 low / daily 20SMA, on today’s upside rejection at 1.4562, keeping intact yesterday’s recovery top at 1.4576.
Daily 10 & 30SMA that were offering supports at 1.4453/26, were cracked on today’s dip that probed below 1.44 handle.
Technicals of lower timeframes weakened, sidelining upside attempts and turning n/t focus towards the lower side of 1.4350/1.4576 congestion.
However, prolonged range-trading is seen as favored n/t scenario, while sideways-moving daily 20SMA at 1.4350 holds.
Break here is needed to trigger fresh leg lower and complete daily Failure swing pattern, for test of next good support at 1.4300, Fibonacci 61.8% of 1.4078/1.4665 upleg.
Intraday high at 1.4470, marks initial resistance, ahead of psychological 1.45 barrier and 1.4562/76 breakpoints.
Res: 1.4470; 1.4500; 1.4544; 1.4576
Sup: 1.4376; 1.4350; 1.4300; 1.4225
USDCAD
The pair shows signals of improvement, following yesterday’s marginal close above daily 10SMA, which capped recent action.
Today’s action holds above 10SMA that probes above 1.40 barrier, gives bullish signal for possible break above n/t congestion and extended retracement of 1.4688/1.3637 downleg.
Sustained lift above 1.4038, Fibonacci 38.2% of 1.4688/1.3637, is needed to confirm bullish resumption and open next strong barrier at 1.4100, lower top of 03 Feb, reinforced by daily 20SMA.
Rising daily cloud continues to underpin the action, with cloud top at 1.3858, offering strong support and marking downside breakpoint.
Res: 1.4038; 1.4100; 1.4120; 1.4162
Sup: 1.3935; 1.3881; 1.3800; 1.3784
USDJPY
The pair collapsed today, on fresh extension of uninterrupted sharp seven-day fall that eventually broke below critical support at 115.50 and cracked 111 support, on extension to fresh low at 110.97.
Sustained break below 115.50 breakpoint, confirms an end multi-month congestion and resumption of pullback from 125.84 peak.
Immediate support lies at 110.37, Fibonacci 38.2% of larger upleg from 100.81 to 125.84, which marks next pivot.
Initial resistance lies, at 113.58, day’s high, ahead of 115.50, Fibonacci 38.2% of entire fall from 121.47 to 110.97 and former critical support, now resistance at 115.50.
Res: 111.87; 112.78; 113.58; 115.00
Sup: 110.97; 110.37; 110.00; 109.00
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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