Slobodan Drvenica
Windsor Brokers
EURUSD
The Euro hold strong bullish tone, following yesterday’s strong acceleration higher that peaked ticks under 1.15 barrier. Former tops at 1.1458/65 were taken out and market closed above them. Also, Fibonacci 61.8% of 1.1712/1.1086 at 1.1473 was cracked. Daily close above here is required to signal fresh upside towards 1.1565/95, Fibonacci barriers of 76.4% retracement and 138.2% projection of the upleg from 1.1103.
Corrective actions on overbought near-term studies should be ideally contained above broken bull-channel resistance and higher low zone at 1.1355/40.
Res: 1.1495; 1.1565; 1.1595; 1.1620
Sup: 1.1400; 1.1380; 1.1340; 1.1317
GBPUSD
Cable rallied sharply yesterday and made the strongest daily rally since 08 May. The rally that closed above 1.5446, Fibonacci 61.8% of 1.5656/1.5105, briefly probed above daily Ichimoku cloud top at 1.5490.
Strong bulls on near-term studies, favor further upside, with setup of daily MA’s turning full bullish mode and the sentiment supported by strong bullish momentum.
Psychological 1.55 barrier was touched on today’s extension of the third wave that commenced from 1.5198 and could travel to 1.5581, its Fibonacci 138.2% expansion.
Initial support at 1.5396, daily cloud base, should ideally hold corrective dips, with extended pullback, expected to be contained above 200SMA at 1.5320.
Res: 1.5500; 1.5526; 1.5581; 1.5646
Sup: 1.5456; 1.5396; 1.5350; 1.5313
USDJPY
Strong dollar-negative sentiment pushed the pair below key points, confirming an end of short-term triangle-shaped trading. Yesterday’s close in long red daily candle and today’s extension below pivotal 118.67/57 supports, lows of 02 Oct and 04 Sep.
Fresh bearish tone, established on near-term studies, favors further downside. Fibonacci 61.8% of 116.13/121.64 rally, at 118.24, has been cracked, with daily close below here to open way towards 117.43, Fibonacci 76.4% retracement and weekly cloud top. This will increase possibilities for full retracement of 116.13/121.64 rally.
Session high at 119.15 marks initial resistance, with extended rallies, to be capped under 119.70, former triangle support, now acting as resistance.
Res: 118.67; 119.15; 119.70; 120.00
Sup: 118.08; 117.43; 117.00; 116.13
AUDUSD
Aussie rallies for the second day, after correction from 0.7380 peak found support at 0.7196, where dip was contained by daily 10/20 SMA’s bull-cross. Strong recovery returned above daily Ichimoku cloud top and approaches 0.7380 peak. Falling daily 100SMA at 0.7354, the last obstacle en-route, has been cracked.
Strong bullish tone of technical studies, favors further upside. Initial support lies at 0.7320, daily cloud top, ahead of 0.7295, hourly higher base. Stronger correction should be contained above 0.7260, Fibonacci 61.8% of recovery rally from 0.7196 to 0.7361
Res: 0.7361; 0.7380; 0.7435; 0.7485
Sup: 0.7320; 0.7295; 0.7260; 0.7235
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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