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Short Term Technical Analysis for Majors – Forum Feature

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Short Term Technical Analysis for Majors


The Euro remains within narrow consolidation range, holding around daily cloud top at 1.0865, where it closed for the past two days.
Double–Doji confirms strong indecision, as larger descend was temporarily stopped by daily Ichimoku cloud, spanned between 1.0788 and 1.0865.
However, daily structure remains firmly bearish and favors further downside, which requires break through daily cloud base, to resume bears towards key short-term support at 1.0709.
Near-term technicals are generally neutral, with range top at 1.09 zone, reinforced by hourly Ichimoku cloud top, marking the first breakpoint, above which to attract daily MA’s resistances at 1.0932 (100SMA) and 1.0960 (10/55SMA’s bear-cross), where extended rallies should find solid resistance.


Res: 1.0900; 1.0932; 1.0965; 1.1000
Sup: 1.0851; 1.0823; 1.0808; 1.0788


Cable closed in long daily bullish candle yesterday, on extension of recovery rally from fresh low at 1.3834, which closed above initial barrier of daily 10SMA and cracked 1.4078/1.4100 barriers (former low / psychological resistance) on today’s extension to 1.4105, session high.
The pair may extend recovery towards 1.4151 (Fibonacci 38.2% of 1.4665/1.3834 descend), where correction should be ideally capped, as daily Slow Stochastic is entering oversold zone.
Fresh weakness to face initial support at 1.4029 (daily 10SMA), loss of which to weaken near-term structure and open yesterday’s low at 1.3912 and key near-term support at 1.3834.
Alternative scenario requires sustained break above 1.4151 barrier, to signal extended correction and focus daily 20SMA barrier, currently at 1.4225.


Res: 1.4105; 1.4151; 1.4225; 1.4250
Sup: 1.4029; 1.4000; 1.3912; 1.3834


The pair entered narrow near-term consolidation, above fresh low at 1.3383, which left Gravestone Doji yesterday. Prolonged consolidation, with stronger upticks could be expected before larger descend resumes, as crude oil, the pair’s main driver, is consolidating after key barrier was cracked.
Near-term price action was so far capped by the base of hourly Ichimoku cloud, spanned between 1.3446 and 1.3485. Lift above hourly cloud will expose falling daily 10SMA, currently at 1.3579, which is expected to ideally cap and guard daily 20SMA pivot at 1.3714.


Res: 1.3446; 1.3485; 1.3579; 1.3637
Sup : 1.3402; 1.3383; 1.3303; 1.3272


Aussie surged above 0.73 barrier, on today’s fresh extension of yesterday’s strong rally that ended day in long bullish candle that marked strongest daily gain in one month and closed above strong barrier at 0.7257 (former congestion top / 200SMA).
Firm bullish setup of daily MA’s supports further upside, as the way is open towards next key barrier at 0.7380/83, former double-top of 12 Oct / 04 Dec 2015, reinforced by weekly Ichimoku cloud base.
Broken 200SMA offers initial support at 0.7257 and should ideally contain, while extended dips may look for 0.7200 (rising daily 10SMA).


Res: 0.7325; 0.7383; 0.7435; 0.7495
Sup: 0.7279; 0.7257; 0.7200; 0.7157

You can see the original forum thread by WindsorBrokers here.

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