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Daily Technical Outlook for Majors 29/09/2014

Discussion in 'Major Currency Pairs' started by WindsorBrokers, Sep 29, 2014.

  1. WindsorBrokers

    WindsorBrokers Content Contributor

    Feb 18, 2010
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    The Euro holds negative tone, as weekly close in red and below Fibonacci 61.8% of larger 1.2042/1.3992 ascend, confirms strong bearish stance. Break below 1.27 support comes ticks away from 1.2660, Nov 2012 low, the last strong obstacle en-route towards 1.2042, which is expected to come in near-term focus on a break and close below 1.2660. The third wave, off 1.3699 lower top, met its 200% expansion target at 1.2675 and would look for further extension towards 1.2360, Fibonacci 261.8% expansion, ahead of 1.2042 target. Corrective actions on oversold near-term studies face initial resistance at 1.27 level and should be ideally capped under 1.2760 lower platform
    Res: 1.2700; 1.2760; 1.2800; 1.2815
    Sup: 1.2660; 1.2600; 1.2550; 1.2500

    [​IMG]GBPUSD</p>Cable consolidates above fresh lows just above 1.62 support, following break below important 1.63 level and daily/weekly close below. Overall negative structure sees the downside favored, with key near-term term target at 1.6000, psychological support / 50% retracement of larger 1.4812/1.7189 ascend. The pair rides on the third wave, which commenced from 1.6413 lower top and is looking for 1.6175, its 100% Fibonacci expansion, then 1.6084, 138.2% expansion, ahead of 1.6050, 10 Sep low, on the way towards 1.6000 target. Corrective attempts should stay under 1.6300/40 barriers, to keep the structure intact.
    Res: 1.6251; 1.6275; 1.6300; 1.6339
    Sup: 1.6211; 1.6200; 1.6175; 1.6159

    Near-term bulls are back in play after the price broke above 109.42, previous high, confirming an end of near-term consolidative phase. Price action is looking for test of near-term targets at psychological 110 and 110.66, Aug 2008 peak. Fresh action higher is signaled by last Friday’s bullish Engulfing Pattern, which suggests further upside. Extension above 110.66 to focus 112.67, Fibonacci 76.4% of 124.14/75.55 descend. Previous range tops offer initial support, ahead of 109, round-figure and 108.46, 26 Sep higher low, above which dips should find footstep.
    Res: 109.73; 110.00; 110.66; 111.00
    Sup: 109.42; 109.00; 108.46; 108.23

    [​IMG]AUDUSD</p>The pair continues to trend lower, with 0.87, round-figure support, being cracked and the price met the next target at 0.8682, Fibonacci 100% expansion of the wave from 0.9110. Bears are looking for final push towards key 0.8658, low of 24 Jan, to mark full retracement of 0.8958/0.9503 ascend. The third wave could extend to 0.8519, its 138.2% expansion, once 0.8658 is taken out, however, oversold near-term technicals suggest a hesitation ahead of key 0.8658 support. Psychological 0.90 level, offers good resistance and should keep the upside attempts limited.
    Res: 0.8746; 0.8810; 0.8829; 0.8895
    Sup: 0.8682; 0.8658; 0.8600; 0.8550

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