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Technical Outlook for Major currency pairs 07/05/2015

Discussion in 'Major Currency Pairs' started by WindsorBrokers, May 7, 2015.

  1. WindsorBrokers

    WindsorBrokers Content Contributor

    Feb 18, 2010
    Likes Received:
    Yesterday’s strong rally that left long green daily candle, completed near-term 1.1288/1.1064 corrective phase and extended broader rally towards initial target at 1.1387, 25 Feb high / Fibonacci 38.2% of larger 1.2884/1.0461 descend. Strong bullish tone persists on all timeframes, seeing scope for further rallies and eventual attack at key short-term barrier at 1.1450 zone, mid-Feb former consolidation top, regain of which is needed to confirm weekly double-bottom formation and trigger further acceleration higher. Former top at 1.1288 offers initial support, ahead of broken daily 100SMA at 1.1250 and hourly higher low at 1.1200, where extended dips should be ideally contained.
    Res: 1.1368; 1.1387; 1.1449; 1.1500
    Sup: 1.1288; 1.1250; 1.1200; 1.1173

    [​IMG]GBPUSD</p>Cable trades in a quiet, narrow-range mode, ahead of today’s elections in UK. The pair holds positive tone, following yesterday’s repeated positive close and rally that cracked daily 10SMA / Tenkan-sen line, on extension to 1.5289, 50% retracement of 1.5490/1.5088 pullback. Near-term base is establishing at 1.5088 and is reinforced by daily Ichimoku cloud top, with reversal pattern, forming on daily chart. Fresh extension and positive close above minimum 1.53 barrier is needed to confirm reversal and open way for further retracement of pullback from 1.5490. Near-term studies are bullishly aligned and support further rallies. Firm bullish tone on daily studies keeps focus at initial 1.55 barrier and more significant 1.5551, 26 Feb peak. Psychological 1.52 level and hourly trough at 1.5143, mark initial supports, guarding more significant1.5088 base, also near Fibonacci 61.8% of 1.4854/1.5496 rally, below which further retracement of 1.4563/1.5496 corrective rally could be anticipated.
    Res: 1.5289; 1.5336; 1.5395; 1.5460
    Sup: 1.5200; 1.5143; 1.5100; 1.5086

    [​IMG]USDJPY</p>The pair holds weak near-term tone, following yesterday’s acceleration lower that probed below daily Ichimoku cloud base and marked repeated daily close in red. Near-term price action moves around cloud’s base at 119.43, keeping so far intact yesterday’s low and initial support at 119.19, below which to expose key 118.50 support, floor of short-term range. On the other side, neutral daily structure favors further range-trading, while the price remains entrenched within 118.50/120.83 range boundaries.
    Res: 119.60; 119.85; 120.03; 120.27
    Sup: 119.19; 119.00; 118.80; 118.50

    The pair returns to 0.80 handle after post-data’s spike to session low at 0.7920, continuing to trade in near-term corrective phase off yesterday’s fresh high at 0.8028. Overall structure remains bullish and favors eventual attack at key 0.8073 barrier, peak of 29 Apr, with bullish near-term studies, supporting the notion. Strong support at 0.7920, also yesterday’s low, is expected to stay intact, with sustained break above 0.80 barrier, to confirm bullish resumption. Conversely, loss of 0.79 support, 50% of 0.7780/0.8028 rally, would neutralize near-term bulls.
    Res: 0.8003; 0.8028; 0.8073; 0.8100
    Sup: 0.7948; 0.7920; 0.7900; 0.7875

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