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Technical Outlook for Majors 03/02/2015

Discussion in 'Major Currency Pairs' started by WindsorBrokers, Feb 3, 2015.

  1. WindsorBrokers

    WindsorBrokers Content Contributor

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    [​IMG]EURUSD
    The Euro continues to trade in a choppy consolidative phase, with range narrowing from original 1.1260/1.1421 span. Near-term studies hold neutral tone and require trigger to establish fresh direction. However, bears continue to prevail on daily/weekly timeframes, with immediate barrier of daily 10SMA at 1.1335, being tested so far. Break here would be the first step of further recovery that will face next barrier at 1.1372, daily Tenkan-sen line and static resistance at 1.1421, high of 27 Jan. Close above here would give initial confirmation of fresh bulls developing, while break above descending daily 20SMA at 1.1527, is required to confirm and open pivotal barrier at 1.1679, lower top of 21 Jan. On the downside, higher lows of 30/29 Jan at 1.1277/60, offer initial layer of supports, ahead of 1.1220 higher base and Fibonacci 61.8% of 1.1096/1.1421 upleg, loss of which to signal bearish resumption and refocus key near-term support at 1.1096, low of 26 Jan.
    Res: 1.1366; 1.1387; 1.1421; 1.1458
    Sup: 1.1300; 1.1277; 1.1260; 1.1220


    [​IMG]GBPUSD</p>Cable remains in near-term consolidative phase above fresh low at 1.4950, with near-term studies gaining negative tone after repeated rejection at 1.51 zone, where daily Tenkan-sen capped and fresh weakness that came ticks from psychological 1.50 support. The action lower is maintained by descending daily 20SMA, with bearish setup of daily studies, seeing risk of penetration of 1.5 support, for eventual return to key support at 1.4950 and resumption of larger downtrend towards next targets at 1.4910, Fibonacci 61.8% retracement of larger 1.3501/1.7189 ascend and 2013 lows and higher base at 1.4830/12. Only close above 1.51 zone, upside rejections and daily 20SMA, would improve near-term structure.
    Res: 1.5048; 1.5100; 1.5160; 1.5221
    Sup: 1.5003; 1.4987; 1.4950; 1.4910


    [​IMG]USDJPY
    The pair came under pressure and retested yesterday’s low at 116.86, signaling an end of near-term consolidative phase, which had the base at 117.20. Daily close below 117.20 is required to confirm, with close below 116.86 lows, to accelerate bears and re-open key supports at 115.83 and more significant 115.55, 16 Dec low. Studies are bearish on lower and larger timeframes, with daily 10/20SMA’s bear-cross at 118.00, expected to cap recovery attempts, guarding daily Ichimoku cloud top at 118.43.
    Res: 117.86; 118.00; 118.43; 118.64
    Sup: 117.20; 116.86; 116.55; 115.83



    [​IMG]AUDUSD
    The pair came under increased pressure after RBA’s rate cut and accelerated through 0.7718/00 handles. Temporary footstep was found at 0.7625, with consolidation on oversold near-term studies, expected to precede fresh push lower. No significant supports are seen on the way towards next targets at 0.7340, May 2009 low and 0.7205, Fibonacci 76.4% of 2008/2011 0.6007/1.1079 ascend. Previous low of 30 Jan at 0.7718, offers initial barrier, ahead of today’s high at 0.7831, with break here needed to sideline immediate downside risk. Key resistances and breakpoints lay at 0.8020/30, daily 20SMA / former low of 07 Jan.
    Res: 0.7675; 0.7700; 0.7718; 0.7745
    Sup: 0.7625; 0.7600; 0.7535; 0.7500
     
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