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Technical Outlook for Majors 03/04/2015

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

  1. WindsorBrokers

    WindsorBrokers Content Contributor

    Feb 18, 2010
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    The Euro surged after disappointing US jobs data, with quick acceleration from day’s lows at 1.0860, where narrow consolidation was contained, regained levels above psychological 1.10 barrier. Completion of near-term consolidative phase and resumption of recovery leg from 1.0711, keep near-term structure bullish, for eventual attack at key barriers at 1.1034 and 1.1050, 26/ 18 Mar peaks. Fresh action higher is underpinned by daily Tenkan-sen/Kijun-sen lines bull cross at 1.0880, with the pair poised for positive weekly close, after previous week’s Doji that will signal resumption of larger corrective rally from 1.0461, 13 Mar low. Violation of pivotal 1.1050 barrier and daily close above here, to confirm strong bullish stance for further retracement of larger 1.1449/1.0461 downleg. However, overbought conditions of near-term studies would signal hesitation at key short-term resistance zone. Corrective easing should be ideally contained at 1.09 zone, yesterday’s peaks.
    Res: 1.1034; 1.1050; 1.1071; 1.1100
    Sup: 1.1000; 1.0950; 1.0900; 1.0860

    Cable spiked above 1.49 barrier, on weak US data. Fresh acceleration through daily 20SMA at 1.4880 and extension above 1.49, signals fresh direction establishing, after consolidative phase, confirmed by triple Doji. Positive hourly technicals and setup of 4-hour studies turning into bullish mode, favors further recovery action from near-term base that was formed at 1.4750 zone that now focuses pivotal barrier at 1.50 zone, short-term congestion tops. Break above triangular consolidation phase requires positive daily close above 20SMA, to confirm freshly established bullish sentiment.
    Res: 1.4942; 1.4960; 1.5000; 1.5060
    Sup: 1.4900; 1.4880; 1.4808; 1.4774

    The pair came under pressure on dollar-negative data and accelerated through initial 119.40 former base and psychological 119 support, to leave bear-trendline off 122.01 intact and confirm lower top at 120.35, where daily 20SMA reinforces strong resistance. Near-term studies turned negative, as fresh acceleration penetrated daily Ichimoku cloud top, shifting focus towards key near-term support at 118.31, low of 26 Mar. Also, daily studies are gaining bearish traction, setting scope for eventual break below 118.31 handle, to confirm daily failure swing and resume descend from 122.01, fresh high of 10 Mar. The pair is poised for strong bearish daily close that would confirm strong bearish stance. Corrective attempts should stay capped under 119.88, highs of yesterday / today, reinforced by 4-hour cloud top, to keep fresh bears in play.
    Res: 119.00; 119.40; 119.88; 120.35
    Sup: 118.70; 118.31; 118.18; 117.50

    The Aussie surged through pivotal 0.7663, peak of 01 Apr, on post data rally, to probe above 0.7686, Fibonacci 38.2% of 0.7936/0.7531 downleg. Fresh bulls, established on lower timeframes studies, support stronger corrective action, as reversal pattern is forming on daily chart. Daily close above 0.7695, daily 20SMA that capped initial rally, is required to confirm fresh near-term bulls for extended recovery. Corrective easing on overbought hourly conditions should be contained above 0.7610, former high and 50% of current corrective rally from 0.7531 low, to keep near-term bullish mode in play. Conversely, daily close below 0.7610 handle to signal false break higher and return focus towards lower targets.
    Res: 0.7695; 0.7734; 0.7782; 0.7800
    Sup: 0.7630; 0.7610; 0.7581; 0.7558

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