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Technical Outlook for Majors 03/09/2014

Discussion in 'Major Currency Pairs' started by WindsorBrokers, Sep 3, 2014.

  1. WindsorBrokers

    WindsorBrokers Content Contributor

    Feb 18, 2010
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    The Euro remains negative overall, with near-term price action still holding above initial target at 1.31, after posting marginally lower low at 1.3108, with immediate tone being in neutral mode. The price remains entrenched within near-term range, capped for now at 1.3144. Break above here and 1.3151, Fibonacci 38.2% of 1.3219/1.3108 downleg, is seen as minimum requirement to signal start of recovery action, which is signaled by overextended daily conditions. Extension higher to open targets as 1.3177, 61.8% retracement; 1.3195 lower top of 29 Aug and key near-term barrier and lower platform at 1.3220, also Fibonacci 38.2% of larger 1.3410/1.3108 descend. Otherwise, extended consolidative action is expected to precede fresh leg lower, as negative sentiment would drive the pair below 1.31 handle, with extension towards 1.3020, double Fibonacci and 1.3000, psychological support.
    Res: 1.3144; 1.3151; 1.3177; 1.3195
    Sup: 1.3121; 1.3108; 1.3103; 1.3050

    [​IMG]GBPUSD</p>Cable remains under pressure and fresh acceleration lower from 1.6642, where lower top was left on 01 Sep, eventually broke below initial support at 1.6534 and psychological 1.65 level. Fresh bears also took out the next target at 1.6464, en route towards 1.6400, round –figure support. Overextended near-term studies suggest corrective bounce off fresh low at 1.6443, with 1.65 handle now acting as immediate resistance, ahead of 1.6520/34, Fibonacci 38.2% of 1.6643/1.6443 descend / previous low, levels seen as ideal cap. Conversely, stronger rallies through 1.66 barrier, would delay bears, however, will face layers of strong resistances at 1.6443 lower top and 1.6690 20/200 death-cross.
    Res: 1.6500; 1.6520; 1.6534; 1.6566
    Sup: 1.6443; 1.6400; 1.6380; 1.6350

    The pair continues to trend higher, with fresh strength above 104.26, former high, eventually breaking above psychological 105 barrier. Immediate focus is key resistance at 105.43, 02 Jan peak and year-to-date high. Overall bullish structure favors attempts through 105.43 and resumption of multi-year uptrend, which was interrupted by 105.43/100.74 corrective phase. However, pullback on overbought conditions on all timeframes is expected to delay final push through 105.43 barrier. Fibonacci 38.2% retracement of 103.54/105.29 upleg at 104.62, offers initial support, ahead of former resistance at 104.26, also near 61.8% retracement, which is expected to hold dips.
    Res: 105.00; 105.30; 105.43; 105.57
    Sup: 104.62; 104.26; 104.00; 103.80

    [​IMG]AUDUSD</p>The pair bounces off fresh low at 0.9260, on corrective rally, after bearish acceleration off 0.9372 barrier and upside rejection level, nearly fully retraced 0.9237/0.9372 upleg. Overall negative tone sees the price action holding within 0.9237/0.9372 range, with lower borders being under pressure and fresh weakness starting after completion of corrective phase. Ideally, 0.9320/30 zone, former low and Fibonacci 61.8% of 0.9372/0.9260 descend, should cap rallies, before bears re-assert for renewed attempt towards 0.9237 base. Otherwise, break higher and regain of 0.9350 lower top, would shift near-term focus towards range’s upper boundary.
    Res: 0.9322; 0.9330; 0.9350; 0.9372
    Sup: 0.9282; 0.9260; 0.9237; 0.9200

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