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Technical Outlook for Majors 04/02/2015

Discussion in 'Major Currency Pairs' started by WindsorBrokers, Feb 4, 2015.

  1. WindsorBrokers

    WindsorBrokers Content Contributor

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    [​IMG]EURUSD
    The Euro is gaining traction on near-term studies, as further shorts squeeze cleared daily 10SMA and tested daily 20SMA, on a probe above 1.15 barrier. Consolidation above 1.1456, Fibonacci 61.8% of 1.1679/1.1096 downleg is under way, with initial signals of downtrend stall, suggesting further recovery. Bullish setups of near-term studies support the notion, as daily indicators are starting to reverse. Close above daily 20SMA, currently at 1.1515, is required to confirm and expose breakpoint at 1.1679, lower top of 21 Jan. Extended corrective actions should be contained above former range tops and Fibonacci 61.8% of 1.1260/1.1532 upleg at 1.1565, to keep the structure intact. Otherwise, break here and loss of daily 10SMA at 1.1535, would signal lower top formation and fresh weakness.
    Res: 1.1515; 1.1543; 1.1600; 1.1650
    Sup: 1.1456; 1.1428; 1.1400; 1.1366



    [​IMG]GBPUSD
    Cable continues to trade in near-term consolidative phase above fresh low at 1.4950, with bounce above 1.51 barrier, turning the price to the upper part of the range. Yesterday’s positive close and above daily 20SMA, shifts near-term focus towards the upper rage boundary, as near-term technicals are improving. However, close above 1.5267, 14 Jan high, is required to confirm near-term bottom and open stronger recovery, while failure here would be a signal of prolonged consolidation within existing range.
    Res: 1.5174; 1.5195; 1.5221; 1.5267
    Sup: 1.5161; 1.5116; 1.5094; 1.5066



    [​IMG]USDJPY
    The pair bounced into near-term range’s midpoint, after yesterday’s repeated attempt below 117 support, ending day in Doji. Immediate downside risk, signaled by probe below 117 handle, is averted and near-term structure suggests further neutral action, however, rallies stay capped by descending daily 20SMA. This would keep the downside vulnerable in the near-term, with sustained break below 118 support, required to confirm bearish resumption. Conversely, close above daily 20SMA, currently at 117.82, would be seen as initial signal of recovery, with extension above daily cloud top at 118.43, required to confirm and open correction high at 118.85 and psychological 120 barrier, in extension.
    Res: 117.98; 118.43; 118.64; 118.85
    Sup: 117.20; 116.86; 116.55; 115.83



    [​IMG]AUDUSD
    The pair fully reversed yesterday’s fall from 0.7830 to a fresh low at 0.7624, to end yesterday’s trading in long-legged Doji. Hourly structure turned positive, however, larger picture’s bears remain intact, as recovery rally was so far capped under descending daily 10SMA, currently at 0.7861. Break and close above here would signal extended correction, which should find resistance under breakpoint at 0.8023, 28 Jan lower top, reinforced by daily 20SMA. Only sustained break here would sideline bears and pause strong downtrend.
    Res: 0.7861; 0.7900; 0.7930; 0.8000
    Sup: 0.7800; 0.7752; 0.7718; 0.7684
     
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