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Technical Outlook for Majors 04/09/2014

Discussion in 'Major Currency Pairs' started by WindsorBrokers, Sep 4, 2014.

  1. WindsorBrokers

    WindsorBrokers Content Contributor

    Feb 18, 2010
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    The Euro holds above fresh lows, with some improvement seen on the hourly chart, as the price cracked initial 1.3144 barrier. However, overall negative tone and lack of strength for more significant gains, keeps the downside at risk. Immediate supports stand at 1.3130 and more significant 1.31 zone, below which, resumption of larger downmove will look for test of 1.3020, double Fibonacci support and psychological 1.3000level. On the upside, 1.3160 offers immediate resistance, ahead of 1.3185/95 and pivotal 1.3220 lower platform / Fibonacci 38.2% of larger 1.3410/1.3108 descend. Break here to signal stronger recovery towards 1.3295, 22 Aug lower top / Fibonacci 61.8% retracement.
    Res: 1.3160; 1.3185; 1.3195; 1.3220
    Sup: 1.3130; 1.3100; 1.3080; 1.3020

    Cable remains under pressure, with acceleration from 1.6642, 01 Sep lower top, approaching psychological 1.6400 support. Fresh bears below here to look for test of 1.63 handle and 1.6281, Fibonacci 61.8% retracement of larger 1.4812/1.7189 ascend. Corrective attempts were so far limited under initial 1.65 barrier, with stronger rallies to be limited by 1.6535/45 zone, former consolidation range floor and Fibonacci 61.8% of 1.6642/1.6438 downleg.
    Res: 1.6500; 1.6534; 1.6545; 1.6565
    Sup: 1.6438; 1.6400; 1.6380; 1.6350

    The pair enters near-term consolidative phase after posting fresh high at 105.30, en-route to key 105.43 barrier. Shallow pullback so far found support at 104.72, 4-hour 200SMA, keeping immediate bulls in play for renewed attempt higher. Positive near-term structure supports the notion, as break above 105.43 will end short-term corrective phase and signal resumption of larger uptrend. Alternative scenario sees deeper pullback towards strong 104.26/00 support zone, loss of which would neutralize immediate bulls.
    Res: 105.00; 105.30; 105.43; 105.57
    Sup: 104.72; 104.62; 104.26; 104.00

    The pair consolidates under fresh high at 0.9362, ahead of strong barrier and double-top at 0.9372. Positive near-term structure and price action holding near the upper boundary of 0.9237/0.9372 range, keep the upside in focus, with eventual break above 0.9372 barrier, also 50% of larger 0.9503/0.9237 descend, seen as a trigger for stronger bounce and retracement. Conversely, near-term structure would weaken in case of further easing through 0.93 support. Overall picture remains in neutral mode and requires break through range borders to establish fresh direction.
    Res: 0.9350; 0.9362; 0.9372; 0.9400
    Sup: 0.9320; 0.9300; 0.9285; 0.9260

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