1. This site uses cookies. By continuing to use this site, you are agreeing to our use of cookies. Learn More.

Technical Outlook for Majors 04/12/2014

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

  1. WindsorBrokers

    WindsorBrokers Content Contributor

    Joined:
    Feb 18, 2010
    Messages:
    948
    Likes Received:
    1
    [​IMG]EURUSD
    The Euro remains bearish and two-legged descend from 1.25 zone tested psychological 1.23 support, after break and daily close below former base at 1.2360. Bearish acceleration eyes key level and short-term target at 1.2042, low of July 2012, with consolidation at 1.23 zone, seen preceding fresh leg lower. Fibonacci projections at 1.2258, 161.8% and 1.2194, 200%, along with bull-trendline, connecting 2005/2010 lows at 1.21 zone, offer supports en-route to 1.2042. Former strong support at 1.2360, now acts as initial resistance, with extended corrective rallies to be capped at 1.2425, former higher base and Fibonacci 61.8% retracement of 1.2505/1.2300 descend.
    Res: 1.2360; 1.2400; 1.2425; 1.2475
    Sup: 1.2300; 1.2284; 1.2258; 1.2194


    [​IMG]GBPUSD
    Cable trades in extended consolidative phase above 1.5590 base, which keeps the downside protected for now. Near-term studies are overall neutral, while larger picture remains bearish and favors fresh attacks at 1.5590 and bearish resumption on a break. Descending daily 20SMA caps upside attempt, forming a sequence of lower tops, which supports the notion. Also weekly close below 1.5720, Fibonacci 61.8% retracement of larger 1.4812, July 2013 low and 1.7189, July 2014 high, reinforces negative outlook. Eventual break below 1.5590 base to focus 1.5373, Fibonacci 76.4% of 1.4812/1.7189. Alternative scenario requires lift above 1.5761, 01 Dec high to improve near-term structure, while clearance of 1.5823, consolidation range peak, will be bullish.
    Res: 1.5717; 1.5761; 1.5800; 1.5823
    Sup: 1.5630; 1.5617; 1.5590; 1.5550



    [​IMG]USDJPY
    The pair remains well supported, with fresh acceleration above 119 level, coming ticks away from near-term targets at 120.00/12, psychological barrier / Fibonacci 61.8% retracement of multi-year 147.68/75.55 descend. Yesterday’s positive close and overall bullish structure favors eventual break above 120 target, however, hesitation at this barrier cannot be ruled out, as near-term studies are entering overbought territory. Previous peak at 119 zone offers initial support, ahead of daily 10SMA at 118.52, which guards pivotal 117.37/22, daily 20SMA and correction low of 27 November.
    Res: 120.00; 112.12; 112.50; 121.00
    Sup: 119.72; 119.42; 119.11; 118.80



    [​IMG]AUDUSD
    The pair remains under pressure and continues to trend lower. Fresh attempts below 0.84 handle, where yesterday’s negative close occurred, confirm fresh extension of the third wave, which commenced from 0.8794 high, towards its 138.2% Fibonacci expansion at 0.8268. July 2010 low at 0.8315, along with psychological 0.83 level, offer supports on the way. Initial resistance lies at 0.8415, previous low of 01 Dec, ahead of yesterday’s high at 0.8465 and pivotal 0.8540, 02 Dec weekly high.
    Res: 0.8390; 0.8415; 0.8465; 0.8500
    Sup: 0.8350, 0.8315; 0.8300; 0.8268
     
Loading...

Share This Page