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Technical Outlook for Majors 05/03/2015

Discussion in 'Major Currency Pairs' started by WindsorBrokers, Mar 5, 2015.

  1. WindsorBrokers

    WindsorBrokers Content Contributor

    Feb 18, 2010
    Likes Received:
    The Euro holds firm bearish tone and heads towards psychological 1.10 support, ahead of today’s ECB meeting. Yesterday’s close in long red candle and eventual completion of 1.1096/1.1532 corrective phase, opens way for further extension of large bear-leg from 1.3992, 2014 high. Bearish setup of technicals on all timeframes, supports the notion. Hesitation on approach to 1.10 target could be anticipated as near-term studies are oversold. Corrective rallies to face initial resistance at session high at 1.1083, ahead of 1.1155, 02/03 Mar consolidation floor and key resistance zone at 1.1243/60, lower platform / mid-Feb congestion bottom and only break here would sideline bears.
    Res: 1.1083; 1.1155; 1.1200; 1.1243
    Sup: 1.1025; 1.1000; 1.0929; 1.0900

    [​IMG]GBPUSD</p>Cable remains in strong downtrend, which accelerated yesterday and closed below daily Kijun-sen line at 1.5269, to end day in long red candle. Today’s resumption of descend focuses strong supports at 1.5184/80, daily Ichimoku cloud base / Fibonacci 61.8% retracement of 1.4950/1.5551 ascend. Close below here is required to turn daily technicals into bearish mode and signal an end of corrective phase from 1.4950. Widening 20d Bollinger Bands support the notion, with reversing daily 20SMA, offering good resistance at 1.5355. Overextended near-term studies suggest corrective action in the near-term
    Res: 1.5269; 1.5315; 1.5345; 1.5400
    Sup: 1.5200; 1.5180; 1.5137; 1.5091

    The pair trades in near-term consolidative mode after finding support at 119.40. Positively aligned near-term studies keep the upside favored, however, initial barriers at 119.90/120.00, remain intact for now. Clear break here is needed to open targets at 120.25/46 and 120.80 lower platform in extension. Setup of daily indicators is also positive, with 119.40 support, reinforced by ascending daily 10SMA, marking the first breakpoint, loss of which to open further easing towards pivotal 118.66 and 118.25, daily higher bases.
    Res: 119.90; 120.25; 120.46; 120.80
    Sup: 119.61; 119.40; 119.27; 119.00

    The pair remains entrenched within consolidative range, after fresh upside attempts were short-lived and left marginally higher high at 0.7858 and yesterday’s trade ended in Doji candle. Consolidation is supported by neutral near-term studies and contracted daily 20d Bollingers. Break of initial upside barrier at 0.7858 is required to open key short-term resistance and larger range top at 0.7911. Conversely, weakness below initial 0.78 support, would accelerate towards pivotal higher base at 0.7740 zone and shift focus towards range’s lower boundaries.
    Res: 0.7842; 0.7858; 0.7874; 0.7911
    Sup: 0.7800; 0.7750; 0.7738; 0.7700</p>

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