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 06/04/2015

Discussion in 'Major Currency Pairs' started by WindsorBrokers, Apr 6, 2015.

  1. WindsorBrokers

    WindsorBrokers Content Contributor

    Feb 18, 2010
    Likes Received:
    The Euro holds positive tone, following last Friday’s rally that peaked at 1.1025 and closed just under psychological 1.10 handle, where current consolidation holds. Near-term studies remain bullish and favor final attack at key 1.1050 barrier, 26 Mar peak, with break here to confirm higher low at 1.0711, left on 31 Mar and signal resumption of larger recovery attempt from 1.0461, 13 Mar low. Daily indicators are pointing higher and with widening 20d Bollinger bands, supporting fresh attempts higher. Consolidative action on overbought near-term studies should ideally hold above 1.09 handle, previous highs and near 38.2% retracement of 1.0717/1.1025 upleg, with daily 10SMA underpinning at 1.0880. Conversely, break here and extension below 1.0860 higher base of 03 Apr, would sideline bulls and signal prolonged consolidation, with daily 20SMA at 1.0777, expected to come in near-term focus.
    Res: 1.1000; 1.1025; 1.1050; 1.1100
    Sup: 1.0965; 1.0900; 1.0860; 1.0835

    Cable attacks again fresh high at 1.4942, posted on last Friday’s acceleration, post dollar-negative US jobs data, in attempts to complete near-term consolidation phase and resume rally. Friday’s close in long green candle that came after triple-Doji, signals fresh strength and eventual attack at pivotal 1.50 resistance zone, former rallies rejection levels. Initial support at 1.49 zone, contained consolidation for now, with pivotal support laying at 1.4865, former consolidation tops / Fibonacci 61.8% of 1.4737/1.4942 upleg / daily Tenkan-sen line / daily 20SMA. Break and close below here, would increase downside risk and expose next pivot at 1.4810, 02/03 Apr higher base and near Fibonacci 61.8% retracement of 1.4737/1.4942 rally.
    Res: 1.4942; 1.5000; 1.5030; 1.5050
    Sup: 1.4900; 1.4865; 1.4810; 1.4775

    The pair remains under pressure and consolidates above last Friday’s fresh low at 118.70, posted on bearish acceleration after disappointing US jobs data. Friday’s close in long red candle, as well as weekly negative close, signal strong downside pressure for final push towards hey 118.31, low of 26 Mar and full retracement of 118.31/120.35 rally, to resume larger descend from 122.01, 10 Mar peak. The price penetrated into daily cloud, base of which reinforces 118.31 support and breakpoint. Negative tone persists on all timeframes and favors final attack at 118.31. Corrective rallies on oversold near-term studies, were so far capped at 119.15, Fibonacci 38.2% retracement of Friday’s fall from 119.89 to 118.70, with extended rallies expected to hold below 119.50, descending daily 10SMA. Otherwise, break here would neutralize downside attempts and shift focus at pivotal 120.17/35 barriers, daily 20SMA / 31 Mar lower top.
    Res: 119.15; 119.40; 119.57; 119.89
    Sup: 118.93; 118.70; 118.31; 118.00

    The pair came under pressure and opened with gap-lower today, after last Friday’s post-data rally was capped by daily 20SMA at 0.7691 and subsequent easing erased over 50% of 0.7531/0.7691 rally. However, positive tone still exists on hourly studies, as the pair attempts to form near-term base at 0.7607, session low, with last Friday’s positive close, supporting the notion. Filling today’s gap, is required to shift focus higher, with sustained break above daily 20SMA, to confirm bullish resumption. On the other side, recovery rejections are expected to keep the downside under pressure, with sustained break below 0.7592/81, Fibonacci 61.8% of 0.7531/0.7691 rally / 03 Apr hourly higher base, to bring near-term bears fully in play, as overall picture remains negative.
    Res: 0.7650; 0.7691; 0.7734; 0.7782
    Sup: 0.7607; 0.7592; 0.7581; 0.7569

Share This Page