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Technical Outlook for Majors 07/01/2015

Discussion in 'Major Currency Pairs' started by WindsorBrokers, Jan 7, 2015.

  1. WindsorBrokers

    WindsorBrokers Content Contributor

    Feb 18, 2010
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    The Euro maintains bearish sentiment, with yesterday’s repeated close in red and overnight probe below previous low at 1.1860, signaling an end of near-term consolidative phase and fresh push lower. Technicals are bearish on all timeframes, however, oversold 4-hour and daily conditions suggest corrective actions coming sessions. Formation of 4-hour RSI / MACD bullish divergence, supports the notion. Former consolidation tops at 1.1975, along with psychological 1.2000 barrier, offer solid resistances and only break here would confirm corrective phase. Meantime, round-figure supports at 1.18 and 1.17, mark support points, en-route towards target at 1.1640, low of 2005.
    Res: 1.1885; 1.1900; 1.1957; 1.1975
    Sup: 1.1838; 1.1800; 1.1750; 1.1700

    [​IMG]GBPUSD</p>Cable resumed the downtrend, interrupted by consolidative phase above former low at 1.5166, which was capped at 1.5317 and came ticks away from 1.51, round-figure support. Past three-days downside acceleration, shows strong bearish sentiment and keeps focus at psychological 1.50 support, with extension to 1.4812/30 base and lows of 2013, not ruled out on a loss of 1.50 handle. Oversold 4-hour and daily studies suggest hesitation on approach to 1.50 support, with week’s highs at 1.5317. also near Fibonacci 38.2% of 1.5618/1.5107 downleg, expected to ideally cap rallies, as filling Monday’s gap would signal stronger correction and put immediate bears on hold.
    Res: 1.5150; 1.5200; 1.5272; 1.5317
    Sup: 1.5107; 1.5050; 1.5000; 1.4610

    The pair bounces off yesterday’s fresh low at 118.03, after acceleration lower met targets at 118.18/00. Near-term studies remain negative and see current rally as corrective and preceding fresh weakness. Consolidation under recovery peak at 119.16, is supported by daily Kijun-sen line at 118.69, but so far shows no clear break above Fibonacci 38.2% of 120.72/118.03 descend, at 119.06 and also being capped by daily 20SMAMA at 119.24. Sustained break here and 119.38 lower top of yesterday, also 50% retracement and daily Tenkan-sen line, is required to improve near-term structure and neutralize existing downside risk. Positively aligned daily studies support the notion. Alternatively, daily close below 119 would keep focus at the downside.
    Res: 119.16; 119.38; 119.70; 120.00
    Sup: 118.78; 118.35; 118.03; 117.56

    The pair remains in near-term consolidative phase off fresh low at 0.8034, with rallies being capped at 0.8155, by descending daily 20SMA and subsequent dip to 0.8051, keeping near-term tone negative. Yesterday’s Gravestone Doji signals hesitation but also strong selling interest, which so far keeps focus at the downside. Psychological 0.8000 level and 0.7645, Fibonacci 61.8% retracement of larger 0.6007/1.1079 ascend, are immediate targets, as overall picture remains bearish. Only close above daily 20SMA would delay and expose pivotal 0.8213, 31 Dec peak.
    Res: 0.8080; 0.8100; 0.8140; 0.8155
    Sup: 0.8051; 0.8034; 0.8000; 0.7945

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