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 07/04/2015

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

  1. WindsorBrokers

    WindsorBrokers Content Contributor

    Feb 18, 2010
    Likes Received:
    The Euro remains under pressure in the near term and extends reversal from yesterday’s fresh high at 1.1034. As extension of post Friday’s US data rally, stalled under key 1.1050 peak, the barrier remains intact for now and the pair looks for further consolidation, before renewed attempts higher. Fresh leg lower that commenced from today’s high at 1.0935, so far dipped below 61.8% retracement of 1.0717/1.1034 upleg, finding support just above its 100% Fibonacci expansion at 1.0824 and bull-trendline off 1.0461 low at 1.0800. The bear-leg could extend to 1.0775, 138.2% expansion, where also pivotal daily 20SMA lies, with reversal above here required to keep broader bullish tone in play. Otherwise, further easing and violation of key near-term support and higher low at 1.0711 would confirm double-top formation at 1.1050/34 and trigger fresh acceleration lower.
    Res: 1.0908; 1.0953; 1.0986; 1.1000
    Sup: 1.0833; 1.0800; 1.0775; 1.0744

    [​IMG]GBPUSD</p>Cable corrects yesterday’s extension of Friday’s acceleration higher that approached pivotal 1.50 barrier. Fresh easing through daily Tenkan-sen line at 1.4865 and daily 20SMA at 1.4852, dipped to 1.4830, Fibonacci 61.8% retracement of 1.4737/1.4979 so far, weakening near-term technicals. Daily close below here to confirm repeated failure at 1.50 barrier and shift near-term focus towards the lower boundary near-term range and higher base at 1.4737. Conversely, rally above daily high at 1.4918 is required to confirm reversal at 1.4830 and re-focus targets at 1.4979 and key 1.50 barrier, reinforced by descending daily Kijun-sen line.
    Res: 1.4900; 1.4918; 1.4942; 1.4979
    Sup: 1.4830; 1.4808; 1.4774; 1.4737

    [​IMG]USDJPY</p>Yesterday’s bounce from near-term base at 118.70 zone, reinforced by daily Ichimoku cloud top and today’s fresh extension through psychological 120 barrier, neutralizes downside risk and confirms reversal. Bullish tone returns on near-term studies and favors further upside, with close above daily 20SMA, currently at 120.13, required to open pivotal 120.35 barrier, high of 31 Mar and resume recovery on daily close above here. On the downside, daily Tenkan-sen that contained today’s action at 119.33, marks lower breakpoint and only break here to reverse near-term focus towards 117.70 base.
    Res: 120.13; 120.35; 120.46; 120.72
    Sup: 119.50; 119.33; 119.16; 118.90

    The pair rallied today and left higher low at 0.7575, averting immediate downside risk, initially signaled by yesterday’s close in red. Fresh rally cracked psychological 0.77 barrier, reinforced by daily 20SMA, with daily close above here, to confirm recovery and signal further retracement of 0.7936/0.7531 downleg. Improved near-term studies are supportive for further attempts higher, with initial targets laying at 0.7734, daily Kijun-sen line and 0.7782, Fibonacci 61.8% of 0.7936/0.7531. Corrective actions off fresh high at 0.7709 should be contained above 0.7640, mid-point of recovery rally, to keep fresh bulls in play. However, larger picture’s studies remain bearish and see fresh attempts lower on completion of near-term corrective phase.
    Res: 0.7709; 0.7734; 0.7782; 0.7841
    Sup: 0.7652; 0.7626; 0.7593; 0.7575</p>

Share This Page