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Technical Outlook for Majors 07/11/2014

Discussion in 'Major Currency Pairs' started by WindsorBrokers, Nov 7, 2014.

  1. WindsorBrokers

    WindsorBrokers Content Contributor

    Feb 18, 2010
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    The Euro plunged below 1.24 handle, after lower top was left at 1.2532 and fresh acceleration surged through 1.25 and 1.2440 supports. Continuation of larger downtrend, interrupted by near-term 1.2440/1.2576 consolidation, is looking for test of short-term target at 1.2042, July 2012 low, to eventually fully reverse 1.2042/1.3992 bull-phase. Bull-trendline, connecting 1.1640, 2005 low and 1.1875, 2010 low, currently at 1.21 zone, is seen as the only significant obstacle en-route. Near-term price action is in narrow sideways mode, awaiting US jobs data, which could further accelerate Euro’s losses, in case of positive release. Daily close below 1.2440 barrier, would also signal negative weekly close, which will mark the third consecutive negative weekly close and keep bears fully in play.
    Res: 1.2400; 1.2440; 1.2470; 1.2500
    Sup: 1.2363; 1.2300; 1.2250; 1.2200

    [​IMG]GBPUSD</p>The pair has eventually lost 1.60 handle, after yesterday’s fresh bears broke and close below previous lows at 1.5873/67, which confirms completion of 1.5873/1.6182, near-term corrective phase and resumption of larger descend from 1.7189 peak. With daily bears gaining pace, the pair is expected to continue to move lower, with loss of psychological 1.58 handle, to open 1.5750, June 2013 high and 1.5720, Fibonacci 61.8% of larger 1.4812/1.7189 ascend. Weekly close below 1.5873 resistance, is required to confirm. Alternative scenario requires regain of 1.60 handle, to neutralize bears.
    Res: 1.5873; 1.5900; 1.5953; 1.6000
    Sup: 1.5814; 1.5800; 1.5750; 1.5720

    [​IMG]USDJPY</p>The pair maintains overall bullish tone, as near-term studies regained traction, after corrective pullback found support at 114 zone and subsequent bounce returned to the fresh high at 115.50. Yesterday’s positive close signals further advance, as the pair is looking for the third weekly bullish close. Break above 115.50 barrier to open next targets at 117.95, Oct 2007 high and 120.26, Fibonacci 61.8% retracement of larger 147.68/75.55 descend. Initial support lies at 114.77, hourly Tenkan-sen line, 4-hour cloud top and midpoint of 115.50/114.00 descend, with 114 handle expected to hold.
    Res: 115.50; 116.00; 116.50; 117.00
    Sup: 115.00; 114.77; 114.39; 114.00

    [​IMG]AUDUSD</p>The pair remains under pressure and posted marginally lower low and cracked its next target at 0.8543, 50% retracement of 0.6007/1.1079 ascend. Yesterday’s repeated close in red, signals resumption of bear-trend from 0.9400 lower top, as the pair is poised for bearish weekly close, which will confirm bears. Psychological 0.8600 level and former range floor at 0.8641, now offer initial resistances. Break and close above here would delay bears, which are eyeing psychological 0.80 level in short-term.
    Res: 0.8600; 0.8641; 0.8680; 0.8700
    Sup: 0.8539; 0.8500; 0.8450; 0.8400

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