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Technical Outlook for Majors 08/01/2015

Discussion in 'Major Currency Pairs' started by WindsorBrokers, Jan 8, 2015.

  1. WindsorBrokers

    WindsorBrokers Content Contributor

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    EURUSD
    [​IMG]
    The Euro remains bearish tone and looks for break below 1.18 level, which was cracked on fresh attempts lower, with consolidative phase being capped under strong 1.1875/1.1885 resistance zone. Repeated close in red maintains bearish sentiment and sees scope for fresh downside extension, despite oversold 4-hour / daily studies. Clear break below 1.18 handle is expected to accelerate losses towards next target at 1.1640, 2005 low, with no serious obstacles en-route. Extended corrective rallies, should be capped by 1.1975/1.2000 breakpoint, to keep bearish structure intact, otherwise close above 1.20 barrier, would signal beginning of corrective phase.
    Res: 1.1857; 1.1875; 1.1885; 1.1957
    Sup: 1.1750; 1.1700; 1.1640; 1.1600


    [​IMG]GBPUSD
    Cable continues to move lower and posts new lows on the way to psychological 1.5000 target. Negative structure keeps the downside favored, with loss of 1.50 handle to open 1.4910, Fibonacci 61.8% of larger 1.3501/1.7189, 2009/2014 ascend, ahead of strong support at 1.4830/12 base, lows of 2013. Session high at 1.5126 offers initial resistance, ahead of 1.5200, low of 05 Jan and 1.5272, lower platform of 06 Jan, also Fibonacci 38.2% of 1.5618/1.5153 downleg and week’s high at 1.5317.
    Res: 1.5100; 1.5126; 1.5200; 1.5272
    Sup: 1.5032; 1.5000; 1.4910; 1.4830


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    USDJPY
    The pair gains bullish momentum, extending bounces from 118.03, low of 06 Jan, with close above 119 support, accelerating towards psychological 120 barrier. Hourly studies turned bullish, with 4-hour indicators heading north, supportive for clearance of 120 barrier and extension towards 120.80 platform and pivotal point for final push towards key barrier at 121.83, peak of 08 Dec 2014. Initial support lies at 119.62, ahead of 119.15 and key 118.70 support, yesterday’s higher low and daily Kijun-sen line, loss of which will be bearish.
    Res: 120.00; 120.42; 120.80; 121.00
    Sup: 119.62; 119.15; 118.70; 118.35


    [​IMG]AUDUSD
    The pair continues to trade in near-term consolidative phase off fresh low at 0.8034, which was retested yesterday and rallies being capped at 0.8155, by descending daily 20SMA. Repeated Dojis confirm near-term hesitation on approach to initial target at psychological 0.8000 level and 0.7645, Fibonacci 61.8% retracement of larger 0.6007/1.1079 ascend, in extension. Overall bearish picture favors further weakness, while only break and close above daily 20SMA / 06 Jan correction high at 0.8155 to expose breakpoint at 0.8213, 31 Dec high, regain of which to sideline downside risk.
    Res: 0.8155; 0.8182; 0.8213; 0.8272
    Sup: 0.8080; 0.8051; 0.8034; 0.8000
     
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