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Technical Outlook for Majors 08/09/2014

Discussion in 'Major Currency Pairs' started by WindsorBrokers, Sep 8, 2014.

  1. WindsorBrokers

    WindsorBrokers Content Contributor

    Feb 18, 2010
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    The Euro remains negative overall and sees potential for further descend in the near term. However, weaker than expected US jobs data, released on Friday, reduced immediate pressure and so far keep the pair above fresh low at 1.2918, posted on 04 Sep. Near-term price action holds in narrow range, sideways trading, with psychological 1.3000 barrier staying intact for now. Fresh bears could extend to 1.2786, Fibonacci 61.8% retracement of 1.2042/1.3992 and higher platform at 1.2750 zone, lows of March/July 2013. On the other side, Friday’s Doji candle suggests near-term indecision and possible extended consolidation, while overextended daily studies see stronger corrective bounce ahead, with clearance of initial 1.3000 barrier, also double-Fibonacci 38.2% retracement of 1.3410/1.2918 and 1.3158/1.2918 descends, seen as a trigger.
    Res: 1.2956; 1.2987; 1.3000; 1.3067
    Sup: 1.2918; 1.2906; 1.2850; 1.2800

    [​IMG]GBPUSD</p>Cable remains under pressure, with today’s gap-lower opening and price action posting fresh session lows, signaling further extension of short-term downtrend from 1.7189, 15 July peak.
    As the price stabilizes below 1.62 handle, immediate focus is turned towards 1.6212, Dec 2013 low at and 1.62, round-figure support. Broader weakness can extend towards psychological 1.6000 support, also 50% retracement of 1.4812/1.7189 rally, in the near term. Session high at 1.6230 offers initial resistance, ahead of Friday’s lows at 1.6278/85, while only filling today’s gap on extension above 1.63 barrier, would neutralize immediate bears.
    Res: 1.6230; 1.6285; 1.6300; 1.6330
    Sup: 1.6212; 1.6200; 1.6150; 1.6100

    The pair trades in near-term consolidative phase, off fresh high at 105.70, posted last Friday. Overall tone remains positive and keeps the upside favored for clear break above previous peak at 105.43 and resumption of larger uptrend. Consolidation low at 104.67, offers good support for now, however, overbought daily studies require caution. Stronger downside action could be anticipated on a break below initial 104.67 support and violation of 104.36/26, Fibonacci 61.8% retracement of 103.54/105.70 ascend / previous high of 25 Aug.
    Res: 105.21; 105.70; 106.00; 106.20
    Sup: 104.70; 104.36; 104.26; 104.00

    [​IMG]AUDUSD</p>The pair still holds positive near-term tone, despite some 16-pips gap-lower opening, as ascend from 0.9260, 03 Sep higher low, remains intact for now and Friday’s fresh attempts higher, cracked psychological 0.94 barrier. Sustained break above 0.94 barrier is required to confirm eventual exit from month-long 0.9372/0.9237 congestion and resume corrective action off 09237, towards the next target at 0.9468, 24 July lower top. Dips should be ideally contained at 0.9330 higher base and 50% of 0.9260/0.9400 upleg.
    Res: 0.9372; 0.9400; 0.9415; 0.9468
    Sup: 0.9346; 0.9330; 0.9310; 0.9300

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