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Technical Outlook for Majors 09/01/2015

Discussion in 'Major Currency Pairs' started by WindsorBrokers, Jan 9, 2015.

  1. WindsorBrokers

    WindsorBrokers Content Contributor

    Feb 18, 2010
    Likes Received:
    The Euro is at the back foot ahead of US jobs data, with fresh low at 1.1752 posted yesterday and consolidative action hovering around 1.18 handle. Repeated negative close and firmly bearish overall picture, sees extension towards 1.1640 target, low of 2005, as favored near-term scenario. Consolidation top at 1.1820 marks the first layer of resistance, ahead of lower tops at 1.1857 and 1.1895, with the latter marking Fibonacci 61.8% retracement of 1.1975/1.1752 downleg and expected to cap rallies. Only clearance of 1.1975/1.2000 breakpoint zone would neutralize immediate bears and signal stronger recovery.
    Res: 1.1820; 1.1857; 1.1885; 1.1957
    Sup: 1.1780; 1.1750; 1.1700; 1.1640

    Cable continues to trend lower and approaches near-term target at psychological 1.5000 level. Bearish studies keep 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. Near-term consolidation top at 1.5116 marks immediate resistance, ahead of 1.5200, low of 05 Jan and 1.5272, lower platform of 06 Jan, above Fibonacci 38.2% of 1.5618/1.5153 downleg and breakpoint at week’s high at 1.5317.
    Res: 1.5116; 1.5166; 1.5200; 1.5272
    Sup: 1.5032; 1.5000; 1.4910; 1.4830

    Near-term price action is congested under psychological 120 barrier, which so far capped recovery rally from 118 higher low and dips contained above 119 handle. Near-term studies are in neutral mode, which suggests further consolidation, while daily Kijun-sen line at 118.70 holds. Larger picture studies remain positive and favor fresh attempt above initial 120 barrier, for attempt at pivotal 120.80 lower platform and key 121.83 peak. Conversely, close below daily Kijun-sen line, to weaken the structure.
    Res: 119.64; 120.00; 120.42; 120.80
    Sup: 119.15; 118.70; 118.35; 118.00

    Studies of lower timeframes are gaining traction, as the price moves higher off 0.8034 lows, where near-term basing attempt is under way. Daily 20SMA at 0.8142, also Fibonacci 61.8% retracement of 0.8213/0.8031 downleg is cracked, with break here and above 0.8155, near-term range top, required to signal double-bottom formation for acceleration towards pivotal 0.8213 barrier, high of 31 Dec. The action is supported by yesterday’s positive close after double-Doji and daily indicators reversing from oversold zone. However, failure to clear 0.8142/0.8213 resistance zone, would sideline hopes of stronger recovery and shift near-term focus towards targets at psychological 0.8000 level and 0.7945, Fibonacci 61.8% retracement of 0.6007/1.7079 ascend.
    Res: 0.8115; 0.8155; 0.8182; 0.8213
    Sup: 0.8080; 0.8051; 0.8034; 0.8000

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