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Technical Outlook for Majors 10/11/2014

Discussion in 'Major Currency Pairs' started by WindsorBrokers, Nov 10, 2014.

  1. WindsorBrokers

    WindsorBrokers Content Contributor

    Feb 18, 2010
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    The Euro recovered part of its last week losses, after finding footstep at 1.2357, last Friday’s low. Subsequent bounce, triggered by weaker than expected US jobs data, approaches 1.25 barrier, formed base, also near Fibonacci 61.8% retracement of 1.2576/1.2357 descend. Sentiment remains negative overall and favors fresh weakness after completing corrective phase, as the pair closed in red for the third consecutive week. Initial barrier lies at 1.2532 lower top of 6 Nov, reinforced by daily 10SMA. Close above here would sideline bears for test of 1.2576 breakpoint, 04 Nov lower top.
    Res: 1.2500; 1.2532; 1.2565; 1.2576
    Sup: 1.2450; 1.2410; 1.2395; 1.2357

    [​IMG]GBPUSD</p>The pair corrects recent losses, off 1.60 lower top, which found ground at 1.5788 for now. Last Friday’s positive close signals near-term corrective phase, however, overall picture remains bearish. Probe above 1.59 barrier, could signal further recovery, in case of close above, however, while key near–term hurdles at 1.6000, psychological resistance / daily Kijun-sen line and 1.6020 lower platform stay intact, lower top formation and fresh weakness scenario, will remain favored.
    Res: 1.5919; 1.5953; 1.6000; 1.6020
    Sup: 1.5870; 1.5840; 1.5814; 1.5788

    [​IMG]USDJPY</p>Corrective easing from fresh highs at 115.50 zone, attacks114 support, following Friday’s negative close. Near-term studies are south-heading and suggest further easing, with the notion being supported by overbought larger timeframes studies and reversing daily indicators. Sustained break below 114 handle, to open 113.15/00 support zone, higher low of 04 Nov / Fibonacci 38.2% of 108.78/115.56 upleg, below which, last week’s low 112.56, offers next strong support. Key supports lay at 110 zone, previous highs and 109.50, broken long-term bear-trendline, connecting 2002/2007 peaks, loss of which to signal major reversal.
    Res: 114.40; 115.00; 115.50; 116.00
    Sup: 113.71; 113.15; 113.00; 112.56

    The pair bounces off fresh low at 0.8539 and attacks double-Fibonacci barrier at 0.8680 zone, 38.2% of 0.8909/0.8539 descend and 61.8% retracement of 0.8760/0.8539 downleg. Friday’s bullish Outside Day, could be a signal of stronger bounce, in case the price breaks above 0.8760 lower platform and breakpoint, as daily MACD bullish divergence supports the notion. Otherwise, expect lower top formation and fresh weakness, in case of failure at 0.8760 barrier.
    Res: 0.8680; 0.8700; 0.8760; 0.8800
    Sup: 0.8620; 0.8600; 0.8565; 0.8539

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