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Technical Outlook for Majors 11/12/2014

Discussion in 'Major Currency Pairs' started by WindsorBrokers, Dec 11, 2014.

  1. WindsorBrokers

    WindsorBrokers Content Contributor

    Feb 18, 2010
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    The Euro is steady in the near-term, with Three White Soldiers reversal pattern being formed and daily close above 20SMA, suggesting further recovery. Fresh strength from 1.2360, where higher base was left, approaches lower boundary of 1.2505/30 pivotal resistance zone. Corrective pullback from spike high at 1.2493, finds initial support at 1.2435, daily 20SMA and should be ideally contained at 1.24 zone, Fibonacci 38.2% of 1.2244/1.2493 rally / ceiling of yesterday’s consolidation range, before eventual attempt through 1.2505/30 pivots. Positive near-term studies and ascending daily indicators, support further upside action. Break of 1.2530 to face daily 55SMA at 1.2554, ahead of breakpoint at 1.26 zone , 19 Nov peak. Only extension below 1.2360 higher base, also under 50% retracement of 1.2244/1.2493, would undermine near-term bulls.
    Res: 1.2460; 1.2493; 1.2505; 1.2530
    Sup: 1.2430; 1.2400; 1.2360; 1.2340

    Cable continues to trend higher, as fresh rally, which emerged from 1.5650 consolidation floor, closed above daily 20SMA and peaked ticks away from 1.5761 barrier, 01 Dec lower top and Fibonacci 76.4% of 1.5823/1.5539 descend, reinforced by daily Kijun-sen line. This is seen as the last barrier on the way to breakpoint at 1.5823, high of 27 Nov, clearance of which to mark near-term bottom, for stronger correction. North-heading daily indicators, with positive near-term studies, are supporting the notion. Corrective dips, which were so far contained at psychological 1.57 support, should not exceed 1.5650 higher base, reinforced by daily Tenkan-sen line, in case of extended pullback.
    Res: 1.5755; 1.5761; 1.5800; 1.5823
    Sup: 1.5700; 1.5670; 1.5650; 1.5624

    The pair remains under pressure, with fresh extension of pullback from 121.83 peak, approaching pivotal 117.22 support, 27 Nov higher low. Yesterday’s repeated close in red, which formed Three Black Crows reversal pattern and close below daily 20SMA, signal that the pair is at breakpoint for stronger correction, with sustained break below 117.22. required to confirm. Hesitation at 117.22 support, could be expected, as daily indicators are turning from south-heading route, and near-term’s coming out of oversold zone. Extended corrective rallies should be capped under 120 zone, yesterday’s high / near Fibonacci 61.8% of 121.83/117.43 descend.
    Res: 118.47; 118.67; 119.00; 119.44
    Sup: 117.83; 117.43; 117.22; 117.00

    Yesterday’s positive close signals near-term corrective action, as the pair extend higher from 0.8222, 09 Dec low. Recovery attempts reach important barrier at 0.8380, 50% of 0.8540/0.8222 descend, reinforced by daily 10SMA / Tenkan-sen line. Close above here is required to confirm recovery and open 0.8420, former lows and Fibonacci 61.8% retracement, and 0.8440, Fibonacci 38.2% of larger 0.8794/0.8222 descend. Hourly studies are positive, however, further extension higher is required to move ascending 4-hour indicators into positive territory and confirm recovery, as daily RSI supports on attempts to move out of oversold zone. Alternatively, upside rejection and weakness below 0.8283 higher low / Fibonacci 61.8% of0.8222/0.8373 rally, would sideline near-term bulls.
    Res: 0.8346; 0.8373; 0.8400; 0.8420
    Sup: 0.8318; 0.8300; 0.8283; 0.8262

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