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Technical Outlook for Majors 12/09/2014

Discussion in 'Major Currency Pairs' started by WindsorBrokers, Sep 12, 2014.

  1. WindsorBrokers

    WindsorBrokers Content Contributor

    Feb 18, 2010
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    The Euro remains in sideways mode, stabilizing above 1.29 handle, in a narrow range. Yesterday’s Doji confirms near-term indecision, with three-day range ceiling establishing at 1.2962 and floor marked by 1.2882, low of 10Sep. Lack of direction and flat hourly studies, suggest further consolidation, with 4-hour studies still holding negative tone. This keeps the downside vulnerable, as overall tone remains bearish and so far ignores oversold daily conditions. Violation of initial 1.2962/87 barriers and psychological 1.30 level, would signal stronger upside attempts towards 1.3070, Fibonacci 38.2% of 1.3410/1.2858 and 1.31 hurdle, while clearance of 1.3158 lower top of 03 Sep is required to confirm near-term base and correction underway, which will put aside attempts towards near-term targets at 1.2786, Fibonacci 61.8% retracement of 2012/2014 1.2042/1.3992 ascend and a higher base at 1.2750 zone, Mar/July 2013 lows.
    Res: 1.2962; 1.2987; 1.3000; 1.3044
    Sup: 1.2910; 1.2882; 1.2858; 1.2800

    [​IMG]GBPUSD</p>Cable consolidates near term gains which cracked initial 1.6230 barrier, on extension to 1.6275 so far, Fibonacci 38.2% retracement of 1.6642/1.6050 descend. Near-term price action is holding within 1.6212/1.6275 range, with positively aligned near-term studies seeing scope for further recovery action. To confirm correction scenario and neutralize immediate bears, filling Monday’s gap on regain of lower top at 1.6338, is required. The notion is supported by formation of Morning Doji Star – like pattern, on the daily chart, along with overextended daily studies. However, overall negative sentiment sees extension of larger downtrend, once corrective action is completed.
    Res: 1.6275; 1.6300; 1.6338; 1.6347
    Sup: 1.6213; 1.6155; 1.6123; 1.6050

    The pair continues to trend higher, with fresh bulls establishing above psychological 107 barrier, as target at 107.20, Fibonacci 138.2% projection of the upleg from 100.81, was taken out. The pair is looking for extension towards 108/110 zone in the near-term, with corrective pullbacks expected to interrupt rallies. Initial support lies 107 level, ahead of 106.60 and 106.00 higher bases, where corrective dips should be contained.
    Res: 107.50; 108.00; 108.30; 109.00
    Sup: 107.00; 106.50; 106.00; 105.70

    [​IMG]AUDUSD</p>The pair maintains negative tone, with fresh extension of the downleg from 0.9216 lower top, losing 0.910 handle and retracing over 50% of larger 0.8658/0.9503 ascend. Bears so far tested target at 0.9050, weekly cloud base, with further downside being favored. Next targets lay at 0.9000, psychological support and 0.8980, Fibonacci 61.8% retracement. Corrective actions are expected on oversold near-term studies, with 0.9216 lower top, expected to cap extended rallies.
    Res: 0.9110; 0.9187; 0.9216; 0.9268
    Sup: 0.9050; 0.9000; 0.8980; 0.8950

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