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Technical Outlook for Majors 14/01/2015

Discussion in 'Major Currency Pairs' started by WindsorBrokers, Jan 14, 2015.

  1. WindsorBrokers

    WindsorBrokers Content Contributor

    Feb 18, 2010
    Likes Received:
    The Euro has established in near-term sideways trading, consolidating above fresh 9-year low at 1.1752, with upside attempts being limited at 1.1870, 12 Jan correction high. Yesterday’s return to 1.1752 support, and close in long red candle, signals fresh weakness in the near-term, as overall bears favor extension towards target at 1.1640, 2005 low. Falling daily 10SMA, currently at 1.1877, reinforces initial barrier and consolidation range tops, along with descending daily Tenkan-sen line at 1.1930, which guards 1.1975/1.2000 breakpoint zone.
    Res: 1.1822; 1.1870; 1.1890; 1.1930
    Sup: 1.1780; 1.1752; 1.1700; 1.1640

    Cable remains in near-term sideways mode, as upside attempts through 1.52 barrier and range top, being so far short-lived, like yesterday’s dips below 1.51 range floor. Double Doji and neutral near-term studies confirm directionless mode, while larger timeframes technicals maintain firm bearish tone. However, extended daily studies suggest prolonged consolidation, ahead of fresh attempt lower. Low of 08 Jan at 1.5032, marks initial support, ahead of psychological 1.50 level, with short-term focus at 1.4812/30 higher base and lows of 2013. Descending daily 10SMA, reinforces near-term congestion tops, while daily Tenkan-sen line at 1.5308, strengthens next barrier and breakpoint at 1.5317, 05 Jan high, posted after previous week’s gap-lower opening.
    Res: 1.5200; 1.5221; 1.5272; 1.5317
    Sup: 1.5143; 1.5100; 1.5075; 1.5032

    [​IMG]USDJPY</p>The pair accelerates lower, following yesterday’s break and close below 118 handle and today’s penetration through daily Ichimoku cloud top. As fresh weakness retraced so far over 76.4% of 115.55/120.81 rally, on probe below 117 support, near-term focus is shifted towards key short-term support and breakpoint at 115.55, 16 Dec low and Fibonacci 38.2% retracement of larger 105.18/121.83 rally, break of which is required to signal stronger correction. Daily bulls are fading, while weekly indicators are reversing and supporting scenario. Consolidative actions to be anticipated in the near-term, as hourly studies are oversold. Extended rallies should be ideally capped at 118 zone, today’s high / former congestion lows and Fibonacci 38.2% retracement of 119.95/116.73 downleg.
    Res: 117.50; 118.00; 118.35; 118.84
    Sup: 116.73; 116.30; 116.00; 115.55

    The pair comes under pressure and accelerates lower, retracing so far over 76.4% of corrective 0.8031/0.8253 rally. Yesterday’s consolidation, which ended in Doji, was short-lived, with fresh weakness, reviving near-term bears and confirming false break higher. Immediate target at 0.8031 is now focused, with extension lower to attack next targets at psychological 0.80 level and Fibonacci 61.8% retracement of multi-year ascend from 0.6007 to 1.1079, at 0.7945. Yesterday’s congestion tops at 0.82 zone, are expected to cap upside attempts.
    Res: 0.8129; 0.8170; 0.8200; 0.8253
    Sup: 0.8066; 0.8031; 0.8000; 0.7945

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