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Technical Outlook for Majors 15/01/2015

Discussion in 'Major Currency Pairs' started by WindsorBrokers, Jan 15, 2015.

  1. WindsorBrokers

    WindsorBrokers Content Contributor

    Feb 18, 2010
    Likes Received:
    The Euro returns below 1.1800 handle, following yesterday’s choppy trading, which ended in long-legged Doji. Initial dip to fresh low at 1.1726 was followed by sharp bounce to 1.1845, where rally stalled. Hourly studies are gaining bearish tone, along with negative setup of larger timeframes technicals, keeping downside in near-term focus. New low at 1.1726 and round-figure 1.17 level are the sole obstacles on the way towards target at 1.1640, 2005 low. Initial barrier lies at 1.18, above which, more significant 1.1845, yesterday’s high / daily 10SMA / Tenkan-sen, is expected to cap, guarding 1.1870 breakpoint, high of 12 Jan.
    Res: 1.1800; 1.1845; 1.1870; 1.1895
    Sup: 1.1752; 1.1726; 1.1700; 1.1640

    Near-term studies regained traction on yesterday’s fresh rally, which broke above two-day directionless trade, with yesterday’s positive close, which came after double-Doji, signaling possible stronger recovery action, ahead of attack at psychological 1.50 support. Yesterday’s break and close above daily 10SMA, focuses pivotal 1.5317 lower top, above which to confirm reversal and open daily 20SMA, currently at 1.5378. However, bearish setup of daily chart studies, requires caution, as early rejection under pivotal barriers, would signal lower top formation and fresh acceleration lower.
    Res: 1.5244; 1.5267; 1.5317; 1.5350
    Sup: 1.5181; 1.5143; 1.5100; 1.5075

    [​IMG]USDJPY</p>The pair accelerated lower yesterday and posted new low at 116.05, looking for final push towards 115.55 breakpoint, low of 16 Dec and Fibonacci 38.2% retracement of 105.18/121.83 ascend. However, yesterday’s Hammer requires caution, with subsequent bounce so far seen as corrective phase, preceding fresh push lower, as rallies were so far capped at 117.93, yesterday’s high. Break here and 118.36, daily cloud top, would sideline bears and signal stronger recovery. Otherwise, expect lower top formation and fresh attempt lower, as daily studies are turning bearish and daily 10/20SMA’s bear cross at 119.12, maintains pressure.
    Res: 117.93; 118.36; 118.84; 119.30
    Sup: 117.42; 117.00; 116.67; 116.05

    The pair accelerates higher and probes above 0.82 barrier, after reversal from 0.8253, upside rejection, found support at 0.8066. Positive near-term technicals favor attack at 0.8253, with close above, to confirm breakout from near-term congestion and spark stronger correction from 0.8031 double-bottom. Daily studies are gaining traction, with today’s trading being contained by daily 20SMA and formation of 10/20SMA’s bull-cross, expected to underpin rally for eventual break higher. Conversely, repeated upside failures, to signal prolonged consolidation, with higher base at 0.8130, marking solid support and near-term breakpoint.
    Res: 0.8253; 0.8300; 0.8322; 0.8373
    Sup: 0.8200; 0.8175; 0.8130; 0.8100

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