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Technical Outlook for Majors 15/04/2015

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

  1. WindsorBrokers

    WindsorBrokers Content Contributor

    Feb 18, 2010
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    The Euro reverses from fresh recovery high at 1.0706, where yesterday’s strong rally stalled on approach to pivotal barriers at 1.0711/16, former low of 31 Mar / Fibonacci 38.2% retracement of 1.1034/1.0519 descend. Reversal resumed lower after brief 1.0616/63 consolidation and took out pivotal1.06 support, Fibonacci 61.8% of 1.0530/1.0706 upleg, signaling an end of near-term corrective phase. Near-term studies are turning negative again, along with bearish setup of daily technicals, increasing downside pressure towards 1.0530 higher low and key support at 1.0519, 13 Apr low. Immediate support lies at 1.0564, hourly cloud base, below which to open way for full retracement of 1.0519/1.0706 upleg. Pivotal barriers lay at 1.0711/16, ahead of daily 20SMA at 1.0790, above which to revive bulls.
    Res: 1.0616; 1.0663; 1.0706; 1.0716
    Sup: 1.0564; 1.0530; 1.0519; 1.0500

    Cable bounced from fresh low at 1.4563, posted on 13 Apr and tested psychological 1.48 barrier, on two-day recovery rally. Repeated positive close and fresh gains that cracked pivotal 1.4771/89 barriers, daily Tenkan-sen and daily 10SMA, give initial signals of reversal, as near-term studies are gaining bullish tone. Fresh strength and close above 1.4815, Fibonacci 61.8% of 1.4970/1.4563 downleg / daily 20SMA, is required to confirm and resume recovery. Otherwise, expect downside risk to remain in play, in case the price continues to hold below daily 20SMA.
    Res: 1.4776; 1.4800; 1.4815; 1.4884
    Sup: 1.4698; 1.4654; 1.4601; 1.4563

    [​IMG]USDJPY</p>The pair accelerated lower yesterday and closed in long red candle, maintaining downside pressure. Penetration of daily Ichimoku cloud top triggered fresh acceleration lower that dipped to 119.06, below Fibonacci 61.8% retracement of 118.31/120.83 upleg. Near-term studies are bearish, with daily indicators attempting into negative territory, signaling further weakness. Fresh attempts below 118.92, daily cloud base / Fibonacci 76.4% retracement, to confirm and open initial 118.70 support, higher low of 03 Apr, ahead of key short-term support at 118.31, 26 Mar low. Daily Tenkan-sen line at 119.76, caps today’s price action, ahead of 119.88, daily cloud top and psychological 120 barrier, above which to sideline immediate downside risk.
    Res: 119.76; 119.88; 120.00; 120.30
    Sup: 119.32; 119.06; 118.92; 118.70

    The pair remains in near-term consolidative phase above 0.7551, where near-term base has been built. Yesterday’s rally to 0.7646, 50% retracement of 0.7736/0.7551 downleg, was so far short lived, keeping near-term technicals weak, as daily 10SMA caps near-term price action. On the larger picture, bearish tone prevails, as the pair trades in consolidative phase, above key 0.7551/31 lows. Only close above daily 20SMA, currently at 0.7687, would signal stronger recovery that requires break and close above 0.7736, current recovery high, to neutralize downside risk.
    Res: 0.7610; 0.7628; 0.7647; 0.7665
    Sup: 0.7570; 0.7551; 0.7531; 0.7500

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