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Technical Outlook for Majors 16/04/2015

Discussion in 'Major Currency Pairs' started by WindsorBrokers, Apr 16, 2015.

  1. WindsorBrokers

    WindsorBrokers Content Contributor

    Feb 18, 2010
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    The Euro trades in near-term corrective phase, off 1.0530 higher low, with two-legged recovery posting fresh high at 1.0745 so far. The pair stays short of pivotal 1.08 zone, where sideways-moving 20SMA lies and close above here is required to confirm recovery. Today’s pullback could be seen as corrective action, ahead of fresh attempts higher, as freshly established near-term bulls are still in play and would allow dips to 1.0612, Fibonacci 61.8% retracement of 1.0530/1.0745 rally / hourly Ichimoku cloud base, where reversal should be ideally formed. Otherwise, initial signals of lower top formation at 1.0745 will be generated, with further easing and break below higher base at 1.0570, required to confirm reversal and expose key supports at 1.0530 and 1.0519.
    Res: 1.0663; 1.0706; 1.0745; 1.0776
    Sup: 1.0624; 1.0612; 1.0590; 1.0570

    Cable maintains positive near-term tone and extends three-day recovery from 1.4563, 13 Apr low, to 1.4878, retracing over 76.4% of the downleg from 1.4970 to 1.4563. Three positive daily closes in long green candles, signal reversal, as the price establishes above daily 20SMA and cracked broken bull-trendline off 1.4633, former low. Bullish near-term studies favor further recovery and retest of pivotal 1.4970/1.50 resistance zone, tops of former consolidation range, break of which to confirm reversal. Corrective easing faces initial support at 1.4800, former high, with extended dips to be ideally contained above 1.4758, Fibonacci 38.2% of 1.4563/1.4878 upleg. Otherwise, extended weakness and violation of 1.4698/84, 15 Apr trough / Fibonacci 61.8% retracement, would neutralize near-term bulls and signal an end of corrective phase.
    Res: 1.4878; 1.4920; 1.4970; 1.5000
    Sup: 1.4800; 1.4758; 1.4721; 1.4698

    The pair remains at the back foot in the near-term, as yesterday’s repeated close in red and extension below daily cloud base at 118.92, to fresh low at 118.79, daily 20d lower Bollinger band, nearly fully retraced 118.70/120.83 upleg. With daily indicators breaking into negative territory and firm bearish tone on lower timeframes technicals, scope is seen for final push towards pivotal 118.31 support, low of 26 Mar, to complete 118.31/120.83 bull-phase and signal formation of daily failure swing, for further easing towards lower boundary of three-month 115.83/122.01 consolidation range. Corrective actions off 118.78, hourly double-bottom, should be ideally capped under 119.73, yesterday’s high and lower top of 120.83/118.78 descend.
    Res: 119.42; 119.73; 120.10; 120.42
    Sup: 119.22; 118.78; 118.70; 118.31

    The pair accelerates above pivotal 0.7736 barrier, 09 Apr high and top of near-term consolidation range, signaling near-term base formation. Two consecutive positive daily closes and today’s fresh acceleration through daily 20SMA that also penetrated daily cloud base and so far reached 0.7780 high, Fibonacci 61.8% of 0.7936/0.7531 downleg, sidelines immediate downside risk. Further rallies and daily close above 0.7782 barrier is required to signal formation of daily double-bottom, for stronger recovery. Bullish near-term studies support the notion, with corrective easing on overbought hourly technicals, expected to find support at 0.7690 zone, daily 20SMA / Fibonacci 38.2% of 0.7553/0.7780 upleg.
    Res: 0.7780; 0.7841; 0.7882; 0.7911
    Sup: 0.7730; 0.7690; 0.7667; 0.7640

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