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Technical Outlook for Majors 17/02/2015

Discussion in 'Major Currency Pairs' started by WindsorBrokers, Feb 17, 2015.

  1. WindsorBrokers

    WindsorBrokers Content Contributor

    Feb 18, 2010
    Likes Received:
    The Euro failed to sustain break above 1.14 handle, with double rejection at 1.1443 on 13 Feb and 1.1429 yesterday, being followed by quick descend, which now pressures psychological 1.13 support. With no solution on Greece/EU talks so far, downside pressure is rising. Near-term focus turns towards pivotal 1.1260 higher base and Fibonacci 61.8% of 1.1096/1.1532 rally and eventual break lower to expose key support at 1.1096, low of 26 Jan. Bearish setup of near-term studies and price’s return below daily 20SMA, support the notion. However, prolonged consolidation could be expected while 1.1260 base holds, with Friday’s high at 1.1443, marking the first pivot.
    Res: 1.1378; 1.1429; 1.1443; 1.1470
    Sup: 1.1319; 1.1300; 1.1260; 1.1222

    Cable consolidates around daily cloud base at 1.5360, following fresh extension of larger rally that peaked at 1.5438. Yesterday’s bearish Outside Day comes as negative signal, amid overall bullish tone, seeing risk of recovery rally stall in case the price closes below 1.53, Fibonacci 61.8% of 1.5207/1.5438 ascend. Otherwise, close above cloud base and regain of 1.54 handle, would be a positive signal for fresh attempts higher. Break above 1.5438 high to open 1.5460, Fibonacci 76.4% of 1.5618/1.4950 and 1.5526, daily cloud top, in extension.
    Res: 1.5385; 1.5400; 1.5438; 1.5460
    Sup: 1.5337; 1.5300; 1.5262; 1.5207

    [​IMG]USDJPY</p>The pair trades in near-term consolidative mode, after reversal from 120.46 high found support at 118.25, Fibonacci 61.8% of 116.86/120.46 upleg, reinforced by daily 20SMA. Consolidation is for now entrenched between daily 20 and 55SMA’s, laying at 118.25 and 118.75, respectively, with yesterday’s Doji, signaling near-term indecision. Bearish near-term studies favor further easing, with break below 118.25 and daily Tenkan-sen at 118.15, expected to open 117.71, Fibonacci 76.4% retracement, next. On the other side, positive tone still exists on a daily chart and cannot rule out basing attempt and fresh recovery, which requires break above 118.75, daily 55SMA and 119.03, daily Ichimoku cloud top, to be confirmed.
    Res: 118.75; 119.03; 119.60; 119.86
    Sup: 118.25; 118.15; 117.71; 117.15

    The pair holds positive tone in near-term, as recovery rally off 0.7642 higher low, probes above psychological 0.78 barrier. On the other side, yesterday’s Doji sows no significant movements on the bigger picture, with bears prevailing and descending daily 20SMA, currently at 0.7827, limiting upside attempts for now. Break here and pivotal 0.7874, 06 Feb lower top, is required to confirm break above near-term range and signal stronger recovery towards pivotal 0.8023/31, high of 28 Jan / low of 07 Jan. Otherwise, expect prolonged consolidation, while the price action remains within current range, with downside risk to remain in play.
    Res: 0.7827; 0.7874; 0.7900; 0.7958
    Sup: 0.7740; 0.7722; 0.7700; 0.7667

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