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Technical Outlook for Majors 17/03/2015

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

  1. WindsorBrokers

    WindsorBrokers Content Contributor

    Feb 18, 2010
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    The Euro entered near-term consolidative phase between 1.0550 higher base, session lows reinforced by hourly cloud top and 1.0618, near-term consolidation top and recovery rally peak, keeping intact pivotal 1.0635 hourly lower platform and Fibonacci 38.2% of 1.0905/1.0461 downleg, for now. Near-term studies remain weak and see limited upside attempts for now, while larger timeframes technicals maintain firm bearish tone and keep the downside in focus, despite oversold daily studies. Weakness below initial 1.0550 support, to open, 1.0520, hourly trough and Fibonacci 61.8% retracement of 1.0461/1.0618 upleg. Break here and through psychological 1.05 handle to re-focus key near-term support at 1.0461, fresh 12-year low of 13 Mar and signal bearish resumption. Conversely, lift above 1.0618/35, is required to signal fresh recovery attempts and shift near-term focus towards pivotal 1.0682, 12 Mar correction high and 1.0728, descending daily 10SMA, close above which to signal near-term base and open way for stronger correction.
    Res: 1.0618; 1.0635; 1.0682; 1.0700
    Sup: 1.0550; 1.0520; 1.0500; 1.0461

    [​IMG]GBPUSD</p>Cable slides below 1.48 handle, signaling an end of near-term 1.4810/51 consolidative phase. Extension lower and probe below hourly cloud base, weakens near-term structure and puts attempts at immediate barrier at 1.4851, correction high and 1.4861, hourly cloud top, on hold for now. Fresh acceleration lower marked over 50% retracement of 1.4697/1.4851 rally and increase risk of break below pivotal 1.4768/56, hourly trough / Fibonacci 61.8% retracement, loss of which would turn near-term focus lower, as overall tone remains bearish. On the other side, renewed attempts higher would keep in play hopes of stronger recovery, with break above initial 1.4851 barrier, yesterday’s high and recovery top, expected to open next strong barrier at 1.4900, hourly lower platform / Fibonacci 61.8% of 1.5025/1.4697, reinforced by 4-hour Kijun-sen line and resume corrective phase on a break higher. However, extended corrective rallies should be capped under strong 1.5025 barrier, Fibonacci 38.2% of 1.5551/1.4697/ 12 Mar high / 06 Mar low.
    Res: 1.4851; 1.4861; 1.4900; 1.4950
    Sup: 1.4768; 1.4746; 1.4697; 1.4650

    The pair remains in extended sideways mode, with near-term studies holding neutral tone and repeated Doji confirming indecision. Consolidation range tops at 121.65 and former high at 121.83, mark initial barriers. Overall tone, however, remains bullish and keeps the upside in focus, with consolidative phase being for now contained at strong 120.60 support, Fibonacci 38.2% of 118.29/122.01 upleg. Initial support lies at 121.12, 4-hour cloud top and the action being underpinned by ascending daily 10SMA at 121 and daily Tenkan-sen line at 120.80.
    Break below 120.60 handle to signal stronger pullback and open former highs at 120.46/25, ahead of psychological 120 support, also Fibonacci 38.2% of 116.86/122.01 rally, loss of which to confirm reversal. Otherwise, close above initial barriers at 121.83/122.01, to signal resumption of larger uptrend towards 124.14, June 2007 high.</p>Res: 121.65; 121.83; 122.00; 122.50
    Sup: 121.12; 121.00; 120.80; 120.60

    The pair entered neutral near-term mode, after building hourly base at 0.7609, with consolidation range being so far capped at 0.7678, yesterday’s high and descending daily 10SMA. Overall picture remains bearish and sees scope for fresh attempts at 0.7558 low, to resume larger downtrend on a break, as bearish setup of daily SMA’s and widening 20d Bollingers, support the notion. Alternatively, attempts above initial barrier at 0.7678, would open way for fresh attack at pivotal 0.7730, 12 Mar correction high and the mid-point of 0.7911/0.7558 downleg, above which to materialize daily RSI/MACD bullish divergence and open way for further correction.
    Res: 0.7678; 0.7730; 0.7766; 0.7800
    Sup: 0.7625; 0.7609; 0.7558; 0.7500

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