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Technical Outlook for Majors 17/12/2014

Discussion in 'Major Currency Pairs' started by WindsorBrokers, Dec 17, 2014.

  1. WindsorBrokers

    WindsorBrokers Content Contributor

    Feb 18, 2010
    Likes Received:
    The Euro trades in extended correction of yesterday’s rally, after bulls eventually broke above 1.25 barrier, below which the price was congested for past few sessions. Yesterday’s close above 1.25 is supportive for further upside, as the price peaked at 1.2568, but stayed capped under daily Ichimoku cloud and 55SMA, keeping pivotal 1.2597 high out of reach for now. Pullback, which cracked support at 1.2468 bull-trendline, drawn off 1.2245 low / 50% of 1.2368/1.2568 upleg, reinforced by 4-hour Kijun-sen line, may undermine bulls in case of further easing and close below daily 20SMA at 1.2423.
    Res: 1.2490; 1.2515; 1.2555; 1.2568
    Sup: 1.2444; 1.2423; 1.2415; 1.2400

    Near-term bulls are back to play, following yesterday’s acceleration higher and probe above 1.5755/61 barriers and daily Kijun-sen line, above which yesterday’s close occurred. Final push towards key near-term barrier and range top at 1.5823 is expected after completion of corrective action off yesterday’s high at 1.5783 and so far contained at 1.5675, near Fibonacci 61.8% of 1.5599/1.5783 upleg. Return above 1.57 barrier, requires lift above 1.5740, 61.8% of 1.5783/1.5675 descend, to neutralize bears and re-focus the upside targets. Otherwise, extended weakness and close below daily 20SMA at 1.5688 would weaken near-term structure.
    Res: 1.5740; 1.5755; 1.5783; 1.5800
    Sup: 1.5675; 1.5645; 1.5625; 1.5600

    [​IMG]USDJPY</p>The pair accelerated lower and reached levels near initial target at 115.43, 17 Nov low / Fibonacci 38.2% retracement of 105.18/121.83 rally. Repeated close in red confirm bearish resumption and focuses next target at 113.50, 50% retracement of 105.18/121.83 rally, reinforced by daily 55SMA. Corrective action so far holds below psychological / double Fibonacci barrier at 118, where rallies should be ideally capped. Otherwise, extended corrective action and close above daily 20SMAat 118.57, would put near-term bears on hold.
    Res: 117.54; 117.75; 118.00; 118.57
    Sup: 117.00; 116.24; 116.00; 115.55

    [​IMG]AUDUSD</p>The pair resumed descend and posted new low at 0.8137, after ending near-term consolidation above 0.8200 base. Yesterday’s close in red confirms bearish resumption, with immediate target at 0.8122, Fibonacci 176.4% expansion of extended third wave from 0.8794 and 200% expansion at 0.8033, coming just ahead of psychological 0.8000 support and next key target. Negative technicals keep the downside focused, with bears to be interrupted by corrective rallies on oversold near-term studies. Former base at 0.8200 offers initial resistance, with extended rallies to be capped under 0.8270/80, previous range tops / Fibonacci 61.8% of 0.8373/0.8137 descend.
    Res: 0.8200; 0.8228; 0.8270; 0.8300
    Sup: 0.8137; 0.8122; 0.8100; 0.8033

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