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Technical Outlook for Majors 18/12/2014

Discussion in 'Major Currency Pairs' started by WindsorBrokers, Dec 18, 2014.

  1. WindsorBrokers

    WindsorBrokers Content Contributor

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    [​IMG]EURUSD
    The Euro collapsed yesterday, after dollar-supportive Fed comments accelerated lower and hit
    session low at 1.2320, Fibonacci 76.4% retracement of 1.2245/1.2568 rally. This signals an end of corrective phase off 1.2244 and shifted near-term focus lower. Yesterday’s long red candle marks the strongest daily fall since 21 Nov, with near-term bears being fully established, reinforcing overall negative structure for eventual full retracement of 1.2244/1.2568 ascend and attempts towards short-term targets at 1.2100, bull-trendline off 2005 low and 1.2042, July 2012 low, on a break. Today’s fresh weakness probed below 1.23 support, opening way towards pivotal support at 1.2244, low of 08 Dec. On the upside, former base at 1.2360, marks the first strong resistance, ahead of 1.2407, daily 20SMA, below which today’s close should ideally occur. Yesterday’s high at 1.2475 marks next significant barrier and only sustained break here would neutralize near-term bears.
    Res: 1.2360; 1.2385; 1.2407; 1.2445
    Sup: 1.2276; 1.2244; 1.2200; 1.2150


    [​IMG]GBPUSD</p>Yesterday’s acceleration lower which brought the price back to short-term consolidation floor and 2014 lows, signals an end of consolidative phase and fresh leg lower. Yesterday’s close in red, marked strongest daily fall since 14 Oct and sees risk of eventual break below short-term base, as bears returned play on near-term studies and overall picture remains negative. Break lower to focus next targets at 1.5427/20, lows of 28/14 Aug 2013 and 1.5373, Fibonacci 76.4% retracement of 1.4812/1.7189, July 2013 / July 2014 rally. Daily Tenkan-sen line at 1.5661, should cap recovery attempts.
    Res: 1.5638; 1.5661; 1.5690; 1.5734
    Sup: 1.5539; 1.5500; 1.5450; 1.5400



    [​IMG]USDJPY
    The pair accelerated bounce from fresh correction low at 115.55, to retrace so far over 50% of 121.83/115.51 descend. The rally cracked daily 10/20SMA’s at 118.65/84, with today’s close above here, required to confirm reversal. Positive hourly and 4-hour indicators attempting above their midlines, support further upside, with break above 119.43/54, Fibonacci 61.8% retracement / 11 Dec lower top, to confirm. Corrective dips should be contained above 116.90 higher base, to keep bulls intact.
    Res: 119.00; 119.54; 120.00; 120.35
    Sup: 118.33; 118.00; 117.68; 117.27



    [​IMG]AUDUSD
    Yesterday’s bearish acceleration came ticks away from 0.8100, round-figure support. Long red candle on yesterday’s close, which came after previous day’s Doji, confirms bearish resumption of extended third wave, which now focuses 0.8033, its 200% Fibonacci expansion and psychological 0.8000 support. Corrective rallies face initial resistance at 0.8200, former base and next significant barrier at 0.8234, yesterday’s high, reinforced by descending daily 10SMA / Tenkan-sen line, below which daily close should ideally occur.
    Res: 0.8200; 0.8234; 0.8270; 0.8300
    Sup: 0.8137; 0.8105; 0.8033; 0.8000
     
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