1. This site uses cookies. By continuing to use this site, you are agreeing to our use of cookies. Learn More.

Technical Outlook for Majors 20/02/2015

Discussion in 'Major Currency Pairs' started by WindsorBrokers, Feb 20, 2015.

  1. WindsorBrokers

    WindsorBrokers Content Contributor

    Feb 18, 2010
    Likes Received:
    The Euro is at the back foot in the near-term trading, following yesterday’s repeated rejection at 1.1450 and subsequent slide that was initially contained by daily 20SMA. Fresh acceleration lower, cracked strong l 1.1320, higher low of 16 Feb and floor of former narrowed range, exposing pivotal 1.1260 support, higher base and Fibonacci 61.8% of 1.1096/1.1532 rally. The pair remains within larger range boundaries, awaiting today’s continuation of EU/Greece talks. Near-term studies are losing traction, while daily/weekly setup remains bearish that sees the downside vulnerable. However, trigger is required to break out of 1.1260/1.1532 range and end near-term sideways mode.
    Res: 1.1332; 1.1371; 1.1395; 1.1425
    Sup: 1.1300; 1.1260; 1.1220; 1.1200

    [​IMG]GBPUSD</p>Cable trades in near-term consolidative phase under fresh high at 1.5478, with acceleration through initial support at 1.5400, signaling deeper correction before fresh attempts higher, as. Overall picture remains bullish. Renewed attempts through 1.5478 high to open next target at 1.5526, daily cloud top. Weekly Three White Soldiers reversal pattern has been completed and bulls could extend to pivotal 1.5600/ 18, daily 100SMA, lower top of 31 Dec 2014. The action is underpinned by rising daily 10SMA at 1.5346 and daily Tenkan-sen line at 1.5336, where extended dips should be ideally contained. Conversely, break here and below higher low at 1.5315, to signal stronger retracement of 1.4950/1.5478 rally.
    Res: 1.5400; 1.5432; 1.5463; 1.5478
    Sup: 1.5340; 1.5315; 1.5276; 1.5214

    [​IMG]USDJPY</p>Near-term studies are neutral, as the price action moves within narrow range, entrenched between daily 20 and 10SMA’s. Positively aligned daily studies keep near-term focus at pivotal 119.40 lower platform, break of which to open psychological 120 barrier and fresh high at 120.46. Otherwise, repeated upside failures would keep at risk pivotal 118.25/15 support zone, 16/17 Feb higher lows / Fibonacci 61.8% of 116.86/120.46 upleg / daily Kijun-sen line. Break here to trigger further retracement of the rally. However, prolonged consolidation would be expected in case the price remains within a narrow range that would result in repeated weekly Doji and signal further indecision.
    Res: 119.16; 119.40; 119.60; 120.00
    Sup: 118.42; 118.25; 118.15; 117.71

    The pair rallied through 0.7800, psychological barrier and daily 20SMA and approaches 0.7841 high, to signal completion of 0.7841/0.7756 corrective phase, as sideway’s-moving daily 10SMA, contained. Near-term studies are gaining traction and see scope for eventual attempt above 0.7841 hurdle, to signal an end of narrow consolidation and focus pivotal 0.7874, 06 Feb high and near-term consolidation ceiling. Sustained break here to confirm double-bottom formation and open way for stronger corrective action. Otherwise, upside rejection would signal prolonged consolidative phase.
    Res: 0.7841; 0.7874; 0.7900; 0.7932
    Sup: 0.7800; 0.7756; 0.7723; 0.7700

Share This Page