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Technical Outlook for Majors 22/10/2014

Discussion in 'Major Currency Pairs' started by WindsorBrokers, Oct 22, 2014.

  1. WindsorBrokers

    WindsorBrokers Content Contributor

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    [​IMG]EURUSD
    The Euro accelerates below 1.27 support and near-term range’s lower boundary, which was attacked on a pullback, following repeated rejection at 1.2840 range tops. Yesterday’s bearish Outside Day signaled fresh weakness, which attempts below 1.27 breakpoint area, reinforced by daily 20SMA. Negatively aligned near-term studies see increased downside risk, with clear break below 1.27 zone, which also marks 50% of entire 1.2499/1.2884 corrective rally, expected to trigger further retracement. Fresh bears will open targets1.2646, Fibonacci 61.8%, ahead of troughs at 1.2622 and 1.2603. Previous low and hourly 20SMA at 1.2730, caps for now, with further recovery attempts expected to be limited under 1.2782 lower top and hourly 20/55SMA’s bear-cross. However, while 1.27 zone remains intact, prolonged sideways trade would be likely near-term scenario.
    Res: 1.2700; 1.2735; 1.2758; 1.2782
    Sup: 1.2646; 1.2622; 1.2600; 1.2582


    [​IMG]GBPUSD
    Cable pulls back after failure to regain psychological 1.62 barrier, reinforced by daily Kijun-sen line, which guards 1.6225 breakpoint and high of 09 Oct. Yesterday’s close in red and failure to break above descending daily 20SMA, could be seen as initial signals of near-term weakness, as lower timeframes studies are losing traction and larger picture remains bearish. Downside extension below psychological 1.61 support and loss of 1.6064, Fibonacci 38.2% of 1.5873/1.6182, also 4-hour 20/55SMA’s bull-cross, is required to confirm near-term negative stance, with break and close below 1.60 handle, to bring near-term bears fully in play. Conversely, fresh strength above 1.6200/25, to neutralize downside threats and open way for stronger correction.</p>Res: 1.6100; 1.6130; 1.6150; 1.6182
    Sup: 1.6057; 1.6028; 1.6000; 1.5990



    [​IMG]USDJPY
    The pair consolidates around 107 handle, after failing to regain pivotal 107.50 barrier and subsequent two-legged pullback found footstep 106.24. Near-term studies are neutral, while daily bears are coming back to play. Extension and close below 106, psychological support, reinforced by ascending daily 55SMA is required to signal lower top formation and risk further weakness towards key near-term support at 105.18. Alternatively, sustained break above initial 107 barrier and clearance of 107.38/50 breakpoints, to neutralize downside risk.
    Res: 107.10; 107.38; 107.50; 108.00
    Sup: 106.60; 106.24; 106.11; 106.00


    [​IMG]AUDUSD</p>Near-term price action remains in a range trading and returns to the range’s mid-point zone, following unsuccessful attempt above psychological 0.88 barrier. Near-term studies remain neutral and require break of either range boundary, for fresh direction, with yesterday’s Doji confirming scenario. However, overall bearish structure, favors resumption of larger downtrend from 0.9400 lower top, on completion of short-term consolidative phase. Only clear break above 0.89 breakpoint and range top would put larger bears on hold.
    Res: 0.8800; 0.8836; 0.8858; 0.8900
    Sup: 0.8743; 0.8731; 0.8700; 0.8684
     
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