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Technical Outlook for Majors 23/12/2014

Discussion in 'Major Currency Pairs' started by WindsorBrokers, Dec 23, 2014.

  1. WindsorBrokers

    WindsorBrokers Content Contributor

    Feb 18, 2010
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    The Euro holds in a narrow range above 1.22 handle, with near-term bears returning to play and suggesting further downside in the near-term. Last week’s negative close with bearish engulfing candle, supports the notion, as overall structure is bearish. Loss of 1.22 support is expected to accelerate towards targets at 1.2100, bull-trendline off 2005 low at 1.1640 and pivotal 1.2042, low of July 2012. Corrective rallies should be capped under 1.2390 zone, daily 20SMA / Tenkan-sen line. Only break and close above here would delay bears.
    Res: 1.2271; 1.2300; 1.2350; 1.2386
    Sup: 1.2200; 1.2125; 1.2100; 1.2042

    [​IMG]GBPUSD</p>Cable returned to the levels close to short-term range floor, after recovery attempts were capped by daily Tenkan-sen line at 1.5663. Repeated close in red signals fresh attacks at near-term base at 1.5540 and resumption of larger downtrend on a break lower. Negatively aligned near-term studies support the notion and only break above 1.5680 barrier, daily Kijun-sen / last Friday’s high, would sideline immediate downside risk.
    Res: 1.5663; 1.5680; 1.5734; 1.5755
    Sup: 1.5571; 1.5540; 1.5500; 1.5450

    [​IMG]USDJPY</p>The pair remains steady and establishes above psychological 120 barrier, as yesterday’s close occurred ticks above here. This signals resumption of recovery phase from fresh low at 115.55, with positive near-term studies, supporting the notion of final stretch towards key barrier at 121.83, peak of 08 Dec. Ascending daily 20SMA, underpins the action and offers solid support at 118.96. Stronger corrective actions, however, should be contained above 118 handle, to keep bulls in play.
    Res: 120.35; 121.00; 121.50; 121.83
    Sup: 120.00; 119.70; 119.30; 118.96

    The pair attempts below psychological 0.81 support, signaling an end of near-term consolidative phase above fresh low at 0.8105, posted on 17 Dec and capped at 0.82 zone, former base and near Fibonacci 38.2% of 0.8383/0.8105 descend. Fresh attempts lower signal resumption of the third wave from 0.8794, towards its 200% Fibonacci expansion at 0.8033 and psychological 0.8000 support, in extension. Overall bearish structure favors further downside and suggest limited corrective actions.
    Res: 0.8132; 0.8171; 0.8200; 0.8234
    Sup: 0.8086; 0.8033; 0.8000; 0.7945

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