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Technical Outlook for Majors 24/02/2015

Discussion in 'Major Currency Pairs' started by WindsorBrokers, Feb 24, 2015.

  1. WindsorBrokers

    WindsorBrokers Content Contributor

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    [​IMG]EURUSD
    The Euro holds above 1.13 handle, keeping the range-trading as dominant theme in the near-term, despite yesterday’s close in red and negative setup of near-term technicals. Narrowing 20d Bollinger bands support further consolidation. However, overall bearish tone continues to focus the downside and while the price holds below daily 20SMA, now offering initial resistance and currently at 1.1357, risk of attempts through 1.13 handle for attack at key 1.1260 support, will remain in play. Conversely, break above daily 20SMA / Tenkan-sen at 1.1357/63, would ease downside pressure and expose initial 1.1400, daily Kijun-sen, ahead of the first breakpoint at 1.1450 lower platform and key barrier at 1.1532, 03 Feb correction peak. Fed Chief Yellen’s testimony and Greek’s delayed submission of economic reform plans are expected to be main drivers of the markets from the fundamental side.
    Res: 1.1357; 1.1400; 1.1428; 1.1450
    Sup: 1.1310; 1.1277; 1.1260; 1.1220


    [​IMG]GBPUSD</p>Cable regained traction on yesterday’s bounce from 1.5330, where higher low was left, holding near pivotal barrier and fresh high at 1.5478. Yesterday’s bullish Outside Day supports fresh strength and eventual break above 1.5478, to open 1.5526, daily Ichimoku cloud top and resume bulls towards next pivotal barrier at 1.5618, 21 Dec 2014 high. Near-term technicals hold positive tone and along with bullish setup of the daily studies, keep the upside focused. Fibonacci 38.2% of 1.5330/1.5473 rally, also former high of 20 Feb, at 1.5418, should ideally contain near-term consolidative phase, to keep immediate bulls intact. Otherwise, further easing through 1.5400/1.5385, 50% and 61.8% retracement respectively, is expected to delay bulls and expose pivotal higher base at 1.5330 zone, reinforced by daily Tenkan-sen line.
    Res: 1.5478; 1.5500; 1.5526; 1.5585
    Sup: 1.5428; 1.5418; 1.5385; 1.5330


    [​IMG]USDJPY
    The pair remains entrenched between daily Kijun-sen and Tenkan-sen lines and recovered the biggest part of yesterday’s losses on fresh strength above 119 handle. Near-term studies are regaining positive tone for possible repeated attack at pivotal 119.40 barrier, near-term congestion top, break of which to signal an end of consolidative phase and open targets at psychological 120.00 and key near-term top at 120.46, peak of 12 Feb. Positively aligned daily studies support the notion. Conversely, repeated rejection at 119.40 would signal prolonged sideways trading, while extension below initial supports at 118.70 zone, yesterday / today’s low, reinforced by Tenkan-sen line, would weaken the structure and risk return to the key support at 118.25, near-term range floor and Fibonacci 61.8% of 116.86/120.46 upleg.
    Res: 119.40; 119.60; 120.00; 120.46
    Sup: 119.00; 118.70; 118.42; 118.25


    [​IMG]AUDUSD
    The pair loses traction in the near-term, after repeated attempt higher was capped at 0.7850, where strong resistance guards pivotal 0.7874 barrier. Near-term studies are weakening, as the price action attempts below daily 20SMA that increases risk of retesting pivotal 0.7756/40 lows and near-term consolidation floor. Close below here to confirm negative near-term stance, as overall bears remain in play and shift focus towards 3-week range lows and key supports at 0.7642/24. Otherwise, while initial 0.7756/40 supports hold, expect extended consolidation, with upside targets to remain in play.
    Res: 0.7777; 0.7813; 0.7850; 0.7874
    Sup: 0.7740; 0.7723; 0.7700; 0.7669

    Source: Reuters
     
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