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Technical Outlook for Majors 24/03/2015

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

  1. WindsorBrokers

    WindsorBrokers Content Contributor

    Feb 18, 2010
    Likes Received:
    The Euro continues to move higher, as near-term recovery rally off 1.0461, 13 Mar low, interrupted by 1.1034/1.0612 pullback, resumes rally, returning focus at the upper targets. Yesterday’s positive close and daily candle with long lower shadow, shows strong buying interest, as yesterday’s rally left higher low at 1.0766 and peaked at 1.0970, after cracking daily Kijun-sen line at 1.0955. Also, break and close above daily 20SMA, now acting as initial support at 1.0878, supports the notion of attempts at pivotal 1.1034 barrier, post-Fed high of 18 Mar, with psychological 1.10 barrier being cracked on fresh attempt higher. Break above 1.1034 to open immediate barriers at 1.1071/96, Fibonacci 61.8% retracement of 1.1449/1.0461 descend / former low of 26 Jan and accelerate recovery. Consolidative action was so far contained at 1.09 support, with extended easing expected to find strong support at 1.0833, Fibonacci 38.2% retracement of 1.0612/1.0970 upleg, reinforced by bull-trendline drawn off 1.0612 low. Only break here and loss of yesterday’s trough at 1.0766, would sideline near-term bulls.
    Res: 1.1000; 1.1034; 1.1071; 1.1096
    Sup: 1.0900; 1.0878; 1.0833; 1.0791

    [​IMG]GBPUSD</p>Cable entered near-term consolidative phase after repeated failure to break above psychological 1.50 barrier. Near-term studies remain positive and keep the upside in focus, as yesterday’s daily candle with long lower shadow shows strong buying interest. On the other side, caution is required as daily technicals are bearish, with repeated rejections under 1.50 barrier, expected to signal stronger downside attempts. Daily Tenkan-sen line offers initial support at 1.4900, ahead of daily 10SMA at 1.4863 and yesterday’s low at 1.4836, loss of which to revive near-term bears. Conversely, sustained break above 1.50 barrier to signal fresh upside, with break above pivotal daily 20SMA at 1.5071, required to confirm and open key near-term barrier at 1.5160, 18 Mar post-Fed’s rally peak.
    Res: 1.4972; 1.4987; 1.5008; 1.5031
    Sup: 1.4915; 1.4900; 1.4863; 1.4836

    The pair remains under pressure, as near-term price action was capped by daily Kijun-sen at 120.11 yesterday, with fresh acceleration lower, establishing below psychological 120 barrier. Bearish near-term studies favor eventual attack at pivotal 119.28 support, low of 18 Mar, for full retracement of 119.28/121.19 rally and fresh acceleration lower, expected on a break here and 119 handle, reinforced by daily 55SMA. Daily indicators are heading south and support the notion. Break lower to expose next supports at 118.69/61, daily cloud top / daily 100SMA, ahead of 118.19, Fibonacci 61.8% retracement of 115.83/122.01 rally. However, prolonged consolidation above 119.28 support cannot be ruled out, as daily 20d Bollingers are contracting. Corrective rallies to be ideally capped by daily Kijun-sen, with break of pivotal daily 20SMA at 120.37, required to neutralize downside risk.
    Res: 119.88; 120.11; 120.37; 120.60
    Sup: 119.41; 119.28; 119.00; 118.69

    The pair maintains positive near-term tone and continues to move higher, with psychological 0.79 barrier being cracked on acceleration from 0.7761, yesterday’s low, through pivotal resistance zone at 0.7845/55, previous highs / daily cloud base / daily 55SMA. Yesterday’s rally left long green candle, confirming strong bullish stance for completion of 0.7911/0.7558 downleg. Eventual break above pivotal 0.7911 barrier, high of 26 Feb, to confirm bottom at 0.7558 and open way for stronger recovery. Widening daily 20d Bollinger bands support the notion. However, extended consolidation may precede final attack at 0.7911 barrier. Near-term price action so far holds above initial support at 0.7832, session low / yesterday’s intraday high, while increased downside risk could expected in case of acceleration through 0.7760, higher base and near 50% retracement of 0.7610/0.7900 rally.
    Res: 0.7900; 0.7911; 0.7950; 0.8000
    Sup: 0.7832; 0.7800; 0.7760; 0.7721

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