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Technical Outlook for Majors 24/09/2014

Discussion in 'Major Currency Pairs' started by WindsorBrokers, Sep 24, 2014.

  1. WindsorBrokers

    WindsorBrokers Content Contributor

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    [​IMG]EURUSD
    The Euro moves in a consolidative phase above fresh low at 1.2815, with corrective attempts being so far capped at 1.29 barrier, near 50% of 1.2978/1.2815 downleg. Hourly structure is neutral and bears remain in play on 4-hour chart, which keeps the downside vulnerable. Fresh weakness below 1.28 and 1.2786, Fibonacci 61.8% of 1.2042/1.3992 rally, is required for bearish resumption towards 1.2750 zone higher base and Nov 2012 low at 1.2660, in extension. Conversely, overextended daily conditions and bearish divergence on daily MACD, suggest bounce, which requires lift above 1.2900/30, round-figure / broken bull-trendline, connecting 1.2660/1.2754 lows, to spark corrective rally and clearance of 1.30 breakpoint, to confirm.
    Res: 1.2866; 1.2900; 1.2930; 1.2978
    Sup: 1.2838; 1.2815; 1.2800; 1.2786




    [​IMG]GBPUSD
    Cable’s near-term picture remains positive and sees potential for further upside action, as 1.64 barrier was cracked, on a rally from yesterday’s corrective spike low at 1.63 zone. The latter offers solid support and should stay intact, to keep upside attempts in play. Sustained break above 1.64 handle, could see extension to key 1.6522, 19 Sep peak, above which, fresh resumption of the uptrend from 1.6050 low, would focus 1.66 zone. Bull-trendline off 1.6050 low at 1.6040, offers initial support
    Res: 1.6413; 1.6437; 1.6479; 1.6500
    Sup: 1.6350; 1.6340; 1.6300; 1.6284



    [​IMG]USDJPY
    The pair remains in near-term consolidative mode, under fresh high at 109.42, posted on 19 Sep. Further sideways trading, ahead of short-term targets at psychological 110 and 110.66, Aug 2008 peak, is seen as likely near-term scenario as near-term studies are weakening. Inside Day candle, posted on 22 Sep, suggests a pause ahead of 110.00/110.66 targets, with initial 108.57 support being broke, which exposes strong support zone at 108/ 107.80, round-figure / 4-hour cloud top / Fibonacci 61.8% of 106.79/109.42 ascend, reinforced by 4-hour 55SMA. Break here would put bulls on hold for possible extension towards strong support and breakpoint, at 107 zone.
    Res: 109.00; 109.18; 109.42; 110.00
    Sup: 108.44; 108.23; 108.00; 107.80



    [​IMG]AUDUSD
    The pair remains under pressure and has taken out initial target at 0.8846, Fibonacci 61.8% expansion of the wave from 0.9110 / 05 Aug 2013 low, on approach to psychological 0.88 support. Overall negative structure keeps the downside in focus, with break below 0.88 handle, to open 0.8783, Fibonacci 76.4% expansion and 0.8682, 100% expansion, with key short-term support at 0.8658, 24 Jan 2014 low, expected to come in near-term focus. Corrective actions should be ideally capped under 0.90 barrier and only break here would signal stronger corrective action and delay immediate bears.
    Res: 0.8900; 0.8925; 0.8969; 0.9000
    Sup: 0.8829; 0.8800; 0.8783; 0.8750
     
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