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Technical Outlook for Majors 24/11/2014

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

  1. WindsorBrokers

    WindsorBrokers Content Contributor

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    [​IMG]EURUSD
    The Euro maintains negative tone after last Friday’s sharp fall followed rejection at 1.2570, trendline resistance and nearly fully retraced 1.2357/1.2597 upleg. Long red candle of last Friday, as well as weekly bearish engulfing, suggest further weakness, as the pair opened the week with about 30 pips gap-lower, which was covered on a bounce to 1.24 zone, initial barrier and previous range floor. Next strong barrier lies at 1.2450, Fibonacci 38.2% of 1.2597/1.2360 descend and previous bull-channel support line, break of which would ease immediate downside pressure and allow for further correction towards 1.25 level, previous congestion floor and Fibonacci 61.8%, where extended rallies should be capped, guarding pivotal 1.2570/1.2600 resistance zone, former peaks, reinforced by daily Kijun-sen line. Overall bears, however, see limited consolidative action, preceding fresh weakness, on a clear break below pivotal 1.2357 support, to open next targets at 1.2100, bull-trendline, connecting 2005 and 2010 lows and 1.2042, 24 July 2012 low.
    Res: 1.2442; 1.2450; 1.2478; 1.2500
    Sup: 1.2373; 1.2357; 1.2300; 1.2265


    [​IMG]GBPUSD</p>The pair trades in extended consolidation above fresh lows at 1.5590, with upside attempts so far being capped by descending daily 10SMA. Last Friday’s and weekly close in red, maintain overall negative structure, which favors resumption of larger downtrend from 1.7189 peak, towards next target at 1.5373, Fibonacci 76.4% retracement of 1.4812/1.7189 ascend.
    Only break above initial 1.5736 barrier and 1.5765, daily Tenkan-sen line, would sideline immediate downside risk, while break and close above 1.58, Fibonacci 61.8% of 1.5939/1.5590 descend, is required to spark stronger correction.
    Res: 1.5671; 1.5700; 1.5736; 1.5765
    Sup: 1.5624; 1.5590; 1.5550; 1.5505



    [​IMG]USDJPY
    The pair enters near-term sideways mode, above 117.33, where pullback from fresh high at 118.96, found support for now. Last Friday’s close in red, did not have more significant impact on overall bulls, confirmed by the fifth positive weekly close, with overall action being underpinned by ascending daily 10SMA/Tenkan-sen line at 116.85, which marks breakpoint and close bellow here to signal further acceleration lower. Otherwise, prolonged consolidation would precede fresh attempts higher, with higher base confirmation seen on a rally through 118.35 lower tops, for possible retest of 118.96 top.
    Res: 118.35; 118.71; 118.96; 119.50
    Sup: 118.10; 117.79; 117.56; 117.33



    [​IMG]AUDUSD
    The pair maintains overall negative tone, with near-term price action consolidating above key support at 0.8539. Friday’s positive close and probe above 0.87 barrier, was capped by descending daily 20SMA, however, near-term structure holds positive tone and looks for further upside. Sustained break above 0.8700/20 barriers, psychological barrier / recovery high, reinforced by daily Kijun-sen line, is seen as minimum requirement to maintain positive tone for test of 0.8745/60 barriers and possible extension to pivotal 0.88 hurdle. On the other side, weekly close in red signals limited upside attempts and eventual attempt through pivotal 0.8539 support, to resume larger bears.
    Res: 0.8700; 0.8720; 0.8745; 0.8763
    Sup: 0.8603, 0.8564; 0.8539; 0.8500
     
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