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Technical Outlook for Majors 24/12/2014

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

  1. WindsorBrokers

    WindsorBrokers Content Contributor

    Feb 18, 2010
    Likes Received:
    Euro’s fresh bearish acceleration took out psychological 1.22 support, posting new low at 1.2163, with yesterday’s long red candle, confirming bearish stance, for eventual full retracement of 1.2042/1.3992 bull-phase. Near-term price action entered consolidative phase, as lower timeframes studies are oversold. However, no significant upside action is expected, before fresh push lower, as technicals maintain firm bearish tone. Lower top of 22 Dec at 1.2271, should be ideally limiting corrective attempts, with extended rallies to be capped at 1.2355/65 zone, daily 20SMA / Tenkan-sen line. Near-term focus is at 1.2120/00, Fibonacci 138.2% projection of the downleg from 1.2568 / bull-trendline connecting 1.1640/1.1875, 2005/2010 lows, ahead of key support at 1.2042, low of 2012.
    Res: 1.2220; 1.2271; 1.2300; 1.2355
    Sup: 1.2163; 1.2120; 1.2100; 1.2042

    [​IMG]GBPUSD</p>Cable resumed larger bear-run after completing short-term congestion above 1.5540 base. Break here and probe below psychological 1.55 support, along with yesterday’s long red candle, gives strong signal of fresh bearish acceleration. Near-term target lies at 1.5373, Fibonacci 76.4% retracement of larger 1.4812/1.7189 ascend, with 1.5427, 28 Aug 2013 low, seen as the only significant obstacle en-route. Corrective actions to face initial resistance at 1.5606, yesterday’s high, with descending daily 20SMA at 1.5650, expected to cap rallies.
    Res: 1.5540; 1.5606; 1.5650; 1.5680
    Sup: 1.5500; 1.5484; 1.5427; 1.5400

    The pair maintains bullish tone, with extension and close above psychological 120 barrier, approaching 121, round-figure resistance, on the way to key barrier and near-term target at 121.83, 08 Dec high. Full retracement of corrective 121.83/115.55 descend, is required to signal resumption of larger uptrend and open next target at 124.14, 2007 peak. Initial support lies at 120 level, with extended corrective dips, expected to find ground above 119 support, reinforced by ascending daily 20SMA.
    Res: 120.81; 121.00; 121.50; 121.83
    Sup: 120.00; 119.70; 119.30; 119.00

    [​IMG]AUDUSD</p>The pair consolidates around 0.81 support, which was cracked on yesterday’s attempts lower, but price closed ticks above here, delaying confirmation of final break lower. Overall bearish tone favors further downside and extension of the third wave from 0.8794, which could travel to 0.8033, its 200% Fibonacci expansion and psychological 0.8000 support and near-term targets. Initial barriers lay at 1.8142, yesterday’s high and 0.8157, Fibonacci 61.8% of 0.8201/0.8086 descend, ahead of strong 0.8200 barrier, 18 Dec correction high / former base, break of which to sideline bears and signal stronger correction, as daily studies are oversold.
    Res: 0.8142; 0.8157; 0.8171; 0.8200
    Sup: 0.8100; 0.8086; 0.8033; 0.8000

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