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Technical Outlook for Majors 26/11/2014

Discussion in 'Major Currency Pairs' started by WindsorBrokers, Nov 26, 2014.

  1. WindsorBrokers

    WindsorBrokers Content Contributor

    Feb 18, 2010
    Likes Received:
    The Euro bounced from 1.24 zone, where higher low was left, clearing 1.2450, Fibonacci 38.2% of 1.2597/1.2360 / broken bull-trendline resistance, to crack 1.2478, daily Tenkan-sen, on approach important 1.25 barrier, Fibonacci 61.8% / former higher base. Gains were so far limited at 1.2485, where daily 10/20SMA’s are intersecting. Yesterday’s positive close, along with positively aligned hourly studies, sees potential for attempt through 1.25 hurdle. Break and close above here to bring the pair in more comfortable position for eventual attempt at 1.26 breakpoint. However, caution is required, as overall picture remains bearish and failure to clear 1.25 barrier would signal further consolidation, with increased downside risk seen on a break below 1.2450, now support. Loss of pivotal 1.24 handle will signal an end of corrective phase and lower top formation.
    Res: 1.2500; 1.2541; 1.2566; 1.2597
    Sup: 1.2456; 1.2445; 1.2400; 1.2371

    Cable remains in extended consolidative phase above fresh lows at 1.5590. Yesterday’s close in Doji, signals that despite bullishly aligned near-term structure and break above daily 10SMA, the pair is lacking strength for final push through consolidation ceiling at 1.5735. Break here and 1.5800, Fibonacci 61.8% of 1.5939/1.5888 / daily 20SMA, is required to resume bulls and expose pivotal 1.5939 barrier. Otherwise, expect extended directionless trading on a failure at 1.5735, with increased downside risk, in case of fresh easing below 1.5650, into range’s lower part.
    Res: 1.5719; 1.5735; 1.5765; 1.5805
    Sup: 1.5691; 1.5650; 1.5624; 1.5590

    [​IMG]USDJPY</p>Near-term structure weakens, as recovery attempts off 117.33 low, where the pair attempts higher base, stalled at 118.56 and subsequent easing threatens return to 117.33 base. Yesterday’s close in red confirm near-term weak tone and signals of renewed attack at 117.33, loss of which to confirm lower top formation for extension of corrective phase off 118.96 peak. Prolonged consolidation to be expected while 117.33 holds, however, only break above 118.56 peak would bring bulls back fully in play.
    Res: 118.00; 118.28; 118.56; 118.71
    Sup: 117.56; 117.33; 117.00; 116.33

    Near-term structure remains negative, as the pair eventually broke below pivotal 0.8539 support and probes below psychological 0.85 level. Completion of near-term 0.8539/0.8794 corrective phase, suggests resumption of larger downtrend, with immediate target at 0.8460, bear-trendline, connecting 2008 peak at 0.9848 and Jan 2014 low at 0.8658 and psychological 0.80 support, expected to come in near-term focus. Corrective attempts from fresh lows above 0.85 handle, should not exceed 0.8640, Fibonacci 61.8% of 0.8720/0.8511 descend, to keep bears intact.
    Res: 0.8562; 0.8605; 0.8618; 0.8640
    Sup: 0.8460; 0.8427; 0.8400; 0.8350

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