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Technical Outlook for Majors 27/01/2015

Discussion in 'Major Currency Pairs' started by WindsorBrokers, Jan 27, 2015.

  1. WindsorBrokers

    WindsorBrokers Content Contributor

    Feb 18, 2010
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    The Euro trades in near-term consolidative phase, off fresh low at 1.1096, posted yesterday. Initial barrier at 1.1290, lower top of 23 Jan, which initially capped upside attempts, gives way, for stronger rally through Fibonacci 38.2% at 1.1318, towards mores significant 1.1372 lower platform and pivotal 1.1458, former low of 16 Jan and Fibonacci 61.8% of 1.1679/1.1096 downleg, reinforced by daily Tenkan-sen line and near descending daily 10SMA, currently at 1.1477. While the latter barrier stays intact, bears will remain in play for retest of 1.1096 and possible attack at near-term target at 1.1000. Hourly studies are gaining traction, while tone remains bearish on 4-hour picture. Bearish setup of daily studies keeps the downside favored. Alternative scenario requires today’s close above breakpoint at 1.1458, to signal formation of reversal pattern.
    Res: 1.1372; 1.1458; 1.1500; 1.1541
    Sup: 1.1230; 1.1200; 1.1150; 1.1096

    [​IMG]GBPUSD</p>Cable is attempting to resume near-term corrective rally from fresh low at 1.4950, with yesterday’s positive close and today’s attempt at pivotal 1.5110 barrier, daily 10SMA/Tenkan-sen and Fibonacci 61.8% retracement of 1.5210/1.4950 downleg, signaling further recovery. Daily close above here is required to confirm. Hourly studies turned bullish, with 4-hour indicators attempting above midlines, supporting the notion . On the other side, negative daily studies require clear break through 1.5181, daily 20SMA and 1.5200 zone lower platform, to confirm reversal and open break point at 1.5267, 14 Jan lower top. Otherwise, lower top formation and fresh attempt lower, will be seen as favored near-term scenario, in case of recovery rally’s stall.
    Res: 1.5110; 1.5150; 1.5181; 1.5210
    Sup: 1.5059; 1.5000; 1.4983; 1.4950

    [​IMG]USDJPY</p>The pair remains directionless in the near-term, trading in consolidative triangular phase, following repeated rejection under pivotal daily cloud / 20 SMA, which offer strong resistance for now. Mixed technicals, positively aligned near-term studies and bearish dailies, keep the price entrenched within narrowing range, with break of either side, required to establish fresh direction. Loss of the range base at 117.20 to confirm an end of near-term corrective phase and shift focus towards 115.83, 16 Jan low and key 115.55 support, low of 16 Dec 2014, as well as low of short-term consolidation under fresh high at 121.83. Conversely, sustained break above pivotal barrier at 118.85, to shift focus towards next barriers at120.00 and 120.80.
    Res: 118.32; 118.85; 119.30; 119.57
    Sup: 117.85; 117.48; 117.20; 116.90

    The pair maintains overall bearish tone, following loss of psychological 0.8000 and Fibonacci 0.7945 supports, with bounce off fresh low at 0.7856, seen as consolidative action, before fresh push lower. Probe above former support at 0.7945, Fibonacci 61.8% retracement of larger 0.6007/1.1079 ascend, which initially capped upside attempts, could extend recovery, which should be ideally limited under 0.8000 barrier, before bears re-assert for attack at initial 0.7856 support and look for the next target at 0.7700, July 2009 low. Only close above 0.8000, also Fibonacci 38.2% retracement of 0.8232/0.7856 downleg, would sideline immediate bears and allow for stronger correction.
    Res: 0.7966; 0.8000; 0.8050; 0.8088
    Sup: 0.7917; 0.7900; 0.7856; 0.7800

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