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Technical Outlook for Majors 27/03/2015

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

  1. WindsorBrokers

    WindsorBrokers Content Contributor

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    [​IMG]EURUSD
    The Euro remains under pressure and continues to move lower, following yesterday’s repeated failure to break above near-term congestion tops, on attempts to extend corrective rally from 1.0461 low. The pair reversed quickly after leaving fresh marginally higher high at 1.1050 and cracked psychological 1.08 support, also daily Tenkan-sen line, after ending near-term narrow consolidation above previous footstep 1.0855, where pullback was initially contained by daily 20SMA. Break below the moving average and bull-trendline connecting 1.0461/1.0612 lows, signals fresh acceleration lower, with higher low of 23 Mar at 1.0766, marking initial target, ahead of psychological 1.07 support and Fibonacci 61.8% of 1.0461/1.1050 rally at 1.0686. Daily close below 20SMA is required to confirm near-term bearish stance.
    Res: 1.0855; 1.0894; 1.0950; 1.1013
    Sup: 1.0800; 1.0766; 1.0700; 1.0686


    [​IMG]GBPUSD</p>Cable is losing traction and attempts below near-term consolidation range floor, after yesterday’s fresh attack at pivotal 1.50 barrier was capped by descending daily 20SMA and subsequent strong reversal penetrated initial 1.4830 support. Yesterday’s close in red, with daily candle’s long upper shadow, confirms bear-pressure, with near-term indicators establishing in the negative territory and bearish setup of daily technicals. Close below 1.48 handle to confirm bears and open way for further easing towards higher lows at 1.4721 and 1.4686, higher lows of 20/19 Mar. On the upside, daily Tenkan-sen line marks initial resistance at 1.49, with regain of levels above hare required to sideline immediate downside risk. However, only close above daily 20SMA, currently at 1.4976 and near-term congestion tops at 1.50 zone, would revive near-term bulls and shift focus higher.
    Res: 1.4830; 1.4868; 1.4900; 1.4953
    Sup: 1.4794; 1.4757; 1.4721; 1.4700


    [​IMG]USDJPY
    The pair attempts to break above near-term consolidative phase tops at 119.40 range, after yesterday’s acceleration lower nearly fully retraced 118.22/122.01 rally, with downside rejection followed by quick recovery that holds above 119 handle for now. Mixed near-term studies suggest further consolidation, before fresh attempts lower, as setup of 4-hour studies remains bearish. Daily studies are gaining bearish momentum and widening 20d Bollinger bands signaling further action. Loss of 119 handle to open next support at 118.74, daily Ichimoku cloud top, with fresh acceleration lower to focus yesterday’s low at 118.31 and higher base at 118.22, for further retracement of 116.86/122.01 rally. Conversely, sustained break above near-term consolidation range tops at 119.40, also Fibonacci 38.2% of 121.19/118.31 downleg, would signal fresh corrective action and sideline immediate downside risk, with regain of psychological 120 barrier, also Fibonacci 61.8% retracement, needed to confirm and revive near-term bulls.
    Res: 119.75; 120.00; 120.51; 121.00
    Sup: 119.00; 118.74; 118.31; 118.22;


    [​IMG]AUDUSD
    The pair remains under pressure and extends near-term reversal from fresh high at 0.7936, on renewed attempts below 0.78 handle. Yesterday’s 0.7799/0.7882 corrective bounce was short-lived, as fresh acceleration lower kept the price within near-term bearish channel off 0.7936 high. Tone of near-term studies remains weak and suggests further corrective action of 0.7611/0.7936 upleg, before bulls re-assert, as daily studies are gaining bullish tone and see current pullback as corrective action before fresh push higher. Strong support lies at 0.7735, daily 20SMA and Fibonacci 61.8% retracement of 0.7611/0.7936 rally, where extended dips should be ideally contained, before fresh attempts higher. Daily Tenkan-sen and Kijun-sen lines offer initial supports at 0.7763/47. Daily close below 0.7735 support would be seen as bearish signal.
    Res: 0.7807; 0.7833; 0.7882; 0.7911
    Sup: 0.7774; 0.7763; 0.7735; 0.7690
     
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