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Technical Outlook for Majors 28/11/2014

Discussion in 'Major Currency Pairs' started by WindsorBrokers, Nov 28, 2014.

  1. WindsorBrokers

    WindsorBrokers Content Contributor

    Feb 18, 2010
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    The Euro lost traction after failing to sustain gains above pivotal 1.25 barrier, as subsequent two-legged reversal off fresh 1.2530 high, fully retraced the upleg from 1.2440 higher low 26 Nov. Yesterday’s bearish Inside Day and formation of hourly failure swing, extended pullback through bull-trendline off 1.2360, to dip so far near Fibonacci 61.8% of 1.2360/1.2530, after losing temporary footstep at 1.2440, 50% retracement. Negative hourly studies keep the price pressured, while 4-hour indicators are at their midlines. Close below 1.2470, daily 20SMA and broken bull-trendline off 1.2360, is required to confirm negative stance for possible return to 1.2360 base, after taking the last obstacle at 1.2400, 25 Nov higher low and Fibonacci 76.4% retracement.
    Res: 1.2470; 1.2500; 1.2530; 1.2545
    Sup: 1.2425; 1.2400; 1.2371; 1.2360

    Cable reversed to 1.5680 support, previous higher low and 61.8% of 1.5588/1.5823 ascend, after short-lived attempt above 1.58 barrier. Fresh probe below 1.5700, daily 10SMA / Tenkan-sen line, increases risk of further easing, as hourly structure is negative and 4-hour indicators heading south and daily close below here to risk extension to 1.5625 higher base, the last handle en-route to 1.5590 base, as underlying trend is negative. Alternative scenario sees return above 1.5735, former rage tops to avert immediate downside risk and signal further recovery, which requires close above daily 20SMA at 1.5774, to confirm bulls back in play.
    Res: 1.5726; 1.5740; 1.5774; 1.5800
    Sup: 1.5678; 1.5647; 1.5625; 1.5590

    [​IMG]USDJPY</p>Near-term studies improved and focus shifted higher again, after yesterday’s violation of 117.33 breakpoint was short-lived. Extension below 117.33 was contained by daily Tenkan-sen line at 117.22 and subsequent bounce above 118 barrier. Yesterday’s Doji with log lower shadow, offset mounting downside risk, with fresh extension higher, bringing near-term bulls back to play. Regain of lower top at 118.56, to open key barrier at 118.96, 20 Nov 7-year high and resume larger bulls on a break higher. Close above rising daily 10SMA at 117.70, to maintain near-term bulls, as primary bull-trend remain intact.
    Res: 118.32; 118.56; 118.70; 118.96
    Sup: 118.00; 117.70; 117.50; 117.22

    The pair’s pause of bears from fresh low at 0.8478, was short-lived, as gains were capped at 0.8613 and fresh weakness probed again below 0.85 handle. This shows that upside attempts are limited, as yesterday’s close occurred in Doji with long upper shadow. Overall negative structure favors resumption of larger downtrend, with break below bear-channel support at 0.8460, to open psychological 0.8000 support. Extended consolidation, would precede fresh leg lower, while the price holds above 0.8478 low. Only break and close above yesterday’s high at 0.8613 and 0.8628, Fibonacci 61.8% of 0.8720/0.8478 downleg, would delay bears.
    Res: 0.8530; 0.8560; 0.8600; 0.8613
    Sup: 0.8478; 0.8460; 0.8400; 0.8350

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