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Technical Outlook for Majors 29/01/2015

Discussion in 'Major Currency Pairs' started by WindsorBrokers, Jan 29, 2015.

  1. WindsorBrokers

    WindsorBrokers Content Contributor

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    [​IMG]EURUSD
    The Euro came under pressure and reversed to 1.1260, mid-point of 1.1096/1.1421 corrective rally, after upside attempts stalled at 1.1421, capped by falling daily 10SMA / Tenkan-sen. Yesterday’s close in red, after Fed’s optimistic tone, could send the Euro further down, as larger picture’s studies maintain strong bearish tone. Confirmation of lower top, seen on extension below 1.1220 hourly higher base / Fibonacci 61.8% retracement, to re-focus 1.1096, 26 Jan low and open next target at psychological 1.1000 support. Only close above daily 10SMA / Tenkan-sen, would delay bears and signal further corrective action.
    Res: 1.1305; 1.1381; 1.1421; 1.1458
    Sup: 1.1260; 1.1220; 1.1172; 1.1096


    [​IMG]GBPUSD</p>Cable returns to near-term range-trading, after repeated failure to complete reversal pattern on sustain break above 1.52 barrier, which was required to open key 1.5267 high and spark stronger recovery rally, on a break. Return below daily 20SMA weakens near-term structure and could trigger stronger pressure, in case of slide below daily 10 SMA at 1.5106 and daily Tenkan-sen line at 1.5085. Close below the latter to signal possible return to psychological 1.50 support and key low at 1.4950, posted on 23 Jan. The notion is confirmed by negative structure on daily / weekly chart.
    Res: 1.5200; 1.5221; 1.5267; 1.5317
    Sup: 1.5129; 1.5110; 1.5085; 1.5057


    [​IMG]USDJPY
    The pair shows no significant changes and remains in near-term sideways mode, congested under daily 20 SMA and daily cloud top, with range base being established at 117.20. Neutral near-term studies are showing signs of weakening, following yesterday’s retest of strong 117.20 support and formation of daily 20/55SMA’s bear-cross. Break below range floor 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 phase, established between fresh high at 121.83 and 115.55. On the other side, fresh strength and eventual break above pivotal barrier at 118.85, is required to bring bulls back to play and shift focus towards barriers at120.00/80.
    Res: 118.07; 118.25; 118.64; 118.85
    Sup: 117.20; 116.90; 116.55; 116.05


    [​IMG]AUDUSD
    The pair accelerated lower after recovery rejection at 0.8023 failed to meet barrier at 0.8031, former low and fully retraced near-term 0.7856/0.8023 corrective rally. Near-term focus is shifted again towards the downside, with daily close below 0.7856, to confirm bearish resumption towards next target at 0.7700, July 2009 low. Corrective upticks should ideally hold below 0.7940, yesterday’s intraday low, with extended rallies to be capped under psychological 0.8000 barrier.
    Res: 0.7900; 0.7940; 0.7995; 0.8023
    Sup: 0.7852; 0.7800; 0.7750; 0.7700
     
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