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Technical Outlook for Majors 30/04/2015

Discussion in 'Major Currency Pairs' started by WindsorBrokers, Apr 30, 2015.

  1. WindsorBrokers

    WindsorBrokers Content Contributor

    Feb 18, 2010
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    The Euro extends its larger rally, with yesterday’s acceleration higher that left long green daily candle and closed well above 1.1034/50 breakpoint, confirming strong bullish tone. Formation of daily double-bottom pattern opens way for further retracement of larger 1.1449/1.0461 descend, as the pair closed above its Fibonacci 61.8% retracement at 1.1071. Yesterday’s rally probed above daily cloud top at 1.1165 and approached psychological 1.12 barrier, also Fibonacci 161.8% expansion of the third wave from 1.0664. The wave could travel to 1.1252 and 1.1330 in extension, 176.4% and 200% Fibonacci expansion. The pair is poised for the first positive monthly close, after nine consecutive closes in red that supports scenario of stronger recovery. Completion of near-term corrective phase that left hourly double-bottom at 1.01070, keeps intact strong support at 1.1050/34 zone, former tops and Fibonacci 38.2% retracement of 1.0818/1.1186 upleg. Fresh extension above 1.12 barrier, confirms resumption of larger uptrend.
    Res: 1.1252; 1.1300; 1.1330; 1.1387
    Sup: 1.1186; 1.1125; 1.1070; 1.1050

    [​IMG]GBPUSD</p>Cable remains in unobstructed rally off 1.4563, 13 Apr low that peaked ticks away of psychological 1.55 barrier, on yesterday’s fresh acceleration. The seventh consecutive positive daily close, favors eventual attack at key barrier at 1.5551, 26 Feb peak, to complete 1.5551/1.4563 bear-leg and signal stronger recovery of larger 1.7189/1.4563 descend, as 1.5551 barrier also lies near Fibonacci 38.2% retracement of 1.7189/1.4563 downmove. The pair is poised for positive monthly close, shaped in bullish engulfing candle that supports reversal scenario. Corrective easing that is forming hourly double-bottom at 1.5345, is expected to precede final attempts at key 1.5551 barrier and resume larger uptrend, on break higher. Only repeated upside rejections and violation of strong hourly support at 1.4345, would delay bulls in favor stronger pullback towards next significant supports at 1.5250, Fibonacci 38.2% retracement of 1.4854/1.5496 rally and 1.5175 trough, mid-point of 1.4854/1.5496, reinforced by daily 100SMA.
    Res: 1.5496; 1.5530; 1.5551; 1.5600
    Sup: 1.5443; 1.5400; 1.5345; 1.5300

    [​IMG]USDJPY</p>The pair dipped to post marginally lower low at 118.48 today, but returned to magnetic 119 zone, where yesterday’s bumpy ride, entrenched within 118.59/119.35 range, closed. Overall picture remains negative, as bearish setup of daily studies and expanding daily 20d Bollinger bands, suggest eventual break below pivotal 118.31 support, low of 26 Mar, to confirm an end of short-term range-trading phase and resume descend from 122.01. Bearish near-term studies support the notion. Repeated attempts above daily cloud base at 118.92, offers immediate resistance, remain capped under session high at 119.15, reinforced by daily 10SMA, guarding yesterday’s peak at 119.35 and pivotal daily 20SMA at 119.43, close above which to neutralize immediate downside risk.
    Res: 118.92; 119.15; 119.35; 119.43
    Sup: 118.48; 118.31; 118.00; 117.50

    The pair extends near-term corrective phase and reverses below psychological 0.80 support, following yesterday’s close in red after peaking at 0.8073, with long upper shadow of the daily candle, signaling increased selling pressure. Hourly studies are losing traction, as the pair broke below 0.7975, yesterday’s low and cracked strong support at 0.7936/23 zone, former resistance and breakpoint / Fibonacci 38.2% retracement of 0.7681/0.8073 upleg / daily Ichimoku cloud top, where dips should be ideally contained. Otherwise, extended pullback would delay near-term bulls.
    Res: 0.7980; 0.8000; 0.8026; 0.8073
    Sup: 0.7929; 0.7877; 0.7841; 0.7800</p>

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