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Technical Outlook for Majors 30/10/2014

Discussion in 'Major Currency Pairs' started by WindsorBrokers, Oct 30, 2014.

  1. WindsorBrokers

    WindsorBrokers Content Contributor

    Feb 18, 2010
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    The Euro slumped post-Fed, with break and close below 1.2636, bull-trendline drawn off 1.2499 low, probing below near-term base at 1.26 zone. Yesterday’s bearish Outside Day, confirms bears are back in play, with daily close below 1.26 base, to signal possible full retracement of 1.2499/1.2884 ascend, as fresh weakness retraced so far 76.4% of the rally. Oversold near-term studies, however, require correction, which should, in extended mode, stay under previous strong support, now resistance, at 1.2690/1.2700 zone, where Fibonacci 61.8% of descend from 1.2769 lower top lies, reinforced by daily Kijun-sen line and daily 20SMA.
    Res: 1.2763; 1.2780; 1.2800; 1.2839
    Sup: 1.2725; 1.2700; 1.2663; 1.2633

    Yesterday’s long red candle confirms return of near-term bears back to play, as fresh acceleration lower left a double-top at 1.6180/82 and took out psychological 1.60 support and former higher low at 1.5992, on over 61.8% retracement of 1.5873/1.6182 upleg, seen so far. This sidelines near-term upside attempts, which were looking for retest of pivotal 1.6225 barrier and shifts focus back to key near-term support at 1.5873, low of 15 Oct. Oversold near-term conditions, suggest corrective action, which should be ideally capped under 1.61, Fibonacci 61.8% of entire descend from 1.6180, 28 Oct peak. Break above the latter is required to neutralize bears.
    Res: 1.6015; 1.6046; 1.6071; 1.6100
    Sup: 1.5962; 1.5939; 1.5900; 1.5873

    The pair accelerated higher on fresh dollar’s strength, after completion of near-term consolidative phase and probes levels above psychological 109 barrier. Yesterday’s bullish close confirms daily bulls are fully in play for eventual test of key resistances at 110 zone. Corrective actions on overbought near-term studies, are expected before final push higher, with former high at 108.34, offering the first strong support, ahead of 107.60 higher base, reinforced by daily 20SMA and daily Kijun-sen / Tenkan-sen bull cross, where extended corrective dips should be contained.
    Res: 109.22; 109.50; 109.89; 110.07
    Sup: 108.73; 108.34; 108.00; 107.60

    [​IMG]AUDUSD</p>The pair lost traction after yesterday’s probe above short-term range top and breakpoint at 0.89, with subsequent sharp fall, bringing the price back to the middle of 0.8641/0.8909 range. Yesterday’s bearish Outside Day could signal further weakness, which would bring range’s lower boundary in focus, in case of extension and close below 0.87 handle. Otherwise, prolonged range trading, would be likely near-term scenario.
    Res: 0.8800; 0.8831; 0.8858; 0.8900
    Sup: 0.8753; 0.8717; 0.8700; 0.8673

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