Technical Outlook for Majors 09/12/2015
The Euro extends near-term recovery from 1.08 zone, where pullback from 1.0978 peak was contained and hourly higher low formed. The pair broke above hourly Ichimoku cloud top, which now offers initial support at 1.0872.
Yesterdayâ€™s positive close improves near-term structure, however, limited upside attempts are seen for now. Mixed setup of daily MAâ€™s and indicators signals no clear direction, with extended range-trading between 1.08 and 1.10 pivots, seen as likely scenario ahead of key FOMC meeting on 16 Dec.
Recovery rallyâ€™s high at 1.0978 is reinforced by daily 55SMA, guards psychological 1.10 barrier and 200SMA at 1.1028, which form strong resistance zone.
On the downside, hourly cloud top offers initial support at 1.0872, guarding pivotal 1.08 zone, 07 Dec correction low / Fibonacci 38.2% of 1.0519/1.0978 rally.
Break of either boundary of the range is needed to define fresh direction.
Res: 1.0948; 1.0978; 1.1000; 1.1028
Sup: 1.0872; 1.0839; 1.0800; 1.0764
Cable returned back above psychological 1.50 handle, on corrective rally off yesterdayâ€™s fresh low at 1.4954. Three-day bearish acceleration that left lower top at 1.5155, retraced Fibonacci 76.4% of 1.4892/1.5157 rally, so far.
Near-term studies remain negative and see limited correction, ahead of fresh push towards 1.4892 target, to mark full retracement of 1.4892/1.5157 upleg.
Firm bearish structure favors further downside, as daily slow Stochastic, which reversed from overbought territory, shows more room at the downside.
Corrective attempts face good resistance at 1.5060 zone, falling daily 10SMA / hourly Ichimoku cloud base, where rallies should be ideally capped.
Extended rallies would open next pivot at 1.5100, 4-hour Ichimoku cloud top, break of which will sideline bears.
Res: 1.5060; 1.5080; 1.5100; 1.5123
Sup: 1.5000; 1.4954; 1.4892; 1.4860
The pair extends yesterdayâ€™s pullback, after repeated upside rejection at 123.40 zone and shifts near-term focus towards strong support and congestion floor at 122.25 zone.
Initial negative signals were given by break below daily Tenkan-sen / 20SMA at 122.95, however, daily technicals remain bullishly aligned.
Rising daily 30SMA, so far contains at 122.57 and while holding, will keep limited downside risk at 122.25 pivot.
Otherwise, violation of 122.25 support, would signal triple-top formation and trigger stronger bearish acceleration.
Alternatively, bounce and close above 123.00/15 resistance zone, is needed to sideline downside risk and reverse focus higher.
Res: 122.95; 123.15; 123.37; 123.65
Sup: 122.57; 122.25; 122.00; 121.57
Aussie extends strong reversal off 0.7380 pivotal resistance, after attempts to break the resistance failed and subsequent sharp fall commenced.
Two long red daily candles confirm rising downside pressure, as fresh bears accelerated through 0.7200, 50% of 0.7014/0.7383 rally and next support at 0.7168, daily Ichimoku cloud top. Daily cloud is thin (0.7168/43) and is not expected to provide significant support. Surge through the cloud would open next support at 0.7100, round-figure / Fibonacci 76.4% retracement.
Look for corrective rallies in the near-term, as daily slow Stochastic is entering oversold territory. Daily Tenkan-sen at 0.7275 is expected to ideally cap corrective rallies.
Res: 0.7200; 0.7235; 0.7280; 0.7305
Sup: 0.7168; 0.7143; 0.7100; 0.7067
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