daily technical (26/08/15)


The Euro continues to trade in consolidative phase, under fresh high at 1.1712, posted on 24 Aug. Dips were so far contained by broken bear-trendline that connects Feb/May peaks at 1.1532/1.1465 and just above Fibonacci 38.2% 1.0844/1.1712 upleg at 1.1381 that marks the first breakpoint and guards 200SMA at 1.1323. Below here, next significant support lies at 1.1278, daily Kijun-sen line / 50% of 1.0844/1.1712 rally, where extended dips should find ground. Near-term studies are in neutral/positive mode, while break of daily Stochastic from overbought zone, gives bearish signal and keeps near-term risk shifted lower. Asian high at 1.1560, marks initial resistance, ahead of yesterday’s top at 1.1620, regain of which to re-focus 1.17 zone.

Res: 1.1560; 1.1620; 1.1712; 1.1752
Sup: 1.1395; 1.1381; 1.1350; 1.1278



Cable maintains overall bullish setup, despite yesterday’s close in red, as the pair hit marginally higher high at 1.5816 and dips were so far contained by pivotal daily Tenkan-sen line support, currently at 1.5688 and above rising daily 10SMA at 1.5668. While the latter holds, near-term focus will stay shifted towards initial 1.5801/16 barrier, with key resistance at 1.5928, seen in extension. Conversely break lower to delay bulls for test of next breakpoint at 1.5619, daily 20SMA, loss of which to neutralize bulls.

Res: 1.5713; 1.5763; 1.5801; 1.5816
Sup: 1.5688; 1.5668; 1.5619; 1.5573



The pair remains in consolidative phase above Monday’s spike low at 116.13, following yesterday’s failure to hold recovery above 120 barrier, where rallies were capped by daily Tenkan-sen at 120.38. Subsequent pullback found support at 118.44, signaling stabilization and possible recovery extension. The notion is supported by bullish break of daily Stochastic from oversold zone. Regain of 120 barrier and sustained break higher, is seen as minimum requirement for further recovery action, with break above 200SMA at 120.67, needed to confirm. Otherwise, prolonged consolidation, would be likely near-term scenario, with increased downside risk, expected on loss of initial 118.44/24 supports, Low of today and yesterday.

Res: 119.81; 120.38; 120.67; 121.00
Sup: 119.00; 118.44; 118.24; 117.78