OSB Daily Technical Analysis for August 19, 2014

EUR/USD – consolidating at these levels, remains bearish. The EUR remains weak while it retests support levels at the 1.33 area. No signs of strength with strong possibility to continue downward trajectory.

GBP/USD – finding some support at the 1.66 area. This pair remains bearish without much compelling action for the moment.

EUR/JPY – Euro remains bearish against the JPY with a close below the 20 DMA. Support levels at 136.40 likely to be tested.

NZD/USD – a close below the 200 DMA is bearish for the Kiwi. Shorts might look to initiate positions at these levels.

USD/CAD – consolidating previous upswing, potentially more correction on the way with a test of support at the 1.087 levels.

USD/JPY – bullish day yesterday, seeming strength to push above resistance. A close above the 102.66 levels might propel a test of May highs at the 102.75 levels.

USD/CHF – strong move on Monday is bullish for the pair. Potentially more upside for the USD against the CHF.

AUD/USD – Bullish continuation a close above these levels with a cross of the 20 DMA above the 50 DMA a sign of more upside in this pair.

EUR/CHF – Bearish, with a strong possibility to test November 2013 levels at 1.208 levels. No signs of strength and any gains might prove temporary.

EUR/GBP – Bearish with a retest of the 20 DMA. Consolidation phase with retest of support levels.

 

NOTE

The daily technical report is our new offering that will be available on our site mid-morning from Monday to Friday. Our objective is to offer a high level overview of the general market direction of the G10 currency pairs and some of the major indices and most liquid and highly trader commodities.

We are currently working to develop proprietary tools to add to our daily reports and will be rolling those out in due course.

The analyst preparing our charts, a long time student of the market, offers his general guidelines about the markets and trading to bear in mind while reviewing the charts.

1. Day trading is for tremendously gifted traders, for the rest of us it’s a loser’s game.

2. Understanding and managing emotions: greed, fear, hope and despair is imperative.

3. Get a trading plan and stick to it – clear, simple rules are more effective than complex ones.

4. Most chart patterns, particularly those of shorter time frames will never fail to disappoint.

5. Your goal as a trader is to execute your plan and manage risk.

6. There will be losing trades and periods. Accept it.

7. Be ruthless with losing trades. Successful traders are patient winners not patient losers.

8. Making money over long periods of time is more important than being right or catching a ten bagger.

9. You will fail to stick to your plan. The sooner you do the quicker you can move on and correct your mistakes.

10. Successful trading and money management is not about intelligence. It is about Patience, persistence and discipline.

 

Risk Disclaimer

Forex and CFDs are leverage products, involved a high level of risk and can result in the loss of all your invested capital. Forex and CFDs may not be suitable for all investors. You should not risk more than you are prepared to lose. Before deciding to trade, you should ensure that you understand the risks involved and take into account your level of experience.

All information on this website, including any opinion, charts, prices, news, data, Buy/Sell signals, research and analysis is our point of view and is provided as general market commentary and does not constitute any investment advice.

OneStopBrokers.com will not accept any responsibility or liability for losses incurred by customers, visitors or traders as a result of using the data available on OneStopBrokers.com. Read more

---