OSB Daily Technical Analysis for August 20, 2014

EUR/USD – bearish short and medium term with more weakness and sharp sell-off barely holding the 1.33 support level. A close below this level might trigger additional selling with next support at the 1.31 handle. Any upside in this pair is likely to be short lived.

 

GBP/USD – break down of this pair driven dominated by the lower than expected inflation figures. Tuesday’s weakness and close at the lows of the day indicates more selling possibly on the way with the next support level at 1.6550. Bearish.

EUR/JPY – retest of the 20 DMA with support being found just below with a close just above the 137 mark. Continued strength is likely to continue with consolidation and retesting of these levels. Strong possibility to move higher from here with a move towards the 200 DMA.

NZD/USD – more bearish action with a sharp sell-off for the Kiwi with a significant move below the 200 DMA indicating more selling and weakness in the this pair.

USD/CAD – decisive rally in the Loonie indicates bullish mood with some resistance at the 1.0955 level. Poised to go higher if we see a close above those levels.

USD/JPY – clean breakout in the USD/JPY pair with a strong indication of bullishness to continue. Look for resistance at around 103.40.

 

USD/CHF – another bullish move for the USD against the CHF following a bullish engulfing pattern the previous day. Resistance to watch out for at 0.9115.

AUD/USD – a close below the 200 DMA with downward pressure continuing in the AUD at 0.93 level. Support close to 0.9250, a break below this level is bearish and indicates a continuation of the negative sentiment in the AUD.

EUR/CHF- more bearishness with a strong support at the 1.21 handle. Weakness set to continue in this pair without much action of note.

EUR/GBP – bullish day with strong attempts to move higher from this level. New highs and a cross of the 20 DMA above the 50 DMA likely to motivate additional bulls into this market.

NOTE

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

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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.

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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.

 

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