OSB Daily Technical Analysis for August 22, 2014

EUR/USD – correction in the early part of the day with support being found at 1.3240. This market is still bearish, any gains are unlikely to hold as strong resistance ahead might prove challenging to beak through.

USD/JPY – another bullish day for the USD/JPY as we move to challenge the 104.00 level. We continue to be bullish at these levels and expect to see some correction somewhere at these levels after four days of strong gains.

GBP/USD – mixed day for this pair with some consolidation during the day. We are likely to see more consolidation and remain in this range for now. A break below these levels might lead to support at 1.65.

EUR/GBP – some bullishness with a push through the 0.80 level. Look for more consolidation at this range. Holding above 50 DMA gives us some conviction of higher prints. Positive outlook with a wait and see approach for now.

EUR/JPY – positive day with a close above both the 50 and 200 DMA’s. Look for resistance at the 138 level and some consolidation. We like action in this pair and remain bullish in the medium term.

EUR/CHF – a move lower for the EUR/CHF pair with more weakness and deterioration in this chart. Look for a drift lower from here with support at 1.2080. We see little motivation by buyers to step in.

AUD/USD – bullish day with mixed action with the bears taking control in the early part of the session. Strong support around the 0.9230 level with strong effort to push through the 200 DMA. Look for a clean close above this level and higher prints from here.

NZD/USD – positive day after a series of losses in the early part of the week. Recent weakness does not give us strong conviction for more gains. We are watching resistance at 0.8454 level. Neutral for now.

USD/CAD – short lived rally yesterday with resistance at the 1.0985 proving difficult to push through. Consolidation of recent gains and possibly lower prints for this pair. We are still bullish for this pair but getting more cautious as the correction manifests.

USD/CHF – corrective action yesterday following three days of gains. Possibly more to come with the 0.9090 level in sights for short intraday corrections acting as support. We are still bullish in this pair and view this type of action healthy in the course such moves.

 

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. 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.

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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.

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