OSB Daily Technical Analysis for August 27, 2014

EUR/USD The EURUSD pair remains in bearish territory and looks likely to continue its downward trajectory despite some consolidative action on Tuesday. The bears dominate this market for now. More consolidation as the 52 week low is retested. This market is poised to go lower from here with support in the 1.3030 area.

USD/JPY Consolidation at the 104 level on Tuesday for the USDJPY. Bullishness remains and a close above resistance 104.55 would point to higher prices from there with 105.00 being a significant milestone.

GBP/USD Selling pressure for the GBPUSD in the 1.6540 area. Strong support around the 1.65 handle, a close below this level indicates more downside which might be significant. Possible consolidation and range bound action. Bearish.

EUR/GBP Sell off and lower prints in the EURGBP despite efforts to rally on Tuesday. The EUR remains weak against the GBP and looks likely to continue the downtrend in the medium to long term. Support in the 0.7920 area. Bearish.

EUR/JPY Another down day for the EURJPY closing below the 20 DMA. The last three trading sessions have exposed the weakness in this pair and reluctance of buyers to step in. The 137 handle is proving to be strong support. A close below this level might see a test of support at 136.30. Bearish stance remains.

EUR/CHF Positive day for the Swiss Franc against the Euro on Tuesday as the 1.2070 level proves to be a strong support area. The Franc is hovering a mere 70 pips from the SNB peg of 1.20. Bearish – very strong support at this level.

AUD/USD More sideways action and consolidation for the AUDUSD pair indicating a neutral bias in this pair. Support at around 0.9250 level is proving strong for now. This market looks likely to remain within a tight range for now. A close below 0.92 or above 0.9330 is needed to change our neutral view.

NZD/USD Significant damage in the Kiwi in the last three trading sessions. Bearish action and a downside breakdown. Look for support at the 0.8240 levels which might be breached without much fight back from the bulls. Bearish.

USD/CAD Persistence from the Loonie to push through resistance at 1.10 on Tuesday registering a daily high at 1.0996. Failure to push through 1.10 might lead to further consolidation and sideways action in a tight range. The 1.09 level offers significant support. Bullish.

USD/CHF Bullish action Tuesday for the USDCHF pair. Correction at these levels following recent gains is possible. Look for a close above 0.9090 for confirmation of further upside. Bullish.

 

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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