OSB Daily Technical Analysis for September 10, 2014

EUR/USD pair found support close to the 1.2850 area only to turn back up and close positive for the day. The pair is oversold and might have put in a short term bottom at the 1.29 level for now. Upswings are likely to be short lived as this market heads lower. A close above the 1.30 resistance level might change that view.

EUR/GBP Positive day for the EURGBP with a test of the 50 DMA before moving higher and closing at the 0.8035 handle. This market is looking to move higher from here. A close above yesterday’s high is an opening to this. Resistance levels at 0.8050 – 0.8080.

EUR/JPY Bullish day for EURJPY closing above the 20 DMA with a decisive push to get above the 50 DMA. This is the third time this pair attempts to get above the 50 DMA which is provide to be solid resistance. A close above this level and the 200 DMA opens the route for the 138 handle where resistance is significant.

EUR/CHF continues in consolidation mode with a slight move higher on Tuesday. No real strength to edge higher.

GBP/USD is still in sell mode making intraday lows in the 1.6050-60 area on Tuesday. A level we are likely to test and possibly push below as we get closer to the Scottish referendum. Any upswings are likely to be sold into as resistance above is significant.

USD/JPY is headed higher on Tuesday closing above the 106.00 handle and hitting a new six year high after retreating from intraday highs. Recent momentum may be waning and the USDJPY might be looking to consolidate around these levels.

USD/CAD had another positive and managed to breakthrough above the 1.10 handle hitting a four month high only to retreat and close just beneath at 1.0981 forming a shooting star candlestick. This suggests that the 1.10 level remains a significant resistance level for the loonie and we are likely to hover in this area for some time. A close above is needed for continuation of the recent up trend.

USD/CHF declined on Tuesday finding support at the 0.9325 level. The pair might be preparing to consolidate at these levels with more support at the 0.93 handle.

AUD/USD Significant decline of the AUDUSD on Tuesday continuing from the previous days drop. The pair found support at the 0.92 level. Recent weakness suggests more downside for the pair something a close below yesterdays close would confirm. Next support level is in the 0.9150 area. Some short term upswings are likely following the sharp decline over the past two sessions.

NZD/USD Bearish continuation for the NZDUSD pair consistent with the recent downtrend we have seen over the past several weeks. The close below the 0.8250 level is significantly bearish for this market and suggests further downside to come. The 0.80 handle is looking like a realistic target considering the weakness in this pair.

 

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