OSB Daily Technical Analysis for September 15, 2014

EUR/USD consolidation day on Friday closing below 1.2965 resistance after finding support at the 1.29 level. Action suggests downside may be limited from here and a further corrective bounce towards the 1.30 handle is likely.

EUR/GBP Positive day for EURGBP with a close above the 20 DMA recovering losses from Thursday’s session. Resistance above at 0.7980 and 0.80. Range bound, a close above 0.8035 needed for the move to extend higher.

EUR/JPY Strong bullish action for EURJPY on Friday closing the week above the 139.00 handle. Market looking very strong and possibly heading for the 140.00 level. Pullbacks are likely after five strong up days. Support at the 138.00 area.

EUR/CHF Positive day for EURCHF closing just below the 1.21 handle. A close above sees the move extend towards the 50 DMA at 1.2114 and above. Consolidation and upward bias.

GBP/USD failed to move above the gap formed earlier. A decisive move above the gap is needed to extend corrective upswing. Consolidation in this area is likely with support down below at the 1.6050 level.

USD/JPY Buying pressure is unabated in the USDJPY with only 2 negative sessions since the 29th August. Market is very bullish – parabolic moves such as this one can extend much more with the 108.00 handle becoming a reality by the day. Pullbacks also likely. Bullish

USD/CAD remained above the 1.10 key resistance level on Friday and is finally looking to head higher from here. Move likely to extend towards 1.12 in the short term. Bullish

USD/CHF correction on Friday finding support at the 0.9320-30 level. Further correction and test of the 0.93 handle likely. Additional profit taking at this level might extend down move.

AUD/USD Strong selling in the AUDUSD on Friday to finish the week at 0.9038. Selling pressure is strong with downward move extending towards the key 0.90 support handle. Bearish.

NZD/USD completed five consecutive down days last week. Weakness is prevalent with action suggesting that the 0.81 handle is a question of time, additional support offered at the 0.8080 level. Bearish.

 

NOTE

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

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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.

 

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