OSB Daily Technical Analysis for September 16, 2014

 

EURUSD attempt to push towards 1.30 level resistance failed with a close lower for the day. Consolidation at these levels as the pair tries to recover some of last weeks losses.

EUR/GBP found support at the 0.7945 level and managed to close just above the 20 DMA. Market is range bound without much direction.

EUR/JPY Corrective action in the EURJPY on Monday finding support in the 138.50 area. Bullish bias is intact with such corrections very much in order. Resistance at 139.20, support at 138.25-50.

EUR/CHF Positive day and a push towards 50 DMA at 1.2114 for the EURCHF on Monday. Some upward momentum gathering in the pair. Support at 1.2080-90. Resistance at 1.2114-20.

GBP/USD Negative day for the GBPUSD on Monday. Resistance at the 1.6280 appears significant and has been tested for three consecutive days. A close above 1.63 suggests higher prints for the pair. Support at the 1.62 area.

USD/JPY declined on Monday and found support at the 107 level. USDJPY is bullish. A close below 107 might suggest further correction and perhaps a buying opportunity for bulls.

USD/CAD facing strong resistance at the 1.11 handle after a second test of this level on Monday and a negative close at 1.1054. Further support at 1.1040-50.

USD/CHF Positive day for USDCHF after testing the 0.93 support handle. Consolidation mode continues. A close above 0.94 renews upward momentum.

AUD/USD decline found support at the 0.90 handle on Monday suggesting that the sell-off is in pause at least for now. The market might consolidate and offer a bounce from here. Bearish bias intact.

NZD/USD closed higher on Monday after last weeks losing streak. A continuation of the bounce is likely. Resistance at the 0.82 handle – a close above suggests higher prints.

 

NOTE

The daily technical report is our new offering that will be available on our site mid-morning from Monday to Friday. Our objective is to offer a high level overview of the general market direction of the G10 currency pairs and some of the major indices and most liquid and highly trader commodities. 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.

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.

3. Get a trading plan and stick to it – clear, simple rules are more effective than complex ones.

4. Most chart patterns, particularly those of shorter time frames will never fail to disappoint.

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

6. There will be losing trades and periods. Accept it.

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.

 

Risk Disclaimer

Forex and CFDs are leverage products, involved a high level of risk and can result in the loss of all your invested capital. Forex and CFDs may not be suitable for all investors. You should not risk more than you are prepared to lose. Before deciding to trade, you should ensure that you understand the risks involved and take into account your level of experience.

All information on this website, including any opinion, charts, prices, news, data, Buy/Sell signals, research and analysis is our point of view and is provided as general market commentary and does not constitute any investment advice.

OneStopBrokers.com will not accept any responsibility or liability for losses incurred by customers, visitors or traders as a result of using the data available on OneStopBrokers.com. Read more

---