OSB Daily Technical Analysis for September 30, 2014

EUR/USD consolidation day forming a shooting star candle and likely preparing for the next leg down. Slightly oversold at these levels and some possible sideways action and bounce. Support at 1.266. Bearish.

EUR/GBP well supported at the 0.78 level and likely forming a base in this area. Resistance at 0.7830. Downside bias remains intact. A close below support extends to 0.7770.

EUR/JPY correction and downside pressure eased and gave buyers the opportunity to bid prices back above the 20 DMA. Support at 138.65. Resistance above at 139.35.

EUR/CHF Further consolidation of EURCHF pair in the 1.2065 area. Resistance above at 1.2075. More sideways action likely in store for the pair. Neutral.

GBP/USD indecisiveness about further direction with sellers easing downside pressure on Monday. Likely upswing from here towards 1.6285 resistance. Support below at 1.62. A close below extends prices to 1.61 handle. Bearish.

USD/JPY consolidating below the 110.00 handle looking to build required momentum to push above this key resistance level. Market remains bullish and a breakout above this level is very much likely. Support below in the 108.75 area.

USD/CAD pushed higher on Monday and remains very much bullish. Some consolidation and pull back from recent upswing likely. Support in the 1.1110 area. Bullish.

USD/CHF formed a spinning top candle on Monday suggestion indecision and perhaps stalling of recent up move. Likely consolidation and some pull back to support at 0.9450 area. Bullish bias remains intact.

AUD/USD Further decline in the AUDUSD pair finding support at 0.8680 area. Pair looking oversold at the moment. Some bounce likely but probably to be short lived. Weakness remains prevalent. Bearish.

NZD/USD steep decline on Monday with a test of support at 0.77 handle. Bearish with lower prices imminent.

 

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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