OSB Daily Technical Analysis for October 17, 2014

EUR/USD Sell off in the EURUSD and a dip below the 1.28 level found support at the 1.27 handle and bounced back above the 20 DMA and a close above the 1.28 handle for the second consecutive day. Market likely to consolidate and bounce around in this range as it looks for further direction. Resistance above at the 1.2920 area.

EUR/GBP sold off with a vengeance finding support at in the 0.7950 area. Market likely to consolidate and build a base at this level. Resistance above at 0.8050. Pair does not appear to have momentum for either the upside or the downside.

EUR/JPY bears took full control of the early session on Thursday and slammed the pair straight through the 135.00 handle all the way down to 134.1300 where it found support. The bounce and formation of a hammer suggest strong support at this level and further above at 135.00. Bearish bias remains with some consolidation likely.

EUR/CHF consolidation day with some volatility on Thursday. Pair is in a range and likely to continue to bounce within the 1.2055-85 range as it looks for further direction.

GBP/USD Positive day for the GBPUSD following a dip below the 1.60 handle which is proving to be a strong support area at the moment. Pair is likely to continue upswing and test the 1.6150 area. Short term bounce likely to be faded by bears as pair still remains significantly bearish.

USD/JPY sold off in the early session but found support at the 105.50 area and turned back test resistance above at the 50 DMA in the 106.40 area. Pair looking to consolidate and possibly build up some momentum as it attempts to be back above 107.00 handle. Resistance at 106.85.

USD/CAD bulls pushed the pair higher on Thursday only to find resistance at the 113.60 handle and turn back down to close essentially unchanged for the day and form a shooting star. This is somewhat negative for the pair and suggests some downside in the short term and possible consolidation. Overall bullish bias remains.

USD/CHF well supported at the 0.9395 area with resistance above at 0.9475. Pair in consolidation mode as it bounces around in this region. A close above the 0.9475 extends to 0.9535 area. Bullish but cautious.

AUD/USD sold off during the trading session on Thursday finding support in the 0.8685 area. Pair appears to be consolidating in the 0.8820-0.8670 region for now. A break above or below suggests new direction. Overall bearish bias remains.

NZD/USD dipped below the 20 DMA which proved supportive and bounced back to close at the 0.7950 area. Resistance above at 0.80 handle. Pair is in consolidation, range bound mode. Bearish.

NOTE

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