OSB Daily Technical Analysis for October 30, 2014

EUR/USD Market sold off after hitting resistance at 1.2770. Price action suggests weakening upside momentum and another down leg in the making. Close at support in the 1.2630-50 area possibly to be broken through. A close below 1.26 extends to recent lows in 1.2510-30 area. Long/mid-term bearish.

EUR/GBP in groundhog mode as it continues to test resistance at 0.79. Range bound action and possibility of a downward move increasing as failure to close above key resistance continues. Neutral.

EUR/JPY sold off after testing the 138.00 during intraday trading. Support in the 137.50 area. Pair at critical junction – likely to consolidate in the 137.00-70 region prior to finding new direction.

EUR/CHF The Swiss Franc edged higher on Wednesday as it continues to consolidate within a tight band. Overall downward trend remains.

GBP/USD sell off sees the pair flirting with key support at the 1.60 handle. A close below extends to recent lows in the 1.5890 area. Support further below at 1.5850. Bearish bias intact and downside momentum on the rise.

USD/JPY Rally in the USDJPY pair tested resistance at 109.00 handle. A close above likely extends to resistance at 109.25-50. Support at 108.50. Bullish.

USD/CAD Volatile day for the Loonie which broke below the 1.12 handle and the 20 DMA. Pair remains in bullish mode and is likely to continue consolidation at higher levels. Resistance at 1.1250, support at 1.1160.

USD/CHF rallied above the 0.95 handle testing resistance at 0.9550 on Wednesday. Pair looking to go higher. Further resistance at 0.9580. A close above extends to 0.9620. Support at 0.9510-20. Bullish.

AUD/USD sold off giving back gains from the previous session breaking below the 0.88 handle and finding support at 0.8775. Support below at 0.8740-60. Long term bearish bias intact.

NZD/USD sold off heavily on Wednesday giving back gains from the previous three sessions. Support is at 0.7750-70 which is likely to be violated in the next several sessions. A close below 0.7750 extends to recent lows.

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.

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9. You will fail to stick to your plan. The sooner you do the quicker you can move on and correct your mistakes.

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