OSB Daily Technical Analysis for November 5, 2014

EUR/USD broke its four day losing streak on Tuesday and managed to rally above the 1.25 handle finding resistance at the 1.2580 area. Pair looks set to bounce higher from here with resistance being at 1.2615. A close above likely extends to the 20 DMA at 1.2660. Bearish bias.

EUR/GBP The EURGBP had a positive day on Tuesday climbing higher and erasing the previous day losses. Resistance in the 0.7850 area and further above at 0.7870. Pair likely to consolidate at this level in the next several sessions.

 

EUR/JPY The EURJPY continued higher on Tuesday following a brief dip and sell off seeing the pair below the 142.00 handle. Bullish momentum remains strong in the pair which is likely to head higher despite being somewhat overbought at the moment. Some correction is imminent. Bullish.

 

EUR/CHF The EURCHF sold off on Tuesday hitting a new low and finding support at 1.2040. The pair is nearing the SNB imposed limit and which is likely to see buyers stepping in. A bounce at these levels is likely. Neutral.

GBP/USD The GBPUSD manages to edge higher closing at the 1.60 handle on Tuesday. The pair appears to have strong support at the 1.60 area and is likely to bounce from here and head towards resistance 1.6045-65. Overall bearish bias remains intact.

 

USD/JPY The USDJPY corrected on Tuesday finding support at 113.15 and closing below the 113 handle. Pull back likely to continue in the next several sessions as the market consolidates recent gains. Overall bullish bias remains.

 

USD/CAD continued to rally on Tuesday and breaking and closing above the 1.14 handle. This is bullish for the pair and is likely to extend to higher prices. Any pullback is desirable and likely to be short lived as bulls add to their positions. Bullish.

 

USD/CHF The USDCHF sold off on Tuesday breaking below the 0.96 handle. Support is at 0.9580 and further below at 0.9540. A close below this level extends to 0.95. Bullish bias remains intact.

AUD/USD sold lower into support at 0.8640 before turning back and testing resistance in the 0.8750 area. The AUDUSD is likely to head higher from here and test resistance at the 20 DMA at 0.8780.

NZD/USD Positive day for the NZDUSD on Tuesday which managed to climb back above the 0.77 handle and test resistance at 0.7780. Further resistance above at 0.78. The NZDUSD is likely to retest resistance and a close above 0.78 extends to 0.7840-50. Bearish.

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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