OSB Daily Technical Analysis for November 12, 2014

EUR/USD edged higher on the day hitting resistance at the 1.25 handle. Pair looking to bounce above this key resistance level. A close above extends to the 1.2540-70 area. Consolidation and sideways action expected with upswing likely to be short lived.

 

EUR/GBP closed lower after light trading on the pair. Support below at 0.7815 and resistance above at 0.7855. Consolidation and range bound is likely to continue in this pair as market looks for further direction.

EUR/JPY broke out driving straight through the 144.00 handle and testing resistance at the 144.50. Pair is in a strong bullish up move and likely to continue making new highs. Sell-offs and corrections most likely to be short lived. Bullish.

EUR/CHF The EURCHF bounced up after hitting a low of 1.2020. Pair essentially is a hands off market and not likely to going anywhere in a hurry. Neutral.

GBP/USD rallied hitting resistance at the 1.5945. Further resistance above at 1.5970. A close above extends to 1.60 handle. Pair remains in consolidation mode until it decisively clears this area. Longer term bearish bias remains intact.

USD/JPY The USDJPY broke out straight through the 115 handle making an intraday high at the 116 before easing off slightly. Pair is in a very strong bull market and likely to continue heading higher. Buy only bullish market.

USD/CAD The USDCAD declined after making an attempt to climb over the 1.14 handle and turning back to close in the 1.1330 area. Support at the 1.13 handle and further below at 1.1285. Pair in correction mode with bullish bias remaining intact.

USD/CHF sold off on Tuesday giving up gains the previous session’s gains. Support at 0.9595, resistance at 0.9690. Pair remains bullish.

AUD/USD climbed higher breaking through the 0.87 handle testing the 20 DMA resistance at the 0.8725 area. Further resistance at 0.8765. Pair is in bearish mode, a close below the 0.86 handle extends to recent lows in the 0.8550 area.

NZD/USD The NZDUSD rallied during Tuesday’s trading breaking through the 20 DMA closing above the 0.78 handle. Pair looking to consolidate higher with resistance at the 0.7840. A close above extends to 0.7880 and further above at 0.79.

 

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.

 

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