OSB Daily Technical Analysis for November 24, 2014

EUR/USD Market sold off hard testing support making a low at 1.2375 which proved to be strong support. A close below 1.2350 extends down leg into the 122.50 area in the medium term. Market needs to close back above 1.2400 to make any recovery worthy of further upside.

 

 

Consolidation day on Friday for the GBPUSD without much action in either direction. Range bound action likely to continue as pair grinds it out in the 1.5740-1.5580 area. Pair remaining strongly bearish with significant downside bias.

 

 

Correction and give back of some of the recent gains into he USDJPY pair. Friday’s low found support below at 117.35, a break of which is likely to see the pair testing the 117.00 handle. Resistance is in the 118.10-30 area. A close above extends to recent highs.

 

 

USDCAD sold off hard on Friday finding support just beneath the key 1.12 level. Friday’s correction is likely to cause a short term bonce towards the 1.1250-70 area. A close back above the 1.13 handle required to open up leg towards recent highs.

 

 

Strong rally in the USDCHF pair after making an intraday push above the 0.97 handle. Market looking to retest recent highs and likely to consolidate at these levels as it prepares for next up leg. Support below in the 9650 area. Bullish momentum on the rise.

 

 

AUDUSD tried to rally in the early session on Friday but found resistance in the 0.8720 area. Market attempts to go higher finding ample willing sellers and suggests upswing is likely to be short lived. A close below 0.86 extends to new lows.

NOTE

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