Technical Analysis for November 24, 2014

EUR/USD has breached 1.24 line and keeps moving lower. Currently EUR/USD has continued the downtrend from 1.35 and keeps moving downwards. A break lower to 1.235 will target 1.225 next and a higher rebounce to 1.25 will target 1.26 next. Long term downtrend still intact, bearish.

 

EUR/GBP tried to shake off 0.79 level and breaks even lower. Although near term no bigger movement expected, a break under 0.7875 will target 0.78 next. And a rebounce to 0.8 level will bring EUR/GBP to price stability around 0.793 – 0.804 level again.

 

EUR/JPY has moved against the trend and the uptrend will be broken with the sudden bearish movement. A lower break under 145 will target 142.55 next and a retrace to 147 will bring back the bullishness in this pair.

 

EUR/CHF has tried to break both into higher and even lower but eventually failed. Currently EUR/CHF still not moving from their last trading range around 1.2 – 1.203 and eventually tries to break lower. No big movements are expected and EUR/CHF should stay in this trading range.

 

GBP/USD still in trading range around 1.56 – 1.57 and made no new attempts to break this time. Even so, a lower break will be expected in near term and a break under 1.56 will target 1.555 next. A higher break to 1.572 will target 1, 58 back again.

 

USD/JPY pair corrected some movement of the recent bullishness and tried to move lower to 117 but stopped at 117.35 level. USD/JPY still hanging the uptrend so far. A break higher to 118.3 will target 120 next.

 

USD/CAD has broken 1.1275 line and keep moving lower. 1.12 will be the next target in short term but a break over 1.13 will bring back USD/CAD into 1.13 – 1.136 trading range. After touched 1.12 like it will target 1.114 next.

 

USD/CHF has broken 0.9625 line and will keep targeting upwards. Next target will be 0.973 and a reversal to 0.96 will bring back to price in 0.955 – 0.962 area. USD/CHF possesses reversal risk due to the volatility.

 

AUD/USD tried to break 0.87 but retraced to 0.867. Currently AUD/USD will be trading in 0.856 – 0.872 line. A break higher to 0.873 will target 0.88 and a lower keg under than 0.855 will target 0.85 next.

 

The NZD/USD pair was trading around 0.788 level – 0.795 but broker lower under 0.788 level already. As 0.783 level was broken, it will retest 0.783 level and will target 0.777 next. A higher break over 0.793 will target 0.8 level again. NZD/USD pair will be stucked at trading range for now.

 

Trading Events (GMT) :

08:15 AM (CHF) Employment Level
09:00 AM (EUR) German Ifo Business Climate
02:00 PM (EUR) Belgian NBB Business Climate
02:45 PM (USD) Flash Services PMI
11:50 PM (JPY) Monetary Policy Meeting Minutes
11:50 PM (JPY) SPPI

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