OSB Daily Technical Analysis for November 26, 2014

Continuation of bounce back from the 1.2360 low with the 1.2510 area (20 DMA) the next resistance to upside push. A close above extends to the 1.2560-80 area. Support below in the 1.2445-00 area

Consolidation continues closing essentially unchanged on the day. Resistance in the 1.5735 area still looking strong, a break of which extends price into 1.5790 area which is the 20 DMA. Strong support keeping downside protected at 1.5630.

USDJPY gave back some of the recent gains as it consolidates at higher levels. Downside appears well contained with support in the 117.35-60 area. A break below sees downside extending into 116.75 area.

Negative day for USDCAD which tried to break above the 1.13 handle which proved too resistive for now. Support at 1.1220 critical to hold for medium/longer term bullish outlook to remain in place. On the upside resistance at 1.1315 strong barrier.

USDCHF continues to sell off and push lower. Support in the 0.9610 area likely to be tested during this down leg. Resistance above at 0.9695 needs to be cleared for up leg to re-commence.

AUDUSD continues breaking down slicing through key support points with little effect making new yearly low during Tuesdays session. Lower prints imminent with 0.8450 area looking very likely. One way sell only market for now.

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 G6 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.

Risk Disclaimer

Forex and CFDs are leverage products, involved a high level of risk and can result in the loss of all your invested capital. Forex and CFDs may not be suitable for all investors. You should not risk more than you are prepared to lose. Before deciding to trade, you should ensure that you understand the risks involved and take into account your level of experience.

All information on this website, including any opinion, charts, prices, news, data, Buy/Sell signals, research and analysis is our point of view and is provided as general market commentary and does not constitute any investment advice.

OneStopBrokers.com will not accept any responsibility or liability for losses incurred by customers, visitors or traders as a result of using the data available on OneStopBrokers.com. Read more

---