OSB Daily Technical Analysis for November 28, 2014

Strong resistance in the 1.2520 area pushed EURUSD lower on the day. Limited upside potential for the pair which is rather berish on all time frames. Range bound action with a bias to the downside remains in the short term. Support at the 1.24 level important, a break below extends to recent low of 1.2360.

Decline for GBPUSD which traded lower on the day hovering around the 1.57 range. Support below in the 1.5650. A break below extends to 1.5600-15590 area which is the recent low and opens up down leg to the 1.55 handle. On the upside the 20 DMA level at the 1.5790 area appears strong resistance.

Ranging session for the USDJPY which closed essentially unchanged on the day. A break above 118 see the pair entering a fresh drive to new highs. On the downside support in the 117.00-25 area remains strong and upside bias suggests a base somewhere in this vicinity.

USDCHF bouncing around the 0.9615-20 area which is the 20 DMA which is proving supportive and likely to cause a bounce up from here. Resistance above at 0.9680. Some range bound action and consolidation within this range likely.

USDCAD broke above the 1.13 handle and the 20 DMA with ease on Thursday suggesting the pair might be ready to enter a new up leg and drive towards the 1.1380-1.1400 resistance area. A close above this resistance area sees the pair testing recent highs.

AUDUSD ended the day essentially unchanged after trying to rally and faltering, finding resistance in the 0.8610-20 area. Weakness dominates price action this pair which is strongly biased to the downside. Looking for new lows in this pair as bearish momentum picks up.

NOTE

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