OSB Daily Technical Analysis for December 2, 2014

EURUSD lacked real conviction and direction managing to hold above the 1.24 level and keeping away from the1.2360 lows for now. Ranging price action likely for now. A bounce from yesterdays close sets the scope for a retest of the 1.25 handle. A close above needed to extend push to the 1.2600 level. Support in the 1.2435-55 area.

 

GBPUSD bulls stepped into the market on Monday pushing the pair into the 1.5750-60 resistance area. Support at 1.5580-156.00 appears to be strongly held and likely to be a base for a bounce higher. A close above the 20 DMA at 1.5770 extends rebound into 1.5830-50 area.

 

Negative day for the USDJPY with a break below the 118.00 level which lead a strong bounce just beneath. This suggests strong support in the area for the USDJPY. Further support below at 117.25 area. Resistance above in the 118.60-70 band. Consolidation and range bound action likely.

 

Strong sell off in the USDCAD finding support at the 1.13 handle. Pair well supported in this area and below with a bounce and push into 1.1330-60 area very possible. Bullish bias remains strong with buyers likely to step in at these levels.

 

USDCHF essentially unchanged in an indecisive trading session following a negative vote for the Gold referendum on Sunday. Resistance at 0.9660-80 band a break from which might retest 0.9690-0.97 area. Support in the 0.9590-0.9610 area.

 

Gap down on the open for the AUDUSD on Monday which found support in the 0.8420 area and made a new low. A close below 0.84 handle extends to new multi-year lows. Price action suggests some consolidation and a bounce back over 0.85 handle. Resistance above at 0.8555-75.

 

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