OSB Daily Technical Analysis for December 3, 2014

EURUSD failed to hold above the 1.2400 handle and is likely to retest recent lows at 1.2360. A break below see decline further into the 1.2300 level. Any potential upside is contained with resistance now at 1.2450-70. Pair likely to remain under downside pressure as momentum builds ups with bears stepping in as market heads lower.

 

GBPUSD gave away gains from Mondays upswing towards closing of yesterdays session. Prices appear to be drifting into a consolidation mode with the bias remaining to the downside. A break below support at 1.5585 puts the market in a new down leg with the 1.55 handle becoming a realistic target.

 

USDJPY rallied into a new high as upside pressure builds up with the market targeting the 120.00 handle last seen in August 2007. A close above yesterdays high extends to 119.50 in the short term. Downside risk minimal for now and support below at the 118.50-75 area appears sturdy.

 

USDCAD broke higher closing above the 1.14 handle as it builds up momentum for further upside. Strong resistance at the 1.1425 needs to be cleared with conviction first. On the downside support below is at 1.1350-65 band. Consolidation at these levels likely as upside pressure gathers to propel price forward.

 

Bullish day for the USDCHF briefly breaking above resistance at 0.9725. Further resistance above at 0.9740-50 likely to cause some push back as the pair looks to consolidate recent gains. Support in 0.9650-80 band. Bullish momentum on the rise.

 

AUDUSD attempt to rally faltered with bears stepping in to take control pushing the pair into negative territory. Bearish momentum still high with market likely to retest recent lows. A close below extends to 0.84 handle. A clean close this figure see the Aussie $ heading to 0.8250 in the medium term. Upside potential is limited with resistance at 0.8460-80. Pair is a strong sell.

NOTE

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