Thursday December 4: OSB Daily Technical Analysis – Currency pairs 

OSB Daily Technical Analysis for December 4, 2014

EURUSD smashed down to 1.2320 in the early session spending the rest of the day going downwards from there. New low at 1.2301 appears well supported for now with the market likely to take a pause at these levels. A close below here extends to 1.2230-50 last seen in June 2010. Resistance above at 1.2360-90. Bearish with new lows imminent.

GBPUSD early session attempt to run higher was met with sellers stepping in to push pair downwards. Market appears to be in consolidation mode within the 1.5585-1.5765 range. A break below here suggests further break down in the market and extends to the 1.5525 area. On the upside any rallies likely to be faded and a break above current range sees pair running into strong resistance at 1.5800-25.

USDJPY made a strong push towards 120.00 level which is now a question of time. Resistance at this level is likely to cause some push back as profit taking ensues. Support at 119.45 and further below 119.00. A close above 120.00 extends price into 120.50-75 area. Strongly bullish.

USDCAD sold off dipping finding support at the 1.1350 area showing some signs of weakness for further upside at the moment. Some consolidation and range bound action in the 1.1325-1.1410 band likely as momentum build up occurs. On the upside a break above resistance at 1.1410 extends to 1.1430-45. Bullish bias remains intact.

USDCHF rallied making yearly highs reaching out towards 0.98 handle which is strongly resistant and likely to cause some pullback. Support below now holds at 0.9640-60. On the upside a break above 0.98 area extends to 0.9815-25 in the medium term with some consolidative action likely.

“Mixed day for AUDUSD with bulls and bears fighting it out. Intraday rally saw the pair test resistance in the 0.8430 area. Resistance further above from here at 0.8450. On the downside the market is supported at 0.8400-0.8390. A break below here extends to 0.8315.

NOTE

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