OSB Daily Technical Analysis for December 11, 2014

EURUSD cleared the 20 DMA closing at the peak of the day suggesting further upside. Overhead resistance at 1.2450-75. Clearing this extends to a test of the 1.25 handle. Support beneath now at 1.24-1.2380. Short term bullishness possibly to persist as US$ broad based weakness remains.

GBPUSD strong showing on the day finding resistance at the 20 DMA. Pressure remains to the upside as market has established higher highs, lows this week on the intraday charts. Resistance above at 1.5740-65. Momentum build-up and clearance of this level extends to a test of the 1.58 handle. Support now at 1.57 handle.

USDJPY broke down slamming through the 118.00 handle and testing support at the 117.70-80 level. A break beneath this level extends to 117.10-25. Correction possibly justifiable on US$ weakness however short term indicators suggest somewhat oversold with possible rebound. Resistance now at 118.80-119.00.

Positive day for the USDCAD as US$ weakening pushed the pair slightly higher making a new high above the 1.15 handle. Pair looking to stretch higher but first needs a clear close above the 1.15 resistance area. On the downside support remains 1.1420-30.

USDCHF spent the day falling breaking below 0.97 handle and closing on the lows of the day beneath the 20 DMA. Action suggests further downside likely to follow. Support at 0.9640-0.9610. Pair possibly to consolidate and trade within a tight band in the next few sessions.

AUDUSD managed to put a pause to the slide by showing a positive session after seven consecutive losing ones. Upswing driven by strong session in the NZDUSD which is closely correlated the Aussie $. Bearish bias remains intact with resistance above at 0.8380-0.84.00.

NOTE

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