OSB Daily Technical Analysis for December 17, 2014

EURUSD rallly broke above the 50 DMA intraday with resistance at 1.2570 holding strong keep the 1.2600 level out of reach at least for now. A close above the 50 DMA extends to 1.26 handle. Support in the 1.2460-90 band needs to hold for upswing to remain in action. A break below tilts bias to the downside with a test of further support at 1.2440.

GBPUSD break back above the 20 DMA but still within the consolidation band. Resistance above at 1.5775 needs to be passed for pair to sustain up swing and reach out to 1.58 handle. On the downside bearish move finds support at 1.5540-55 to put longer term downtrend back into motion.

USDJPY broke below the 20 DMA making an intraday low at 115.56. Decline over the last several sessions puts uptrend into question at least for now. A break back above 117.00 level puts bullish sentiment back in place. Resistance at 117.20-45 and extends to 118.00. On the downside support at 115.75-85.

USDCAD sold off on Tuesday finding support at 1.1620. Pair likely taking a breather after four consecutive positive days. Further consolidation likely with more upside on the horizon. Support at the 1.1600-15 area likely to hold off any further declines. Bullish.

USDCHF dipped briefly beneath the 50 DMA on Tuesday finding its way back above on by the close. Support within the 0.9550-70 band. Resistance on the upside at 0.9625-45. Market appears to be softening up with possible further downside movement.

AUDUSD broke briefly below 0.82 handle on Tuesday preparing the ground for further downside. A close below puts the pair well on its way to the 0.80 handle. Pair is strongly bearish and is on sell only mode for now. Any consoidation/upswings are very likely to be faded by the bears who dominate the Aussie $ market at the moment.

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