OSB Daily Technical Analysis for December 22, 2014

EURUSD broke new lows on Friday with bears having a field day in the pair. A break below here extends to a test of the 1.22 handle extends to 1.2165 given time. A swing back above 1.23 with a decisive close in this area allows some decisive corrective action to take place otherwise any bounce likely to be faded.

Push towards 20 DMA failed on the day with a fall back to 1.56 support. Further support beneath at 1.5585-90. A close below extends to recent low at 1.5541. Upside momentum appears weak with resistance above at 1.5685, 20 DMA which will need to be cleared to usher in any hope of further upside.

USDJPY rallied into 1.1960 resistance area on Friday. Upside momentum on the rise with a break back above the 1.20 handle imminent. A decisive break above extends to an attempt towards new highs. On the downside support holds at 118.80-90, a dip below leads to further support in the 118.20.

USDCAD pushed higher on Friday attempting to break above the previous days open. Upside momentum still in full swing in the USDCAD as long as it remains above the 1.16 handle. A break below extends to support in the 1.1545-50 area. Overall longer term momentum remains intact.

Push higher on the day breaking above the 0.98 handle testing for resistance in the 0.9845 area, breath away from the previous high. A close above extends to 0.9865-75. On the downside support in the 0.9750 area. Some push back likely as pair heads into new high ground.

Consolidation day for the AUDUSD which traded within a range on Friday and halted any further new losses. Resistance above at 0.8190-0.8200. A break above turns control to the bulls at least for the short term as longer term outlook remains strongly bullish. New lows below the 0.8100 handle extend to 08070-90 area. 

 

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