OSB Daily Technical Analysis for December 23, 2014

Light trading day for the EURUSD which made a new intraday low on the day, suggesting further downside with a test of the 1.22 imminent. On the upside market is capped at the 1.23 handle with significant resistance above. A break above leads to a further bounce higher extending to 1.2350 area.

 

GBPUSD consolidation trade on Monday without much direction. A break below recent low at 1.5540 sees new down leg with price extending to support at 1.5525-15. Market subdued and likely to remain within current trading range for next several sessions. On the upside resistance at 1.5680.

 

USDJPY pushed higher on Monday closing above 120.00 handle suggesting market is heading higher with the 121.00 target coming in sight again. Any dips likely to be short lived with support at 119.25. Market remains strongly bullish.

 

USDCAD dipped below 1.16 handle in the early session finding support at 1.1577 but managed to push back higher ending the session on a positive note suggesting downside likely capped in the 1.16 area where support appears strong. A break above recent high at 1.1672 extends to 1.17 handle.

 

USDCHF essentially unchanged on the day as consolidation occurs in the 0.98 handle. Range bound action likely to continue as market looks to push higher past resistance in the 0.9850-65 area. A break above extends to 0.99. On the downside support at 0.98.

 

AUDUSD sold off slightly on Monday remaining within its recent range. Price action suggests pair consolidating in preparation for next down leg. A break below 0.8107 needed to open market for new lows in the 0.8050-60 area where support now lies.

 

 

NOTE

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