OSB Daily Technical Analysis for December 24, 2014

New downleg in the EURUSD after consolidation for several sessions saw the EURUSD making a new yearly low on the day. Further downside imminent with a break beneath yesterdays low extending to 1.2120 and ultimately to the 1.21 handle.

Downside pressure continues to push cable lower with a new monthly low on the day suggesting bears remain in full control of this market. A close below 1.55 extends to 1.5425 with a likelihood of further downside pushing the pair into 1.5250 area. Resistance on the upside at 1.5600-10 handle.

 

USDJPY edged higher on the day falling short of the 121 handle by about 20 pips. Upmove likely to continue as momentum remains strong. A break of 121 extends to previous high at 121.84. Corrections nn the downside find support at 119.85-95.

 

Market bounced around without much direction on the day breaking beneath the 1.16 handle briefly. Resistance at the 1.1666 area suggests USDCAD not ready to go higher just yet. A break above finds resistance at recent high 1.1672. On the downside support at 1.1545.

 

USDCHF broke to a new yearly high on the day breaking out of its recent consolidation phase. Next target on the upside 0.9898 which is the August 2012 high. Some profit taking and pull back likely at these levels with support below at 0.9840-50 area.

AUDUSD faced downside pressure with low liquidity making a new low on the day. Next target to the downside 0.8050-60 area. A break here extends to July 2009 low of 0.80. Bulls thin on the ground and any upside likely to meet resistance at 0.8145-65.

 

 

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