OSB Daily Technical Analysis for December 31, 2014

EURUSD made a new yearly low on Tuesday showing no signs of a bottom as of yet. Subsequent bounce found resistance at 1.2187 suggesting further pushback in the 1.22 area. Trading expected to be on light volumes on the last trading day of the year with a likely revisit to the lows. Support at 1.2120-00.

 

GBPUSD had a positive day on Tuesday after finding support at the 1.55 handle which enticed buyers to step in and bid prices higher. Resistance above at 1.5585 which needs to be cleared for further bounce higher. Cable downtrend likely to find more sellers in the new year with break of support at recent lows, 1.5486 extending to the 1.5425 area.

 

USDJPY corrected on Tuesday selling off below the 119.00 handle briefly where it found support at 118.86 area. A break beneath this level extends to further support below at 118.50-65. On the upside it appears that the Yen has topped at least for now and likely to continue consolidation/range bound action.

 

Range bound action for the USDCAD which spent most of the day in negative territory as it continues to consolidate around the 1.1600-60 area for now. Support beneath at 1.1545-55 a break of which extends to 1.15 handle. On the upside a break above recent high ultimately leads to 1.17 handle.

 

USDCHF made a new high on the day before selling off briefly to end the session on a negative note. Bullish momentum suggests further upside in store for pair with resistance at 0.9950-70 which is the 2012 high. On the downside any profit taking/sell off likely to be well supported at 0.9885 area.

 

AUDUSD pushed higher on the day bouncing off lows as buyers stepped in to bid prices through the 0.82 handle which proved too resistive for now. Market certainly appears oversold but can become even more oversold as bears add to positions during short term rallies. Support beneath at 0.8120-0.8100.

 

 

NOTE

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