OSB Daily Technical Analysis for October 10, 2014

EUR/USD rally faltered and failed to remain above the 20 DMA finding the 1.28 resistance too strong. The sell off and subsequent low suggest that the pair remains very much in bearish mode with recent lows at 1.25 area likely to be retested. Support below at 1.2615. Bearish.

EUR/GBP remains grounded just below 0.7875 resistance level without strength to push above or appetite for sellers to step in and sell the pair. Base building and consolidation with a bearish bias.

EUR/JPY sold off essentially undoing previous day’s gains finding support at 136.60 area. Market likely to consolidate in this area. Bearish bias with 20 DMA crossing below the 50 DMA suggesting that this market is going lower.

EUR/CHF Highly volatile day for the EURCHF on Thursday with an intraday drop below 1.21. Yesterday’s action suggests that the pairs recent rally is faltering and we might be heading for another down swing to recent lows. Neutral.

GBP/USD attempt to rally back above 1.62 handle failed giving up gains and closing lower for the day.
Resistance at 1.62, support below at 1.61. Ultimately pair heading lower with a test of recent lows imminent.

USD/JPY continued to sell off closing below the 108 handle. Support at 107.35 and further below at 107.00. Market likely to consolidate at this level with possible bounce from here. Neutral

USD/CAD found strong support just below the 1.11 handle and bounced off from there to rally for the day. Bullish bias remains with a close above 1.12 resistance preparing the pair for a test of recent highs and possibly higher from there. Bullish.

USD/CHF found support at the 20 DMA and bounced back to end day on a positive note. Resistance above at 0.9560-80. Market likely to consolidate. Bullish bias remains.

AUD/USD dropped below the 0.88 handle likely signalling the end of the upswing. Market likely to enter into some consolidating ultimately drifting lower from here. This pair remains bearish with little strength to make any sustained move higher.

NZD/USD attempt to rally failed to keep the pair above the 0.79 handle with sellers taking control of the session pushing the pair below. Support below at 0.7825 and 0.7780 further down from there. Market likely to retest recent lows. Bearish.

 

NOTE

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