OSB Daily Technical Analysis for December 12, 2014

EURUSD went back and forth fighting it out at the 20 DMA at 1.2427 which it closed beneath on the day. Upswing fell short of the 1.2500 handle where significant resistance lies. A dip beneath yesterdays lows at 1.2360 extends to 1.2320. Bullish momentum appears to be running out of steam.

 

GBPUSD sold off into he early session dipping to previous days low at 1.5650 which is proving strongly supportive for now. Subsequent rally back above the 20 DMA and close suggest pair looking to bounce higher. A break above 1.5760 needed to confirm this scenario. Alternatively a close beneath 1.5620 extends to recent lows.

Rally in the USDJPY on the day after breaking below 117.45 in the early session. Price action suggests pair is ready to move higher and correction likely coming to an end. A close above yesterdays high at 119.55 confirms outlook and extends to 119.90-120.00.

 

USDCAD broke above the 1.15 handle making a new high on the day demonstrating bullishness in the pair and setting a new up leg in motion. Price action suggests further upside in store with medium term target price in the 1.18 area with headwinds from strong US$ propelling this trade forward.

 

USDCHF went back and forth fighting it out on the 20 DMA ending the day on a positive note. Downside pressure appears to be easing with bullish push to break above the 0.97 handle with some conviction. Support beneath at 0.9640-60.

 

AUDUSD broke to a new low on a mixed day with wide swings going both to the bulls and bears. A break below 0.82 handle opens market to 0.80 area in the medium term. Aussie $ remains strongly bearish with very little real strength to move higher in a sustained fashion.

 

NOTE

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