OSB Daily Technical Analysis for September 17, 2014

EUR/USD Push towards key resistance level at 1.30 for the EURUSD on Tuesday. More strength needed to get above and extend higher from there. Retest and range bound action most likely. Support at 1.2900-20.

EUR/GBP breakout above 0.80 handle intraday only to move lower and close down for the day and below the 20 DMA. Market is likely to be volatile without much direction either way. Resistance at 0.80, Support at 0.7950.

EUR/JPY Positive day for the EURJPY. Failure to get above 139.00 handle suggests further consolidation at these levels. Bullish bias is intact. A close above recent highs extends up leg higher towards 140.00.

EUR/CHF sell off with a close below the 20 DMA. Consolidation in this tight range likely with choppiness prevalent. Support 1.2080, Resistance 1.2115.

GBP/USD Wide daily range in the GBPUSD pair flirting with resistance in the 1.63 area. A close above extends corrective up leg towards the 1.6350 resistance area.

USD/JPY Correction in the USDJPY on Tuesday managing to remain above the key 107 support level. More consolidation likely with support levels between 106.20-50. Bullish bias intact.

USD/CAD Sell off in the USDCAD closing below the key 1.10 level. Market likely to consolidate at these levels finding support at the 1.0945-55 handle.

USD/CHF Consolidation in the USDCHF finding support at the 0.93 handle. Range bound action likely within the 0.9300-80 area likely before further direction in either way.

AUD/USD Significant upswing for the AUDUSD following recent declines. Resistance at 0.91. A close above suggests the bounce back has legs and is likely to head towards the 0.92 handle.

NZD/USD Positive day for the NZDUSD finding resistance at the 0.8230 level. Significant resistance just above the 0.8250 handle might hold the pair at these levels for now. A close above might extend the upswing higher.

 

NOTE

The daily technical report is our new offering that will be available on our site mid-morning from Monday to Friday. Our objective is to offer a high level overview of the general market direction of the G10 currency pairs and some of the major indices and most liquid and highly trader commodities. We are currently working to develop proprietary tools to add to our daily reports and will be rolling those out in due course. The analyst preparing our charts, a long time student of the market, offers his general guidelines about the markets and trading to bear in mind while reviewing the charts.

1. Day trading is for tremendously gifted traders, for the rest of us it’s a loser’s game.

2. Understanding and managing emotions: greed, fear, hope and despair is imperative.

3. Get a trading plan and stick to it – clear, simple rules are more effective than complex ones.

4. Most chart patterns, particularly those of shorter time frames will never fail to disappoint.

5. Your goal as a trader is to execute your plan and manage risk.

6. There will be losing trades and periods. Accept it.

7. Be ruthless with losing trades. Successful traders are patient winners not patient losers.

8. Making money over long periods of time is more important than being right or catching a ten bagger.

9. You will fail to stick to your plan. The sooner you do the quicker you can move on and correct your mistakes.

10. Successful trading and money management is not about intelligence. It is about Patience, persistence and discipline.

 

Risk Disclaimer

Forex and CFDs are leverage products, involved a high level of risk and can result in the loss of all your invested capital. Forex and CFDs may not be suitable for all investors. You should not risk more than you are prepared to lose. Before deciding to trade, you should ensure that you understand the risks involved and take into account your level of experience.

All information on this website, including any opinion, charts, prices, news, data, Buy/Sell signals, research and analysis is our point of view and is provided as general market commentary and does not constitute any investment advice.

OneStopBrokers.com will not accept any responsibility or liability for losses incurred by customers, visitors or traders as a result of using the data available on OneStopBrokers.com. Read more

---