OSB Daily Technical Analysis for December 10, 2014

EURUSD broke sharply higher the early session managing an intraday high in the 1.2450 area. Pair needs to close above 1.24 handle with conviction to sustain up move. Resistance above at 1.2480. A pullback finds support at 1.2360-80 band. Further down support is at 1.2290-1.2300 area.

GBPUSD rallied towards the 20 DMA which proved resistive just above the 1.57 handle. Pair remains within the recent range of 15570-1.5770. A break above 1.5715 extends to the top of this range. Upside momentum build-up required for further push higher. On the downside a break of 1.5540 support to restarts new down leg with bears taking control again.

Steep decline for the USDJPY with a break lower to 117.95 area which proved supportive for now. Sell off suggests USDJPY overbought for now with possible further decline and consolidation or recent gains. Major bullish uptrend remains intact as pair remains 118.00.

 

Volatile session for USDCAD which made a decisive run for the 1.15 handle making a new intraday high. Volatility and pullback suggest the pair is likely to consolidate at this level as it prepares for higher ground. Support beneath at 1.1410-35.

USDCHF sell off as weakening US$ slams currency pair into 0.9650 support. Sell off likely somewhat overdone in the USDCHF with somewhat of a bounce to be expected.

AUDUSD rallied following a cue from Gold but failed to hold on to gains and swung to the downside ending the day on balance without any change. Pair remains on full bearish mode and any up swings likely to be short-lived and good entry points for bearish traders.

 

 

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