The Aussie remains directionless, bouncing up and down between the resistance at 0.8822 and the support at 0.8756.
The falling resistance line, which has kept EUR/JPY bearish since Sep 19, was breached yesterday.
The US Dollar came under the selling pressure ahead of the resistance at 0.9571, which is likely to act as a temporary ceiling.
USD/JPY overshot our expectations by a wide margin by effortlessly piercing through the resistance at 108.
A failure of the Cable to close above 1.62 this week resulted in the near-term technical indicators becoming even more bearish—six out of eight studies on the weekly time-frame are now pointing downwards.
EUR/USD has found some support at 1.26, and the pair is currently consolidating, meaning there is unlikely to be continuation of the decline today.
As expected, the bullish impetus the Kiwi received at 0.77 did not withstand a collision with 0.80 yesterday.
The market has just confirmed presence of strong demand at 1.12 (two-month up-trend and weekly S1), and USD/CAD is therefore in a good position to end the downward correction and resume the rally.
There is virtually no volatility in AUD/USD pair, as it established a new floor at 0.8756, while leaving the ceiling at 0.8822.
The down-trend in EUR/JPY remains intact, as the currency pair is unable to gain a foothold above the resistance around 137.
USD/CHF built on the gains made on Tuesday and thus reached the upward-sloping trend-line it has recently breached.
The US Dollar maintains the upward direction after retreating to the support at 106.50 earlier this week.
A step above the multi-month down-trend on Monday turned out to be a false break-out—the Pound is already trading below 1.61, which was supposed to act as a new floor.
As suspected, the Oct 6-15 up-trend was no longer a viable support and the bears pushed the price beneath it.
As it turned out, the 55-day SMA at 0.9390 was enough to prevent further decrease in the value of the Buck.
USD/JPY spiked through the demand area at 106.90/60, but in the end the pair managed to recuperate and settle above the 55-day SMA and 38.2% retracement level.
After violating the down-trend and reaching the next resistance at 1.6185 (weekly R1), the currency pair returned back to 1.61.
Yet another attempt of the Euro to extend a recovery from 1.25 was stopped by the 23.6% retracement and 55-day SMA at 1.2850.
NZD/USD keeps attacking the resistance at 0.7970, formed by the four-month down-trend, monthly pivot point and 23.6% retracement of July-October decline.
USD/CAD is currently undergoing a bearish correction after a test of 1.14.
Neither the bulls nor bears are able to take control of the pair—it keeps oscillating within the range created by the 2014 low from the downside and by the 23.6% Fibo retracement from the upside.
Despite EUR/JPY breaking the two-month down-trend that connects the Sep 19 and Oct 9 peaks, the pair is still facing strong selling pressure.
USD/CHF failed to gain a foothold above 0.9450—it has already nullified the progress made during the last two days of the previous week.
Despite the absence of any notable levels USD/JPY came under strong selling pressure and as a result, retreated back to a cluster of supports at 106.80/60.