For quite some time the pair was range bound, however, yesterday it received a strong bullish impetus from the (weekly and monthly PP; 20, 55 and 100-day SM area and at the moment is testing weekly R2/monthly R1 at 132.3.
Even though the near- and mid-term technical indicators suggest the currency pair is rather bearish than bullish, it maintains the upward bias after reversing ahead of the June low at 0.9128.
As it turned out, a combination of the 20-day SMA and the weekly PP at 97.72/43 was unable to contain bullishness of the pair that skyrocketed up to the bearish trend-line that is reinforced by the 55 and 100-day SMAs, weekly R1 and by the monthly pivot level as well.
GBP/USD continues to slide away from the rising trend-line.
After encountering strong resistance in the form of the June high and the weekly R1 EUR/USD remains pressured, currently it is fluctuating a little higher than the up-trend support line.
A three-day long decline in NZD/USD appears to have come to an end, considering that the price has almost not deviated from the today's open at 0.7842, just ahead of the last weekly support at 0.7798.
USD/CAD has effortlessly pierced through the weekly R2 and R3 levels and it is now approaching the monthly R1 at 1.0512, which represents a significantly tougher resistance than the previous two.
While the first three days of this week were characterised by a strong sell-off of the Aussie, today appears to be different.
Yesterday the currency pair stayed largely inactive after making it through the monthly pivot point.
"Fed uncertainty, mixed messages on the U.S. economy and U.S. interest rates below recent peaks gnawed at the greenback. Minutes that suggest the economy is not quite in taper shape would leave the greenback vulnerable."- Western Union Business Solutions (based on Reuters)Pair's OutlookDespite the recent bearishness, the pair found support with the 6 month low. It helped the pair to
After being depressed under it, the pair received a minor bullish impetus from the 20-day SMA.
Bulls lacked determination and did not manage to push the pair towards the 1.575.
Pair did not manage to consolidate above the 6 month high and at the moment is trading supported by the 20-day SMA.
The currency couple has already reached its initial target—the monthly pivot point, now it may set the course towards some of the other supports, such as the one at 0.7731, where the major trend-line (in force since early 2010) is going to resist further decline, while there is still potential for the kiwi to drop even lower, down to the
For the time being this week appears to be prominently bullish for USD/CAD, as the currency pair is currently 100 pips above this week's open price.
AUD/USD continues to move in accordance with the weekly technical studies, namely south, while indicators on the different time-frames remain silent.
EUR/JPY managed to close above 130.30 yesterday, but still remains hesitant to advance towards the resistance at 131.70/26, where the rally is supposed to face the upward-sloping trend-line.
20-day SMA gave bearish impetus which sent the pair almost 100 pips closer towards the 6 month low at 91.1 cents.
Pair remains depressed by the 20-day SMA and as short and medium term technicals continue to give bearish signals it is unlikely that the pair will consolidate above it anytime soon.
The pair lost some pace after a major rally last week, but maintains mildly bullish stance.
A bit unexpectedly 20-day SMA channelled a bullish which sent the pair almost 90 pips higher yesterday.
ollowing a sizeable bullish spike yesterday, NZD/USD plunged through a number of supports, such as the weekly PP and the 100-day SMA, revealing its bearish nature.
Just like at the very beginning of August USD/CAD is showing willingness to advance higher, but it also faces the same resistance that did not let the U.S. Dollar to stay on a bullish path, namely the monthly PP.
A combination of the weekly pivot point and the 55-day SMA that coincides with the 38.2% Fibonacci retracement from the Oct 2008—Jul 2011 move has been lately preventing development of a dip, but now it seems the monthly PP is one of only few that carry on defending an important psychological level at 0.87.