As expected, a test of the support at 0.7904/0.7885 resulted in a strong recovery, which pushed the price up to the resistance consisting of the weekly and monthly R1 levels, also the upper Bollinger band.
Not so long ago USD/CAD broke down the 55-day SMA, now the currency pair is trying to erode a senior simple moving average, namely for 100 days.
The selling pressure that inhabits the area from 0.94 to 0.93 easily fended off a yesterday's assault of AUSD/USD, sending the pair beneath the interim resistance at 0.9182/58 that is formed by the weekly PP and 20-day SMA.
The currency pair did not manage to stay above the resistance at 132.19 for long and fell down to the weekly pivot point at 131.23, which safeguards 130.54/23.
Pair did not manage to consolidate below or above the 200-day SMA in the last 4 days.
Although long term technicals point at the strength of the pair, it has not been able to consolidate above 100 JPY in the past 20 days.
Pair did not manage to breach Fibo 61.8% (mid-June till start of the July sell off) after testing it for three days in a row.
After yesterdays failure to breach weekly R1 pair is retesting it today.
It seems that the initial attempt to climb over the resistance at 0.8039/22 will be unsuccessful—the currency pair slid 35 pips today and should not find any notable supports until it reaches 0.7904/0.7885—the down-trend, weekly PP and 55-day SMA.
In the end USD/CAD has effortlessly pierced through some of the nearest supports, violation of which exposed 1.0277—a combination of the 100-day SMA and the down-trend support line.
As expected, the currency pair was unable to push through the cluster of resistances that stretches from the 2012 low at 0.9387 down to the upper Bollinger band at 0.9302.
EUR/JPY has just soared beyond the monthly R1, confirming its near-term bullish outlook.
Last few trading sessions pointed out a significant downside risk of the pair.
Pair has been trading around 100 JPY for quite some time now.
Pair has got rid of a substantial share of the downside risk when it breached 1.531.
Pair is demonstrating further strength which is suggested by the short term technicals.
NZD/USD is approaching a tough resistance zone at 0.8039/03 (weekly and monthly R1), which could initiate a considerable sell-off, but we see 0.7905/0.7885 as a floor for short-run fluctuations.
The support at 1.0325 could potentially provide a relief, but we expect it to be brief and insubstantial, considering that the near-term outlook remains bearish.
AUD/USD stopped ahead of the resistance formed by the upper Bollinger band a 0.9296.
Yesterday EUR/JPY dived beneath the weekly pivot point level at 131.23, but today the currency pair has already managed to recuperate and fully offset the losses.
Yesterday pair dipped 40 pips below the 200-day SMA, but bounced back and at the moment is trading at it.
For the past 23 trading days pair has been trading in relatively narrow (300 pips) corridor around 100 JPY.
Pair breaching 1.53 lifted substantial downside pressure from it.
Pair continues to demonstrate willingness to inch up higher.