NZD/USD has already touched upon the monthly PP today, as a result of the currency pair probing the resistance created by the down-trend, weekly R1, 55-day SMA and an upper Bollinger band.
As suspected, USD/CAD turned out to be unable to breach 2012 high during the first attempt, a scenario suggested by some of the daily technical indicators, namely MACD, AROON and SAR.
It does not seem that the interim resistance at 0.9261 poses any threat to the current surge.
Just one bearish bar as a correction for a recent 129.39-130.71 rally and EUR/JPY is again challenging a combination of the weekly R1 and an upper Bollinger band, willing to extend the gains beyond 131.26/130.74.
As it could be expected, pair did not manage to advance and consolidate it the higher levels.
air did not manage to consolidate above the 100 JPY yesterday which caused the pair to dip below 99 JPY.
Short term technicals continue to point at heightened downside risk of the pair.
Pair received a bullish impetus from the 55-day SMA which sent it 120 pips higher.
NZD/USD has just confirmed 0.7788/51 as the support and is now headed en route to the nearest important resistance at 0.7947/31, where the weekly R1 merges with the 55-day SMA.
The moment the currency pair hit the resistance at 1.0447/32 the technicals on a daily chart turned neutral, suggesting that the rally may take a while to develop.
"There's an argument to suggest we've gotten far too bearish on the Aussie. If you're sitting short Aussie off the lows you're probably feeling a bit nervous and that's really why we're seeing a bounce."- Westpac Banking Corp. (based on Bloomberg)Pair's OutlookAgainst the odds, AUD/USD effortlessly pierced through the resistance at 0.9160/29 today and is rapidly approaching the weekly R1
"Downside risks to the euro will dominate."- Credit Agricole (based on MarketWatch)Pair's OutlookEUR/JPY surged up to the resistance at 130.74 already yesterday, but it is unlikely the currency pair will traverse this level without a delay, retaining the possibility to descend to either the 55-day SMA at 129.77 or the combination of the 20-day SMA and weekly pivot point at
For the time being the pair is unable to get back to the pace it had before the sell off last week.
Yesterdays peak above the 100 JPY went well along with the readings of technical indicators.
Pair is posing for a rally, but at the moment it is testing 20-day SMA which kept it at bay for the past 4 days.
Pair dipped till 1.30 for the third time in the past 4 days yesterday.
Right now NZD/USD is struggling to regain the bullish momentum, but seems to be well-supported by the major up-trend line, initiation of which dates back to March, 2011.
The currency pair has already fetched today one of the nearest resistances at 1.0447/32, but still remains capped by the monthly pivot point at 1.0404, while being supported by the 55-day SMA and a lower Bollinger band at 1.0362/49 from below.
AUD/USD has comfortably settled beneath the resistance at 0.9161/29, which in turn is unlikely to let extensive rallies to appear this week.
"The yen can weaken a lot more in terms of its historical valuations."- Credit Suisse (based on Bloomberg)Pair's OutlookThe resistance represented by the 55-day SMA at 129.87, which has kept the bulls at bay since Jul 4, is about to be breached, being that the spot price is already more than 70 pips above it. In this case EUR/JPY should
After a sharp drop last week pair found support with the 100 day SMA at 0.944.
As most of the major currency pairs, greenback-yen cross started the week passively.
After a strong rally, pair finished the week slightly above 1.51 and that's where it is currently trading.
After a sharp reversal last week it seems that the pair is consolidating at 1.30.