The common European currency recovers, as the price breached the monthly S1 level at 1.2875 and weekly pivot point at 1.2885 yesterday.
The South Pacific currencies maintain a strong correlation and both appreciate today. The kiwi stepped higher from a 0.81 level and moves towards the weekly PP level at 0.8161.
The loonie advanced so rapidly that the exchange rate exceeded the upper Bollinger band by 70 pips for a moment on Friday's trading session.
The Aussie faces huge bearish sentiments in recent weeks, as the pair almost touched 0.97.
EUR/JPY is traded in a narrow range around a 132.00 benchmark for almost two weeks.
USD/CHF is under strong bullish sentiments, as the pair advanced sharply previous week, from the 200-day SMA at 0.93333 to a 0.9750 level during last trading session.
USD/JPY eases its appreciation pace as it gets closer to a 103 level. Seems that this level contains rather strong supply and a lot of traders are ready to sell the pair there, thus the price advances so slowly.
The Cable is led by bullish sentiments on Monday morning, as the pair attempts to get back above the monthly S1 at 1.5191.
After two weeks of depreciation, the single European currency takes a break, as its price jumped from a 1.28 benchmark on Monday.
NZD/USD depreciates further and it does not seem it could step down anytime soon.
Pair appreciated by more than 120 pips today after receiving a bullish impetus from 100-day SMA yesterday.
In the period of last 7 days, on any given day stayed in 120 pips range.
After some initial resistance pair managed to breach 0.9738. technicals do not give strong clear indications about further development.
"The broad tone of data should show that the U.S. economy is holding up much better than the rest of the world and that would lend more durable support for the U.S. dollar."- Bank of Singapore (based on Reuters)Pair's OutlookFor now resistance at 0.9662 manages to contain USD/CHF, but the bullish momentum seems to be preserved, therefore the rally is
This week USD/JPY was sidelined, presumably because of bulls' unwillingness to enhance their exposure to the U.S. Dollar, as overhead lies the rising resistance line at 103.47/19.
A battle between the bulls and bears at 1.5240/33 has not yet revealed a victor; however, given that a March-April recovery proved to be unsustainable, the Cable should be inclined to hunt for lower levels, as continuation of the down-trend started at the very beginning of this year.
It looks like 1.2874/46 will be unable to withstand bearish pressure and thus will give in, endangering a more reliable support at 1.2772/45.
NZD/USD rebounded from the demand zone formed by the March low and weekly S1, but bearish pressure was renewed, cutting the price down to 0.8177/61.
"We have Canada's dollar attempting to rally back, though the truth of the matter is, negative data for the U.S. ultimately is negative for Canada."- Bank of Nova Scotia (based on Bloomberg)Pair's OutlookThe currency couple's surge from 1.0095 turned out to be fragile and broke up at 1.0178/68, at a resistance area consisting of the weekly R1 and 55-day SMA.
AUD/USD has come under 0.9861/39 and fell down to 0.9796, but only for a short period, quickly recovering back above the 2011 Dec low, which preserves topicality.
While yesterday the currency pair moved closer to the rising support line at 131.18, today it demonstrates absence of any momentum, trading in a very narrow range.
USD/CHF spiked through several supports yesterday, including the one at 0.9698/95, but the selling has set in as soon as the pair approached the upward-sloping resistance line at 0.9752, forcing the price to retreat back below 0.9662.
Right now USD/JPY is cautiously approaching 103.19/13, because of persisting increased downside risks, as mentioned previously.
The Cable acknowledged 1.5240/33 as a support level yesterday, but today demonstrates willingness to go lower.