Despite the proximity of supposed demand area, created by a combination of the 200-day SMA with the monthly R1, the currency pair remains largely unchanged, having trouble recovering the lost in the beginning of February bullish momentum.
NZD/USD has already managed to jump beyond the resistance line at 0.8476 today, but it nevertheless seems that the price is inclined to move downwards in the nearest future rather than start posting new highs.
Appetite of investors for the U.S. Dollar has been considerably dampened once the pair approached a notable resistance area at 1.0308/1.0278.
Despite a recent strong drop the bulls continue to oppose further debasement of the Australian Dollar, but at the moment appear to be unable to throw the price over 1.0352/40, which consists of the monthly pivot point and 55-day SMA.
EUR/JPY has already surpassed a number of resistances, including the monthly R2 at 128.44 and weekly pivot point 129.25, but the price still needs to close above these levels to confirm its bullish intentions in the future
Bulls continue to struggle with the 200-day SMA that is not letting the price to appreciate any further than 0.9324.
Today USD/JPY has a high chance of posting a fourth bullish candle in a row, as it continues the surge initiated at the up-trend support line.
Yesterday the Cable has confirmed 1.5273/33 as a support zone, which is formed by the recent highs, lows and several other studies.
EUR/USD is currently held by the support at 1.3046/30, a confluence of the 55 and 200-day SMAs along with the monthly R1.
The currency pair continues to move contrary to the direction shown by the technical indicators. NZD/USD has just violated the up-trend support and at the moment is testing the weekly S1.
After yesterday's rally USD/CAD is again taking a step backwards, though the dip should be limited by a confluence of supports at 1.0219/02.
AUD/USD has closed beneath the support area at 1.0353/40 (monthly PP and 55-day SMA), suggesting that the outlook on the pair is negative.
For now 127.73/127.38, which is a Feb 6 high and weekly S1, is able to prevent emergence of a deeper bearish correction, but the pair has already managed to fetch 125.85/47, meaning that topicality of the former support is decreasing.
The major currency pair was unprepared for a such steep appreciation as on Tuesday.
The British Pound was under bearish pressure yesterday, as the pair dropped heavily, breaching a recent low at 1.5264 and the 20-day SMA at 1.5261.
USD/JPY pair was traded flat since yesterday's London session, as the price was bounded by the weekly S1 level at 98.35.
Recent two-week trading was very successful for the Swiss Franc, as the pair slipped from the 200-day SMA and gradually stepped lower along the Bollinger band.
As expected, a rebound from the up-trend support line was not sustained beyond 0.8476 and the currency pair returned back to re-challenge 0.8459/52.
It looks as if the bearish correction started in March has come to an end, even though technical indicators are still giving a weak 'buy' signal.
A combination of the monthly pivot point and the 55-day SMA managed to deny yesterday's attempt of bears to penetrate the support at 1.0355/40.
After a sharp move EUR/JPY has again stopped just beneath the weekly pivot point at 129.25, as it did three days ago.
USD/CHF depreciated noticeably yesterday, since the price slipped from the 100-day SMA at 0.9299 to the Bollinger band at 0.9208.
USD/JPY pair appreciates a second session in a row, as the price leaned to the weekly S1 level at 97.06 and continued the upside movement.
The Cable stepped higher yesterday, as the pair increased to the monthly R1 level at 1.5362, which is the major resistance in April.