During Feb 9-13 time period, the EUR/USD cross registered a third consecutive weekly increase in its value.
The NZD/USD cross bullish traders gained today as the pair headed up above the strong resistance line at 38.20% Fibonacci retracement or the May 2012 low, 0.745.
The USD/CAD pair depreciated on Friday, following the previous bearish move from 1.263 to 1.251.
AUD/USD pair recovered from the 2007 low support at 0.769 and is expected to consolidate further.
The end of the week did not surprised the market since the pair slid a little lower from the last day close at 135.84.
On Thursday, the bullion tried to regain bullish momentum, helped by demand area around 1,215.
Although USD/JPY closed above the resistance at 120 on Wednesday, it took a major hit yesterday, retreating all the way back to 119.
A belief in a bearish outlook did not justify itself, as the multi-month down-trend was violated yesterday, giving the Sterling room to recover.
Eventually, the EUR/USD cross managed to gain bullish momentum and grow notably on Thursday, supported by a round level at 1.13.
The NZD/USD cross performed very bullish today and tested the critical 38.20% Fibonacci retracement or the May 2012 low at 0.745.
The USD/CAD pair tried to continue the Wednesday bullish move but the Greenback was forced to gave up the dominating position.
AUD/USD pairs' intra-day bias is being bearish and heading toward the 0.765, yet, the US Dollar lost some strength today.
Thursday trades have not brought any significant changes to the market. The cross tumbled today, letting the bears to gain back their previous losses.
"Disappointing equity performance, combined with the actions of the Swiss National Bank, turned the spotlight on gold's role as a store of wealth. And while long positions on COMEX have been relatively stable over recent months, short positions have fallen sharply since November."- World Gold Council (based on CNBC) Pair's Outlook After a two-day long pause, Gold continued to decline in
"The market is still positioned very much for the long-U.S. dollar theme." - Societe Generale SA (based on Bloomberg) Pair's Outlook The upward impetus of the US Dollar turned out to be stronger than expected. USD/JPY managed to settle above the resistance at 120 represented by the weekly and monthly R1 levels, suggesting we should soon see a test of the late December
"On cable (sterling/dollar) our models ... indicated at the end of January that it was undervalued. They now see fair value at around $1.5250."- BNP Paribas (based on Reuters) Pair's Outlook GBP/USD confirmed resistance at 1.53 yesterday, implying the pair is likely to dive under support at 1.52 (weekly and monthly PP) in the coming days. If this is the case, the
"The first step is for the Greeks to stop their unilateral declarations to increase spending without being able to afford it."- Bruegel (based on MarketWatch)Pair's OutlookOn Wednesday, US Dollar failed to gain bullish momentum in order to send the EUR/USD cross downwards. Moreover, the pair remained completely silent for a third day in a row, while the Euro grew only
The cross continues to compete with the heavy resistance at 0.749, where the 38.20% Fibonacci and the May 2012 low levels are situated.
The Canadian Dollar depreciated versus the US counterpart and the pair moved to the north today.
AUD/USD spring back the long– term boundary of a bearish trend and continues to head lower.
The pair continues to trade within the bullish channel and the market bulls tossed the Japanese Yen value higher.
By remaining range bound between two strong resistance and support areas, Gold continues developing in the sideways trend for a third consecutive day.
After a brief stop USD/JPY resumed the advance.
As it turned out, support at 1.52, created by the weekly and monthly pivot points, was sufficient to push the price higher.