USD/JPY fails to get traction and leave 102.04 behind, which is the 38.2% Fibonacci retracement of the November-December rally.
EUR/USD goes on with the decline and is about to hit the 200-day SMA, which could potentially decrease willingness of the market to short sell the Euro.
GBP/USD has finally come under the demand area circa 1.65 and is now poised to move even lower, despite the weekly ‘buy' signals.
Depreciation of the New Zealand Dollar revs up, as none of the nearby supports seem to be sufficient to nullify the downward momentum.
Apparently, the weekly R1 will soon fall victim to the USD/CAD's bullish momentum, thereby paving the way towards the weekly R2 at 1.1298.
AUD/USD continues to put substantial pressure on the monthly S1 at 0.8764 and is likely to breach it in the nearest future, as implied by the majority of technical indicators (only MACD and Stochastic are presently bullish).
EUR/JPY has largely neglected the 2009 highs and is currently testing a tough support.
Despite prevalence of ‘sell' signals on the weekly and monthly charts, the support at 0.8945 proved to be a tough level, as it prevented an extension of a dip and managed to restore a bullish momentum.
Even though the support at 102.04 provides a fair amount of buoyancy for USD/JPY, the currency pair remains unable to surpass the resistance at 102.90/78.
GBP/USD has fallen through the weekly PP and 2011 highs in order to once again test firmness of the up-trend support line at 1.6477/21.
Although we were expecting a more gradual descent, EUR/USD did breach the support at 1.3659/44 as intended and in the next moment pierced through the 100-day SMA.
The down-trend resistance line, in combination with the 100-day SMA, did not let the New Zealand Dollar to appreciate any further and initiated a decline that has already broken through the monthly PP.
USD/CAD continues to gain ground after receiving a strong upward impetus near 1.10.
For the time being AUD/USD manages to float above the monthly S1, but, given that the resistance at 0.8845/35 is deemed to be impenetrable, the Aussie is more likely to follow the path suggested by the majority of technical indicators, namely the one that leads south.
EUR/JPY continues to respect the downward-sloping boundaries of the bearish channel that started emerging soon after the beginning of this year.
USD/CHF turned out to be unable to keep up the pace and recoiled from 0.8999/86, as suggested by some of the technical indicators, thereby delaying its arrival at 0.9162 (200-day SMA).
USD/JPY failed to surpass one of the recent lows and pared its recent gains by going all the way back to the 38.2% retracement of the Oct-Dec rally.
Yet another unsuccessful try to rise beyond the monthly R1, and GBP/USD is descending from 1.6679/28 towards 1.6518/1.6478, the lower boundary of the 11-month rising wedge.
Yesterday EUR/USD spiked through a number of supports, including the 100-day SMA at 1.3618, but at these levels the demand still exceeds the supply, and the currency pair returned back to 1.3661/44.
The support at 0.8240/20, formed by the monthly pivot points and the 55-day SMA, appears to have stopped the downward momentum that has persisted since Jan 14.
USD/CAD has recently confirmed 1.10 as the new support and therefore is set to push forward, as implied by most of the near-term indicators.
AUD/USD failed to gain a foothold above the monthly S1 and is currently sliding en route to 0.87, which has already proved to be important for the market.
The down-trend resistance line at 141 stopped advancement of the pair and initiated a sell-off, which seems to be likely to result in a breach of the monthly S1 and the 38.2% retracement of the November-December up-move.
Today there are more ‘buy' signals provided by the technical indicators than yesterday, but the Cable continues to hesitate to advance around the resistance represented by the monthly R1 at 1.6679.