Given that the currency pair closed notably below the rising support line yesterday, there is a good chance that the downward correction will extend further from here.
As feared, the first test of 1.6390 since Jan turned into a sell-off.
EUR/USD once again surged up to the rising resistance line, but still appears to be unable to penetrate it.
Pair continued to trail lower after a failure at the weekly R1/20-day SMA and at the moment has neutralised almost all of this week's losses.
Pair took a step back after reaching new 2013 high yesterday.
After a short brake aussie once again started depreciating after a failure at the weekly PP yesterday.
Pair failed to consolidate above the 2009 high and at the moment is hovering below it.
USD/CHF, regardless of the initial rebound, in the end disregarded the support at 0.9021/17 and is moving further south at the moment.
Although many of the indicators are currently giving ‘buy' signals and the currency pair has been consistently respecting the bullish support line since Nov 7, now USD/JPY seems to be willing to violate it and thereby invalidate the positive near-term outlook.
GBP/USD continues to hover just below the Jan high at 1.6390, but should be able to overcome this level eventually, considering that most of the daily technical indicators have turned bullish.
Despite a spike down to 1.3528 EUR/USD did not close below the nearest support at 1.3570/65, meaning it is poised for more gains in the future.
Even though were no notable resistances at 0.8257/29, only the 20-day SMA and the weekly R1, NZD/USD failed to sustain the rally and fell back to 0.8203/0.8170.
USD/CAD continues to disregard the technical indicators, which are mixed at the moment, and maintains a bullish bias.
Today the exchange rate plummeted through the weekly S1 and now it is rapidly advancing towards the next weekly support at 0.8977/74, which also is unlikely to hold the currency pair for long.
For the time being the currency pair stays directionless, being unable to gather bullish momentum, which should be provided by the support at 139.03/138.65.
As it turned out the rally started on Monday proved to be unsustainable and was quickly erased yesterday.
Just before touching upon the resistance at 103.74/39 USD/JPY turned around and plunged back to 102.08.
Being supported by the rising trend-line the Cable has launched yet another attack on the Jan high at 1.6390, even though the technical studies stayed largely mixed.
As expected, the support at 1.3529/01 weathered the selling pressure and sent the price back through 1.3570/65.
NZD/USD preserves the tendency to move up following a test of the 200-day SMA and the lows seen in the last quarter of 2012.
Right now USD/CAD is struggling at 1.0666/60, but its rally is highly unlikely to be stopped by this resistance, being that it only consists of the weekly R1 and the Bollinger band.
Neither a yesterday's 40-pip spike through the resistance at 0.9126 nor a today's dip down to 0.9049 were able to help AUD/USD escape the range created by two weekly pivots.
EUR/JPY stopped short of challenging the resistance at 140.67/29 (weekly R1) and returned back to the support represented by the 2009 highs and the weekly pivot point.
Although many of the short-term technical indicators were giving ‘sell' signals, USD/CHF was able to find support at 0.9023/17 and pierce through the resistance at 0.9078/74.