USD/JPY has once again confirmed topicality of the accelerated up-trend line that is guiding the price north by bouncing off the support at 102.08.
The resistance at 1.6390 (Jan high) continues to prevent continuation of a rally in GBP/USD for now, but at the same time does not initiate a strong sell-off to change its direction.
EUR/USD decoupled from the up-trend resistance it traded near last week and slipped through the 55-day SMA at 1.3568/65.
An encounter with the support at 0.8126/05 on Nov 29 caused NZD/USD to open 50 pips above its last open price.
Last week the currency pair faced a formidable resistance area at 1.0609/1.0590 that we expected to withstand the bullish assault.
AUD/USD opened this week with a 20-pip upside gap, but is about to close it already, being that the bullish correction the currency pair started on Friday appears to have come to an end.
The currency pair has just breached the resistance represented by the 2009 highs, but seems to have lost its bullish momentum in the process.
A brief test of 0.9021/12 last week failed to initiate a strong rally, the price turned around ahead of the resistance at 0.9077/74.
After completing yet another bullish leg USD/JPY is undergoing a bearish correction at the moment.
Although the up-trend resistance line that connects the most recent peaks does not allow the currency pair to advance at an accelerated pace, the Euro still continues to appreciate relative to the greenback.
Despite the resistance at 1.6390 the Cable maintains the course toward 2011 high.
Pair continued to depreciate, but found support with the weekly S1 and returned above the monthly S1.
Pair continues to struggle with the resistance area around 1.060.
Pair seems to have stabilized after finding support at weekly S1/monthly S2.
As expected the pair continued to appreciate, but 2009 high is not willing to give up easily.
USD/CHF stays on a bearish path and thereby poses a real threat to the intactness of the demand area created by the monthly PP and the Feb low.
Although the very first attempt of USD/JPY to pierce through the resistance at 102.74/51 did not turn out to be successful yesterday, eventually the currency pair should violate this level and resume moving en route to the May high at 103.74, also the current location of the weekly R3.
Being that the Cable is approaching yet another tough obstacle, this time it is the Jan high and the weekly R2 at 1.6390/58, there is a fairly high possibility of a pull-back.
Given the recent behaviour of the currency pair, the resistance at 1.3627/19 (up-trend and monthly PP) is unlikely to nullify the current bullish momentum of EUR/USD.
Pair continues to depreciate and at the moment is testing 0.8123/16.
Pair extended it's gains after a bounce from the 1.0524, the failed to consolidate above 2013 high.
It seems that bears are capitalizing on their gains, but we do not expect that this will incentivize bulls to push the pair higher and cause a rally.
Pair took a step back earlier today, but found support with weekly R1, started appreciating again and at the moment is aiming at the 2009 high.
For the time being USD/CHF stays afloat above the monthly pivot point level, thereby preserving its chances to terminate the sell-off that was initiated after a spike up to 0.9248.