NZD/USD is distancing itself from the major up-trend line at 0.7754, decreasing the probability of the weekly PP at 0.7786 staying intact today.
At the moment USD/CAD is consolidating above the support line at 1.0521 after a sharp rally staged last Thursday.
Although last week EUR/JPY stayed below the area created by the monthly pivot and the simple moving averages for 20, 55 and 100 periods, today it is making yet another attempt to rise and until now is successful.
A failure of AUD/USD to fall beneath 0.89 evoked a rally that is currently probing a combination of the weekly and monthly pivot points.
Pair continues to show bullish directional signals and is aiming at 55-day SMA at the moment.
Pair started the week slightly below it, but at the moment is trading exactly on the 55-day SMA/downtrend resistance (connecting 7th of July and 23rd of August highs).
Pair started the week with a bounce from the weekly PP/20-day SMA.
Pair was under pressure whole last week and started this week at 55-day SMA/Fibo 38.2% (beginning of July to middle of August move).
While we were expecting continuation of the down-trend in NZD/USD, based on the premise that the spot price is beneath the 200-hour moving average, there are now more reasons to believe the kiwi is already at or is about to hit the bottom.
The inability of the bears to push the price below the immediate support at 1.0462 that portended a soon recovery of the pair resulted in a rally that pierced the monthly R1, freeing the path towards the July high at 1.0609.
While yesterday AUD/USD closed in red, today the Australian Dollar is showing more resilience by attempting to rebound from the line in the sand at 0.8894/84.
The latest attempt of EUR/JPY to gain a toehold above the 130.30/14 area did not succeed, leading to a sell-off from the levels seen yesterday.
It seems that pair is taking a step back after a 150 pip sell of in the last few days.
It seems that pair has stabilized after a 280 pip sell off in the last two weeks and 100 pip bounce from the weekly S2.
"Confirmation of continued economic recovery in the U.S. could further increase bets on early quantitative-easing tapering by the U.S. Fed and hence further aid the dollar."- ICICI Bank (based on MarketWatch)Pair's OutlookPair has recovered almost all of this weeks losses, but struggles with the 55-day SMA, the level which caused the losses at the first place. At the same time
It seems that greenback-franc cross has gained momentum as it has advanced above the 93 cent gauge.
NZD/USD carries on wobbling in the vicinity of the support zone mainly formed by the rising trend-line and the monthly S1.
Despite the assumed unreliability of the weekly pivot point at 1.0462 as the support, USD/CAD stays afloat and at the same time is constantly putting pressure on the monthly R1 at 1.0521.
The movement of the pair is slowing down, but AUD/USD is nonetheless maintaining the downward direction.
Yesterday EUR/JPY closed right above the monthly pivot level, but the ground still appears to be shaky for the currency pair, as it has recently failed to rebound from 130.30/14.
For the past two weeks 20-day SMA kept the pair at bay, but it finally managed to breach it.
Pair is appreciating for a second day in a row after receiving a bullish impetus from the 200-day SMA few days ago.
"The upward move in market expectations of where Bank Rate will head in future could, at the margin, feed into the effective financial conditions facing the real economy."- BOE governor (based on Reuters)Pair's OutlookPair found so needed support with the weekly S2 after double dipping below the 1.55. However, to be on the fair side we, have to agree that
Pair is showing significant bearish sentiment as it lost 120 pips in the last of few days after receiving impetus from the weekly PP.