ollowing a sizeable bullish spike yesterday, NZD/USD plunged through a number of supports, such as the weekly PP and the 100-day SMA, revealing its bearish nature.
Just like at the very beginning of August USD/CAD is showing willingness to advance higher, but it also faces the same resistance that did not let the U.S. Dollar to stay on a bullish path, namely the monthly PP.
A combination of the weekly pivot point and the 55-day SMA that coincides with the 38.2% Fibonacci retracement from the Oct 2008—Jul 2011 move has been lately preventing development of a dip, but now it seems the monthly PP is one of only few that carry on defending an important psychological level at 0.87.
This is already the seventh consecutive day EUR/JPY is attempting to climb over the monthly pivot point at 130.30, and eventually it is expected to succeed, considering that monthly technical studies favour such a course of events.
The pair maintains its mildly bearish stance and at the moment is approaching strong support are around 92 cents.
It seems that yesterday the pair received a minor bearish impetus from the 20-day SMA as its rally above the 98 JPY was short lived and the pair has depreciated by almost 100 pips since then.
It seems that bulls are recharging after a 200 pip rally in the end of the last week and 6 month high at 1.575 should be tested any time soon.
For the past 5 trading days the pair has been depressed under the 6 month high and at the moment it does not seem that consolidation above it could be possible.
This week NZD/USD opened above 0.8105, meaning that the resistances at 0.8149 and 0.8200/0.8174 are now under threat of being violated.
Apparently, USD/CAD is not in a hurry to start a recovery, it stays dangerously close to the key support at 1.0307/1.0285, undermining its image as an area of strong demand.
Despite the proximity to the tough resistance at 0.9321/00, AUD/USD refuses to move downwards, it has been trading sideways since Aug 9.
A breach of the monthly pivot point at 130.30 is not a fact yet, but the spot price is already 40 pips above this level, implying that it is a very likely scenario.
As in most of the cases the pair started the weak in a rather calm manner, however, it seams that 20-day SMA is keeping the pair at bay as well.
Pair started the week in a rather calm manner and at the moment is trading capped between 20-day SMA and weekly PP.
Pair's advances in the recent weeks and technical indicators suggest that we should see some sort of bearish action in the nearest future.
Pair started the week in a rather calm manner and continues to trade just slightly below the 6 month high.
NZD/USD does not appear to be intimidated by the resistance at 0.8105 and continues to advance forward.
It was not the weekly PP, but rather a combination of the 100-day SMA with the rising trend-line that underpinned the currency pair yesterday, restoring the bullish impetus in the near term.
Even though the risks are largely skewed to the downside, today the currency pair is showing willingness to penetrate the resistance at 0.9204/0.9174, the last defence before the price reaches the July high.
Despite a continuous endeavour to breach the resistance at 130.46/129.88, the monthly pivot remains intact, preventing a contact of EUR/JPY with the major rising trend-line.
200-day SMA proved to be too tough of an obstacle for the pair which caused an almost 150 pip failure.
Yesterday the pair was testing 55-day SMA at 98.5, but did not manage to breach it.
Yesterdays bounce from 1.55 strengthened further bullish expectations on the pair.
At one point yesterday the pair was trading just 5 pips above the 1.31.