Despite the density of the area from 0.80 up to 0.82, which is littered with various resistances, NZD/USD manages to spike upwards from time to time.
Even though the recovery came into contact with a formidable resistance at 1.0395/79 yesterday, it seems to have gained a toehold above the weekly PP, which is likely to be used as a springboard for the advancement towards the long-term target at 1.0701, a road to which lies through tough levels, such as the monthly PP at 1.0379 and monthly
None of the two key levels for the trading in the near term are willing to yield, trapping the currency pair between themselves for now.
EUR/JPY continues to assault the monthly resistance at 130.30, but has not yet been successful at breaching this level that separates the currency pair from the major up-trend.
The supply at 0.9380/65 is currently preventing extension of the surge, but eventually should give way for a long-term recovery, which will also encounter difficulties at 0.9425/00, an area presently inhabited by the weekly R2, monthly PP and the 100-day SMA.
USD/JPY felt the existence of the resistance at 98.43/97.94, but we still see a possibility for continuation of the rally up to the 100-day SMA at 99.13, this level is also reinforced by the monthly pivot point and the falling trend-line.
As expected, the support, created by the weekly pivot point, but mainly by the 200-day SMA, was used as a springboard for the pair to jump up to a local high.
Unlike the former support at 1.3290, a combination of the weekly S1 and a May high at 1.3247/42 prevented further depreciation of the common currency.
NZD/USD did not manage to extend its dip, rebounding from the support created by the monthly and weekly PP.
The resistance at 1.0395/76, in the form of the monthly PP, weekly R1 and 55-day SMA on the chart, took away from the bullish momentum, forcing the currency pair to return to the weekly PP.
Guided by the 55-day SMA, AUD/USD is grinding lower, but at the moment is struggling with the monthly PP at 0.9064 which is still intact.
Although we initially were expecting the 55 and 100-day SMAs to contain the rally initiated at 127.86, the currency pair seems to preserve the upward inertia and is advancing further.
USD/CHF is moving en route to a formidable resistance area at an accelerated pace, effortlessly piercing through the near-term levels.
The downside risk did not materialise and the currency couple maintains its course north, towards the nearest resistance at 98.40/05.
Yesterday the pair demonstrated propensity to rise. Even though the body of the previous bar is small and indicates that the Sterling depreciated, there is a long spike to the upside.
Although the currency pair was well-positioned yesterday for a rally, neither the up-trend nor the 20-day SMA provided sufficient support to realise short-term bullish scenario.
NZD/USD is slowly trimming last week's gains after an unsuccessful attempt to breach the 100-day SMA at 0.8046.
Despite existence of risks that USD/CAD might fall through the support at 1.0303/1.0285, the currency pair managed to stay afloat.
For now AUD/USD preserves buoyancy with the help of a formidable support area formed by the various studies, such as monthly and weekly pivots, 20-day SMA and 38.2% Fibonacci retracement of the 2008 Oct—2011 Jul move.
Regardless of a slightly more bearish than bullish sentiment among the daily technical indicators, the Euro carries getting stronger due to the fundamental factors.
Apparently, USD/CHF is not willing to descend beneath the round level of 0.92, meaning that the focus is presently on the nearest resistances.
The 200-day SMA preserved the bullish outlook on the pair by sending it beyond the resistance line at 97.00/96.96.
As noted previously, the Cable is currently undergoing a correction that follows a sharp rally.
Yesterday the currency pair reached the lower boundary of the bullish channel it has been trading within for the past 30 days.