GBP/JPY has seen a sharp rebound from the Lower Bollinger Band on the 26th of July, however this bullish recovery has been stopped by the 55-day SMA, and now the bearish trend is once again in action. Now GBP/JPY currency pair is about to reach Weekly PP at 122.678 and current bearish progression might find support at 121.588 (Weekly S1).
The pair has slowed down around 0.8086 in the expectation of a potential trend change. In case of the bearish scenario, the first target for the pair is likely to be around 0.7999, where the 200-day SMA lies. However, if the bullish trend continues, we are likely to see NZD/USD hitting Upper Bollinger band at 0.8112.
EUR/JPY has lot the bullish impulse it received from Mario Draghi's speech last week, and is experiencing a bearish correction on Monday. The pair is currently en-route to Lower Bollinger band at 94.67, where also the weekly S1 is located. In case of a rebound, we are likely to see the pair testing 55-day SMA at 98.23.
The bulls are attempting to push AUD/USD over the verge of a bullish breakout despite a slight decline on Friday. In case of a further upward movement, the first target for the pair would be weekly R1 at 1.0576 and monthly R2 at 1.0690. However, in case of a dip, the pair will strive towards the 20-day MA at 1.0321.
The pair has slowed down around 1.004 since Friday, and it is likely to experience a trend reversal and a consecutive upward movement. In the bullish scenario, we are likely to see the pair touching 200-day SMA at 1.008 in near term. However, in case of a further slide, the pair may touch the lower Bollinger band near 1.005 soon.
USD/CHF has indeed managed to reach 0.9700/0.9692 on July 27 but quickly retreated from a key area and should now commence robust recovery. The currency couple is currently aiming for resistance at 0.9809/16, which will in turn attempt to halt appreciation of the greenback and prevent attainment of higher levels - 0.9906/32 and a long-term target at 1.0042/86.
Bullish correction of USD/JPY has been terminated ahead of resistance at 78.80, leading to a possible breach of an interim support level at 78.37 and increased possibility of 78.08/06 being attained in the short-term, since both daily and weekly indicators give sell signals. Additional supports may be found at 77.83 and 77.66/63, but should remain intact for now.
Extension of cable's appreciation was denied by 100 and 200 day SMAs in conjunction with an uptrend resistance at 1.5728/79. This wide but nonetheless dense zone is expected to cap the currency pair for a prolonged period of time, being that most of mid and long-term technical studies suggest resumption of bearish activity and thereby of pair's focus on supports
As expected, 1.2378/1.2447 withstood bullish onslaught on Friday and redirected EUR/USD towards an initial support situated at 1.2244/33. The subsequent area is located at 1.2106/1.2088 and guards 1.1926/1.1896, where we are likely to see a strong rebound, given that there is a formidable downtrend support, which has been respected by the market since the start of the year.
Since the end of April EUR/CHF currency pair has kept a very narrow sideways price trend, fluctuating around 1.2010. Just recently it has touched 20-day SMA at 1.2009 and is heading towards 55-day SMA at 1.2010, which might prove to be a formidable resistance level for the current bullish correction. If 1.2010 is breached, then the next resistance at 1.2012
The positive impulse given to the pair on Wednesday is continuing, as the pair is on the upside for the third consecutive day. The Upper Bollinger band is likely to be the closest target for bulls at 0.8086. In case of trend change, 200-day SMA at 0.7995 is likely to support the pair from further slides.
Following the downward channel trend, USD/CAD is continuing its slide, and is likely to hit pattern's support line in the beginning of next week. Before that, the pair still has to pierce weekly S1 at 1.0662. After a trend reversal, the first bearish targets might be near 20-day MA at 1.0152.
As the pair continues a movement within an upward channel, we observe a strong bullish movement for the third consecutive day. The Upper Bollinger band at 1.0447 could be a strong resistance level for the pair, after which a trend reversal is likely. The targets for the beginning of the next trading week are 200-day SMA at 1.0297 and 20-day
After sharp jump yesterday due to Mario Draghi's coments on the future ECB policies, EUR/JPY is set for a slight downward correction today. The first significant target for bears is near the weekly S1 at 94.3116. However, if bulls take over the initiative on the market, we are likely to see the pair testing 20-day MA at 96.69 in near
USD/CHF has plunged below 0.9813/0.9795 and may even extend the dip to 0.9717/0.9680, behaviour after encounter with which is likely to determine whether the pair will preserve the bullish outlook or change it to the bearish one. A close below 0.9717/0.9680 would imply intention of the price to aim for 0.9352/42 in the long-term, while a simple test would reassure
Robust advancement of USD/JPY was not carried into the next day. Consequently, the pair continues to gravitate towards 78.16/08, which now has an increased possibility of being eroded. Additional support may be found at 77.85/82, followed by 77.66. Resistances, on the other hand, are situated at 78.68 and 78.92/98 and are viewed as able to contain the price in case
Yesterday the Cable effortlessly pierced through several resistances, but faltered ahead of the major area at 1.5715/27, which has again proved to be impenetrable. Above it lie levels at 1.5765 and 1.5841, though they seem to be safe for now. An interim support at 1.5620 may be soon tested as a result of a likely pullback following a sharp rally.
Neither 1.2187 nor 1.2236/62 managed to halt the currency pair and thus exposed a subsequent key area at 1.2386/1.2474. The latter resistance is highly unlikely to be violated, given that it is a confluence of several resistances, including 55 day SMA and monthly S1. Accordingly, our favoured scenario is a rebound from this zone and revitalisation of bearish activity.
Although RSI indicator shows neutral signal, the bearish reaction that started yesterday continues, and now EUR/NZD currency pair is heading towards an interim support at 1.5275 (Lower Bollinger Band). This level is very likely to reverse the trend to bullish, however, if it is broken, the subsequent support at 1.5144 (Weekly S1) might be the changing point for the current
Today USD/NOK continued its movement downwards, which was started yesterday, and the currency pair has already managed to close the gap at 6.0720. Now it is heading towards a new low in the bearish channel, which was started 2 weeks ago. Current support level is 55 say SMA at 6.0369, but in case it fails to prevent bearish trend from
Reserve Bank of New Zealand's rate announcement has given the market a positive impulse, especially on the NZD/USD pair, and the pair is augmenting for the second consecutive day. The closest bullish target is likely to be the Upper Bollinger band at 0.8046. In case of a downward correction, we might see the pair testing 0.7850 (Weekly S2).
Despite a neutral daily outlook, USD/CAD is continuing its slide, and now is reaching towards the weekly S2 at 1.0019. The pair is also continuing its Downward Channel movement, so a trend change is likely in near-term. All traders should pay attention to the psychological parity level (1.00), which is likely to be a strong support for the pair. If
Aussie's rally against Greenback is continuing, and the pair is likely to test the upper Bollinger band at 1.0373 in near term. In case of a successful breach, the pair is likely to be en-route towards 1.0470. the monthly R1, significantly exceeding monthly forecast. After such a sharp climb, there is an increased risk of a bearish correction to weekly
EUR/JPY is going through a slight bullish correction for the second day now after almost two months of persistent decline. 98.534 (55-day SMA) could serve as the first cap for the pair in near term. In case of continuous downtrend, traders should watch weekly S3 at 91.93 as the first target.