EUR/JPY is currently testing the lower boundary of the bearish channel it has been forming since March.
As suspected, USD/CHF is now facing a supply area that is unlikely to give in easily to the bulls, as it successfully stopped advancement of the Greenback last quarter.
USD/JPY was once again thrown back to the support line of the descending triangle it has been forming since the beginning of this year.
Even though volatility of GBP/USD increased this week, none of the significant levels have been breached yet.
The Euro is getting closer and closer to the key support level at 1.35, which has a chance of stopping the current sell-off and initiating a recovery.
Spot gold added 0.3% to $1,302, whilst August futures delivery was trading at $1,303 per ounce. SPDR Gold Trust cut its reserves by 2.7 tonnes to 806.03 tonnes on Wednesday. According to Business Recorder, the $1,305 resistance line may be broken, which would allow a rally up to $1,312. From the technical analysis perspective, the rebound from the July 15
Since the beginning of the week when the pair first received a bearish impetus it has not looked back, today falling beneath the 0.87 mark.
The pair still has not received enough bullish impetus to surpass the monthly PP at 1.0760.
This week for most of the time AUD/USD is hovering around the monthly PP at 0.9369 and has failed to breach the weekly PP; 20-day SMA and major level at 0.9395/0.9400.
The Euro continues to fall and at the moment it is sliding toward the major level at 137.
As there was no opposition from the 55-day SMA and weekly R1, the U.S. Dollar continued to gain ground.
Despite USD/JPY closing above 101.61/54 yesterday, the resistance represented by the 55-day SMA and monthly PP appears to be unwilling to let the price to advance further.
Although at the beginning of the week it seemed that GBP/USD has finally received a strong upward impetus after a test of the 2009 peak, the pair remains unable to surpass this month's highs.
As it turned out, EUR/USD did not find enough demand at 1.3568/63, meaning the sell-off should now extend at least down to 1.35—the major support level at the moment.
Yesterday we saw the Kiwi plummeting below the weekly S1 at 0.8738; moreover, the pair's bears prolonged this decline by pushing it lower today.
The U.S. Dollar continues to be the better performer relative to its Canadian peer as it reached the weekly R1 at 1.0768 today.
By approaching the weekly S1 and 100-day SMA at 0.9330/28 the currency pair prolonged its yesterday's decline; although, it managed to inch up closer to the monthly PP at 0.9369.
The pair's bears have pushed the Euro below the weekly PP and major level at 138.07/00.
Although USD/CHF has been experiencing difficulties lately, in the end it managed to decouple from the monthly PP and 200-day SMA at 0.8928/16 and commence a recovery.
Although we were inclined to believe that the supply at 101.64/54 is going to stop the pair, the U.S. Dollar carries on strengthening relative to the Yen.
As soon as the price dropped down to the 2009 high, the bulls became active and subsequently pushed the Cable through some of the nearest resistances.
As suspected, EUR/USD failed to cross the resistance represented by the monthly PP, down-trend and 55-day SMA.
At the moment the pair is slowly sliding lower; although, it is still hovering slightly above the major level at 0.88.
The U.S. Dollar continues to trade above the 1.07 level; however, it has not managed to gain momentum after jumping on Friday.