Although daily studies speak in favour of a strong rally (five out of eight are bullish), NZD/USD is moving in the opposite direction, as the weekly pivot point at 0.8290 turned out to be impenetrable.
"There's been a significant amount of bearish expectations regarding Canadian growth, and overall it's been a little bit more positive recently. The Canadian dollar has had a tendency to outperform."- Societe Generale SA (based on Bloomberg)Pair's OutlookThe currency couple is slowly grinding higher, but intraday may slide down to the 200-day SMA, a support that should remain intact for the
AUD/USD is rapidly gaining bullish momentum at the moment, being that the price has found a strong support in the face of the 38.2% Fibonacci retracement level derived from the rally observed in the first half of September.
Due to EUR/JPY's explicitly bearish behaviour yesterday, the gap is now fully closed.
Although currently the daily technical indicators are less bearish than yesterday, some are even giving ‘buy' signals, a breach of the support at 0.9021/03 is still a viable scenario.
As expected, the key supports were able to underpin the U.S. Dollar and help it close the bearish gap.
Even though the technical indicators are currently mixed, the British Pound is not willing to stop and is building on the progress made since the beginning of July.
At the moment EUR/USD is rapidly moving towards the resistance at 1.3568, which should eventually give in and open the way for a rally up to the February high at 1.3711, as implied by the near-term studies.
For the past week or so pair was capped by the monthly R2 and 20-day SMA.
Pair lacks enthusiasm to advance above 1.035 which is needed to get rid of the pressure on the pair.
Despite the gains since the start of the week, attitude of the pair remains mild bearish.
Despite the fact that pair started the week significantly lower than the last weeks closing price, it has appreciated since the opening bell.
The currency pair is presently sliding downwards along the bearish trend-line that connects the troughs charted since Jul 31.
Considering that USD/JPY is currently facing a number of tough supports after falling through the 55 and 100-day SMAs and this week the pair opened with a sizeable downside gap, there is a good chance the U.S. Dollar will soon start outperforming the Japanese Yen.
Since the very beginning of September the Cable has been on the rise and because of its strong bullish momentum has managed to overcome a series of important resistances.
EUR/USD retains the upside potential, as it is still trading above the 23.6% Fibonacci retracement level of the Sep 6 - Sep 19 rally.
For NZD/USD to reaffirm the intention to resume a recovery it needs to climb over 0.8317/12 first, then overcome 0.8479/62, the resistance ahead of which the currency pair made a U-turn last week.
For the time being nearly all of the daily indicators are bearish and the resistance at 1.0342/29 prevents the rate from going any higher.
The sell-off persists, but one of the key supports, the one at 0.9321, for now remains intact.
EUR/JPY keeps on wobbling between the weekly pivot point at 133.72 and the rising trend-line at 132.75/51, being unable to gain upward traction.
Pair seems to be range bound—bulls cannot breach June low and bears cannot push the pair below 0.908 support line.
Pair remains supported by the 55 and 100-day SMAs.
Pair seems to be inching up higher, but remains capped.
Pair is slowly inching lower, but 1.347/45 keeps it supported. However, upside potential remains limited.