Pair seems to be trading sideways for the third day in a row and all of it evolves around the 200-day SMA.
The area created by the falling trend-line, 55-day SMA, weekly R1 and other studies continues to deflect NZD/USD's attacks, which have a low possibility of succeeding.
While the support at 1.0404, represented by the monthly PP level, proved to have low reliability, the 55-day SMA, currently at 1.0363, has successfully reversed the course of USD/CAD and pushed it towards 1.0447/32 that for now remains impenetrable.
AUD/USD is currently retracing from 0.9299/61 towards the former resistance at 0.9155/29.
Today's EUR/JPY daily bar opened just below the weekly R1, but the price is already 70 pips above 130.74 and is constantly putting significant pressure on the upper Bollinger band at 131.43.
Yesterday the pair dipped as low as 200-day SMA, but managed to advance by almost 100 pips since then and at the moment is testing 100-day SMA.
Pair has been struggling with the 100 JPY for the past three days.
Pair advanced by almost 200 pips after receiving a bullish impetus from the 20-day SMA.
Pair did not manage to advance above the Fibo 61.8% (mid-June till start of July sell off).
NZD/USD has already touched upon the monthly PP today, as a result of the currency pair probing the resistance created by the down-trend, weekly R1, 55-day SMA and an upper Bollinger band.
As suspected, USD/CAD turned out to be unable to breach 2012 high during the first attempt, a scenario suggested by some of the daily technical indicators, namely MACD, AROON and SAR.
It does not seem that the interim resistance at 0.9261 poses any threat to the current surge.
Just one bearish bar as a correction for a recent 129.39-130.71 rally and EUR/JPY is again challenging a combination of the weekly R1 and an upper Bollinger band, willing to extend the gains beyond 131.26/130.74.
As it could be expected, pair did not manage to advance and consolidate it the higher levels.
air did not manage to consolidate above the 100 JPY yesterday which caused the pair to dip below 99 JPY.
Short term technicals continue to point at heightened downside risk of the pair.
Pair received a bullish impetus from the 55-day SMA which sent it 120 pips higher.
NZD/USD has just confirmed 0.7788/51 as the support and is now headed en route to the nearest important resistance at 0.7947/31, where the weekly R1 merges with the 55-day SMA.
The moment the currency pair hit the resistance at 1.0447/32 the technicals on a daily chart turned neutral, suggesting that the rally may take a while to develop.
"There's an argument to suggest we've gotten far too bearish on the Aussie. If you're sitting short Aussie off the lows you're probably feeling a bit nervous and that's really why we're seeing a bounce."- Westpac Banking Corp. (based on Bloomberg)Pair's OutlookAgainst the odds, AUD/USD effortlessly pierced through the resistance at 0.9160/29 today and is rapidly approaching the weekly R1
"Downside risks to the euro will dominate."- Credit Agricole (based on MarketWatch)Pair's OutlookEUR/JPY surged up to the resistance at 130.74 already yesterday, but it is unlikely the currency pair will traverse this level without a delay, retaining the possibility to descend to either the 55-day SMA at 129.77 or the combination of the 20-day SMA and weekly pivot point at
For the time being the pair is unable to get back to the pace it had before the sell off last week.
Yesterdays peak above the 100 JPY went well along with the readings of technical indicators.
Pair is posing for a rally, but at the moment it is testing 20-day SMA which kept it at bay for the past 4 days.