EUR/USD remained stable in course of the trading session on Wednesday.
NZD/USD stays on a bearish path, as the 55-day SMA has been largely ignored, though there is still the monthly pivot point left.
Despite a run all the way up to 1.28 yesterday, USD/CAD was unable to gain a foothold above 1.27, and the pair is now looking for support at 1.2640, represented by the monthly PP and 20-day SMA.
AUD/USD is now in the vicinity of a dense demand area at 0.76, which may well initiate a rally back to the down-trend at 0.78.
For the time being the weekly S1 at 128.70 serves as a floor, but the risks are considered to be skewed to the downside, being that EUR/JPY is currently trading next to the major down-trend.
On Wednesday morning, XAU/USD is receiving reliable support from April's new monthly PP, which is located at 1,183.
As it turned out, demand at 119 was insufficient to send the price through 120 in an instant.
Because of a lack of momentum GBP/USD failed to push through support at 1.48, and now the currency pair is headed towards the upper edge of the last week's trading range.
On Tuesday, EUR/USD declined significantly for the second consecutive day.
The New Zealand Dollar is currently trading at the level of the 55-day SMA, but it has already managed to dip to the monthly PP today as well.
USD/CAD maintains its upward momentum and so far ignores all identified nearby resistances.
As it turns out, the monthly S1 is not going to provide enough support for the Aussie.
As anticipated, resistance near 130 yen was more than enough to initiate a sell-off.
In line with expectations, XAU/USD failed to limit its downward correction within any range above the long-term downtrend line.
As expected, a dense demand zone around 119.00 prevented extension of the losses and turned the recent downward trend around.
The Cable failed at 1.49 and tumbled to a lower edge of its trading range.
A strong resistance area, created by weekly PP and monthly S2, managed to send the Euro down on Monday.
NZD/USD is moving away from resistance at 0.7650 that stopped development of a double bottom pattern.
Having found formidable support just beneath 1.2480, created by the 55-day SMA and weekly S1, USD/CAD effortlessly pierced through the monthly pivot point.
A test of the upper boundary of the channel resulted in a strong sell-off, which might take a break either at 0.7651 (monthly S1) or already near 0.7550.
EUR/JPY confirmed the falling resistance line last week, therefore the bias is to the downside.
Despite still trading above the long-term downtrend line at the moment, XAU/USD continues to show some bearish intentions on Monday, following a first decline in eight days back on Friday.
A recent test of resistance at 122.00 triggered a powerful bearish reaction, but now there is a good chance the bulls will soon regain control of the pair.
GBP/USD continues to consolidate.