For a tenth consecutive day the Euro has been underperforming the US dollar, as yesterday it dropped below the major level at 1.18 and has even crossed a considerable support represented by monthly S2 at 1.1781.
The EUR/JPY pair did not move anywhere far from the last trading day close.
In respect of the latest bullish move, the NZD/USD appreciates more than 50 pips from the last daily close
Thursday was another quiet day for the market as both bulls and bears did not manage to decide where to move the market.
The AUD/USD bravely rebounded from the weekly S1 at 0.803 and proceded to grow toward the 4-hour 55-day SMA together with the nearly positioned 100– day SMA
After major gains for three days in a row, on Wednesday Gold has eventually commenced a correction period from the long-term downtrend line which is currently located at $1,220.
USD/JPY is currently attempting to recover the recently lost ground, but the upside may well be limited by the just breached rising trend-line at 119.
As the demand at 1.5150 (weekly S2 and monthly S3) did not succeed at stopping the sell-off, the Sterling is likely to lose even more value in the coming weeks.
EUR/USD has been declining constantly since December 25 by losing as many as 400 pips from that time.
"A restrictive fiscal position remains a headwind to the economic outlook and all else equal is helping to support a lower-than-otherwise New Zealand dollar and official cash rate." - ANZ Bank New Zealand Ltd. (based on Bloomberg)Pair's OutlookThe NZD/USD pair was less volatile than the day before, with market participants trading in almost 72 pip range. Regardless, the USD managed
"Canadian equity new-issue finance may not be as high as what we saw last year, but we don't see it dropping by a major factor." - RBC (based on Bloomberg)Pair's OutlookThe USD/CAD followed the previous tendency and continued to move higher from the last day close at 1.1835. However, the pair not only enters the overbought area but also loses some
"In calm markets, offshoots in exchange rates can exist for a while, but in volatile markets there's a revert to the mean and currencies find their true value." - Deutsche Bank (based on Bloomberg)Pair's OutlookThe trades moved closer to the 2004 spike at 0.801 level. However, the pair is currently hovering above the Bollinger band at 0.803 and have not
"We have further easing pencilled in for the January meeting -- we think it's highly likely they will essentially announce the sovereign bond-buying." - Nomura Holdings Inc. (based on Bloomberg)Pair's OutlookWednesday trading day revealed the first daily green candle since the consecutive decline from the end of the December. Rising almost 88 pips from the daily open at 140.766, the
XAU/USD cross showed a bullish development for a third consecutive day back on Tuesday of this week, as it breached the weekly R1 resistance line and went even further to the upside.
As it turned out, a cluster of supports at 119 was unable to keep USD/JPY afloat, allowing the pair to descend to the 23.6% Fibo at 118.
GBP/USD disregarded the down-trend line and closed beneath 1.52.
On Tuesday, the EUR/USD currency pair deteriorated even more considerably, as they pair has finally managed to cross the demand area around 1.1930 (monthly and weekly S1).
The Tuesday trading have not surprised the market too much and the NZD/USD performed like expected.
The USD/CAD moved in a zig-zag pattern during the whole day, yet, formed another bullish candle.
Tuesday trading respected the previous green candle and continued the upward move.
The recent fall continued its presence as the pair slid down 139 pips from 142.769 to 141.379, the monthly S2 level.
Gold appreciated further on Monday, as it managed to consolidate above the major cluster of support levels around $1,190 and even surpassed the major level at $1,200.
USD/JPY returned to the rising support line at 119, which is supposed to stay intact for the medium-term bullish outlook to remain valid.
GBP/USD seems to have stabilised after hitting the down-trend that connects the September and November lows.