Pair continues to appreciate after a bounce from the 50% Fibo (July-August move) and at the moment is testing 23.6% retracement.
For the time being the monthly R1 is proving to be a notable obstacle for the currency pair, but is nonetheless likely to give in, allowing AUD/USD to challenge 0.8105/0.8080.
USD/CAD moved even closer to the rising support line that has been in force since May and is the lower boundary of the major up-trend channel.
Following a breach of the monthly R1 AUD/USD seems to have nearly exhausted the bullish momentum that took the price away from the Aug 5 low at 0.8847 and drove it to the 100-day SMA.
Although weekly and monthly studies are persistently giving ‘buy' signals, EUR/JPY is currently unable to surpass the monthly R1 at 132.09 and thus may fell short of expectations.
Thursday's rally seemed rather promising, but 50% retracement (July-August move) sent the pair back to the premises of the 200-day SMA.
Pair has advanced to and failed at 100 JPY 4 times already. It has lost 50 pips already today.
Pair maintains the bullishness and moves along the uptrend's support (connects 9th of July and 2nd of August lows).
Pair finished last week with a bounce from the 50% Fibo (July-August move) and at the moment is testing 38.2% retracement.
Neither the 55 nor the 100-day moving averages were sufficient to contain bullishness of the New Zealand Dollar that continues to appreciate at an accelerated pace.
The fundamentals introduced notable changes into USD/CAD chart, making the rate ignore the nearby resistances and immediately rush towards the 55-day SMA at 1.0403.
While yesterday AUD/USD pulled back after a sharp rally, the dip did not reach the down-sloping trend-line, allowing the price to start yet another green candle ahead of the 55-day SMA.
The first attempt of EUR/JPY to extend the gains beyond the nearest resistance at 132.38/131.72 (mainly formed by the weekly and monthly R1 levels) was unsuccessful, the pair is now descending and is about to hit the support that stretches from 130.74, where the 20-day SMA stands, down to 130.03, the current location of the monthly pivot point.
Yesterday there were still some doubts whether USD/CHF will manage to preserve the bullish impetus in the view of numerous resistances it had to breach.
Once USD/JPY crossed the August high, it was immediately sold off because of the resistances scattered between the levels at 100.26 and 99.96.
Though yesterday's behaviour of GBP/USD did not meet the expectations for a rally due to the resistance at 1.5610, there are still plenty of arguments in favour of a rebound from the nearest supports up to the June high at 1.5750, since the currency pair remains within an up-trend channel.
Although there were few reasons to believe EUR/USD will not be underpinned by a combination of the 100 and 200-day SMAs, the price turned out to be unable to surpass the resistance at 1.3217 and fell by 80 pips.
After hitting the resistance represented by the 55 and 100-day SMAs NZD/USD seems to have lost bullish momentum, trading in a comparatively narrow corridor today, mostly below yesterday's close.
As feared, the weekly pivot point was unable to rekindle interest of traders in the U.S. Dollar. This allowed USD/CAD to dip down to the weekly S1 at 1.0485, which also has a low possibility of stopping the pair from falling down to 1.0455.
The currency pair was able to surge by more than 100 pips yesterday, piercing through the falling resistance and thereby breaking out of the bearish channel it has been trading within since mid-May.
Now there are almost no doubts that a formidable support zone, mainly consisting of the 55 and 100-day SMAs (also strengthened by the weekly and monthly PP levels), managed to halt the decline of EUR/JPY, suggesting that the weekly R1 is in danger of being breached in the nearest future, just like the monthly R1 at 132.09 and some of
Despite the density of the resistance zone USD/CHF is currently facing, the U.S. Dollar is nonetheless strengthening.
The bullish run of USD/JPY started this week has notably decelerated ahead of the resistance formed by the April high, weekly R3 and monthly R1, meaning the price is likely to step back for a brief moment before reattempting to overcome this tough area.
Yesterday the Cable managed to close above the weekly R1, though does not seem to be willing to advance farther at the moment, also considering absence of any distinct signals provided by the daily and weekly technical indicators.