NZD/USD keeps on trimming the losses made last week, it has already attained the monthly PP at 0.7918 that is now under risk of being broken.
Not without difficulties, but USD/CAD has successfully overcome the monthly pivot point at 1.0379 that merged with the 55-day SMA.
AUD/USD still continues to trade above the support at 0.8830/11, but the probability it will breach this area and move towards lower levels remains elevated.
A supposition that the rising trend-line will withstand the bearish pressure turned out to be invalid, since EUR/JPY has already closed beneath 130.30.
Pair has recovered some of the yesterdays losses as weekly S1 might be providing good enough initial support.
Weekly S1/Fibo 38.2% (end of May till mid of June move) failed to provide enough support for the pair after it retested the mentioned level.
Pair seems to have lost some tempo after a strong rally few days ago as Fibo 61.8% (mid of June till beginning of July) is keeping it at bay.
Rather unexpectedly pair has received a minor bullish impetus from the weekly PP which sent the pair 50 pips above it.
Yesterday's rapid appreciation of the New Zealand Dollar led to a closure of the bearish gap and a logical test of 0.7881/70 that continues to provide considerable resistance.
USD/CAD is still hesitating to advance while being in the vicinity of the monthly pivot point, but should eventually overcome the hurdle at 1.0379 and start heading towards subsequent resistances.
A dip from a psychological level 0.93 turned out to be overextended, since a soft test of the support at 0.8844/11, formed by the monthly S1 and the lower Bollinger band, initiated a short squeeze.
A struggle with the rising support line at 130.30 continues, although it already seems that the bulls will have an upper hand in this battle.
It seems that the pair has stabilized after plummeting from 200-day SMA and at the moment it is trading supported by the weekly S1.
At some point pair has dipped by more than 120 pips this week, but found support with the weekly S1 and recovered half of those loses up till now.
After a formidable (270 pip) rally in the last 3 days pair seems to be slowing down.
Pair maintains its mildly bearish stance as at the moment it seems to be consolidating below the weekly PP (1.327).
NZD/USD has just entered the support zone (0.78-0.77), the one responsible for the bullish correction that took place in July.
Although we were ready for a deeper dip, topical in 2009 and 2012 levels, in conjunction with the 100-day SMA, were enough to reverse the sell-off and direct the pair upward.
Last week AUD/USD was falling freely, failing to find any ground after consolidating just below the early 2009 and late 2010 highs.
Being unable to sustain the rally from 130, EUR/JPY has once again returned to the major uptrend line that remains in force since July 2012.
In the end of the last week it seemed that the pair once again is consolidating above the 200-day SMA.
Pair finished last week and started this one in unusual volatile fashion.
Pair gained approximately 200 pips in the end of the last week when it bounced from 1.51.
Pair appreciated almost 100 pips at the end of the last week when it received a bullish impetus from the weekly S1.