The latest downward movement has nearly come to a complete halt, being that a formidable support area at 129.77/16 is currently keeping the bearish sentiments at bay.
Pair seems to be consolidating above the Fibo 23.6% (end of May till mid of June move).
After signalling significant weakness pair found support with the monthly PP.
Weekly and monthly PP did not manage to provide enough support for the pair which dipped 80 pips.
Yesterdays fail at monthly R1 gave some bearish momentum for the pair.
NZD/USD, without reaching the key resistance at 0.8161/53, is already losing the upward momentum, showing signs of weakness while approaching 0.8125.
[This] "week will set the tone for the remainder of the summer in terms of foreign exchange."- BNY Mellon (based on Reuters)Pair's OutlookThe sell-off became considerably more cautious in light of proximity to the falling trend-line and the 100-day SMA, but the down-side risks have not yet been fully eliminated, since the bearish pressure persists. Should this zone give in,
AUD/USD remains unable to pick up bullish momentum, being capped by a combination of resistances at 0.9387 (2011 low) and 0.9348/28 (weekly R1, monthly PP and 55-day SMA).
The currency pair has finally arrived at the cluster of supports at 129.66/16, formed by the 55 and 100-day SMAs along with the up-trend line, intactness of which is preserving the bullish outlook.
Sell off at the end of the last week sent the pair below the Fibo 23.6% (end of May till mid of June move) at 0.93 where it is trading at the moment.
Despite the clearly bullish market sentiment, pairs development in the first days of this week signals about significant weakness.
Last week was a rather volatile one for the pair and we could expect similar setting this week as well.
Pair started the week in a calm fashion and although we could sense further strength of the pair coming from the last week monthly R1 stopped the pair for now
The resistance, consisting of the weekly and monthly R1, was insufficient to halt yesterday's advancement.
Yesterday USD/CAD touched upon the monthly S1 level at 1.0253 and in the end closed beneath the weekly S2, as the bearish pressure on the nearest supports persists.
Apparently, the bulls are not willing to give up, pushing the exchange rate all the way back up to a tough resistance zone at 0.9348/16 from the support formed by the weekly pivot point and the 20-day SMA at 0.9182/68.
EUR/JPY has not yet fallen down to the 55 and 100-day SMAs at 129.69/51, but is decisively headed south.
Pair received a bearish impetus from the 200-day SMA which sent the pair almost 100 pips lower where it found support with the Fibo 23.6% (end of May till mid of June move).
Pair has been trading around 100 JPY for quite some time, but today, for the first time in 10 days , pair seems to be consolidating below the 99 JPY.
Pair is stuck below Fibo 61.8% (mid of June till start of July move) for 5 days now.
After a failure to breach weekly R1 pair received a bullish impetus from the Fibo 61.8% (mid of June till beginning of July move) which sent the pair 130 pips higher to test weekly R2/monthly R3.
As expected, a test of the support at 0.7904/0.7885 resulted in a strong recovery, which pushed the price up to the resistance consisting of the weekly and monthly R1 levels, also the upper Bollinger band.
Not so long ago USD/CAD broke down the 55-day SMA, now the currency pair is trying to erode a senior simple moving average, namely for 100 days.
The selling pressure that inhabits the area from 0.94 to 0.93 easily fended off a yesterday's assault of AUSD/USD, sending the pair beneath the interim resistance at 0.9182/58 that is formed by the weekly PP and 20-day SMA.