At the end of the last week we started to have doubts whether the up-trend support line will be capable of withstanding exorbitant selling pressure.
Pair started the week above the last weeks closing level.
Looking in to the pairs' activity in the last few days it seems that it is posing for a rally.
Pair started the week 40 pips below the last weeks closing level and hasn't really moved anywhere.
Pair started the week slightly below 1.32 and has been trying to advance above it since the beginning.
A test of the support at 0.7908/0.7885 initiated a 200-pip rally, but the down-trend resistance line, combined with the 20-day SMA and weekly R1, coped with increased demand for the New Zealand Dollar, returning it back to the mentioned area.
None of the nearest supports were prepared for such a powerful downward impulse and failed to stop the drop at 1.0308/1.0267 and 1.0231.
AUD/USD has successfully breached a formidable support at 0.9577, but there may be an even more serious test of the bearish momentum ahead.
We were short-term bearish on EUR/JPY, but did not expect the currency pair would fall through the supports at 127.85/41 and 126.80 so easily.
Although 100-day SMA made the pair to lose 200-pips of its value yesterday it found support at the monthly S1 at 0.925.
Today, as yesterday, pair has dipped to 96 JPY mark.
Yesterday pair appreciated all the way to 1.56, but did not manage to breach 200-day SMA slightly above the mentioned level and at the moment is hovering slightly below it.
Rather unexpectedly pair received strong bullish impetus from 200-day SMA which sent it more than 200 pips higher to 1.33.
Today NZD/USD is moving much more cautiously than yesterday, but is preserving the downward direction.
Not without difficulties, but USD/CAD is about to end the second day in red after an unsuccessful hurried attempt to penetrate 1.0309/1.0267, although it was far from reaching the lower edge of the area.
A quick test of 0.9469/45 did not bear fruit, as the price has already returned to its previous close.
A shallow rally following a test of the support at 129.95/58 predisposes to an increase in the bearish pressure that should push the price lower, towards the rising support line at 127.85/41.
In the past four days pair has tested 0.94 level three times already.
For the pats few weeks pair has been showing clear, bearish, tendencies.
It seems that pair has moved in to a certain cycle—few days of gains, one day of minor loses.
After a week or so of sessions with significant (100 pips and more) moves pair seems to be calming down.
NZD/USD is still carrying the inertia it received after hitting the falling resistance trend-line at 0.8086.
We were ready to see a sell-off from the weekly pivot point, but the buying pressure is keeping the pair afloat near today's open price.
Currently we see implications of the recent failure of bulls to take the price above 0.9843/25 and thus confirm a reversal.