USD/JPY pair demonstrates limitless bullish sentiments, as the price sharply increased yesterday and reached even a new high at 94.36.
The Cable started the week with a sharp bearish impetus, as the price slipped from the 20-day SMA and almost reached the lower Bollinger line at 1.5619.
As the major currency pair easily slipped through the 20-day SMA, it found support at 1.3350 level, where no technical indicators are located.
The currency pair lingers at the rising support line, having insufficient upward momentum in orders to successively penetrate resistances at 0.8356/54 and 0.8382/73 and thereby pave the way towards 0.8499/49.
USD/CAD carries on stepping higher due to the absence of any strong resistances.
The rally AUD/USD commenced last week has encountered a strong resistance zone at 1.0343/36, which did not allow for a rise up to the 200-day SMA that in turn is standing near 1.0387 at the moment.
The support at 123.29/13 has held the selling pressure and prevented a protracted drop of a price, preserving the potential of the Euro to appreciate further.
For the past 3 session pair has been testing weekly PP at 0.918 which is not giving up.
For quite some time now pair has been opening the week with up to 100 pip dips and picking up again after that.
Pair started the week with mild appreciation, but today it dipped by more than 50 pips.
Pair started the week at 1.3360; although the formed candles are bearish trading volume and volatility are low not giving any clear directional impulse.
After a short contact with the bullish trend-line NZD/USD started to move away from it at an accelerate pace, acting in line with our previous assumption that the currency pair should for now remain within an ascending triangle it has been forming for the last 250 bars.
Indeed, a cluster of supports, mainly formed by the 55, 100 and 200-day SMAs proved to be formidable enough to end the bearish correction and boost activity of bulls that have sent the price already beyond 1.0008.
As expected, a zone constructed by the weekly pivot point and Bollinger band was unable to resist bears for long, allowing a dip down to 1.0248/43, which in turn initiated an anticipated covering of short positions.
EUR/JPY has made another step towards a key support area at 123.29/122.69, intactness of which ensures veracity of our idea that the Euro retains potential to maintain appreciation.
After being flat during this week, USD/CHF accumulated a bullish impetus and yesterday sharply rallied towards the 55-day SMA.
USD/JPY is stuck near the 93.60 level for a fourth consecutive trading session. The pair can not breach the monthly R1 level at 93.62 and the weekly R2 slightly higher.
Even though the Cable has gone through the major support line in the beginning of the week, its magnitude is too strong to let the price easily fall down.
The major currency pair slipped below the 20-day SMA yesterday, as the price finally pulled away from a flat zone at 1.3584/54.
The resistance area at 0.8499/62 has once again proved its topicality, sending the price through a number of support levels straight to the bullish trend-line.
"In all honesty (the Canadian dollar) is probably sidelined as everybody is watching the ECB and their attitude to the exchange rate and potential policy changes."- RBC Capital Markets (based on Reuters)Pair's OutlookUSD/CAD stays directionless, as a current strong supply of the U.S. currency keeps the spot price close to the confluence of all four traced simple moving averages. Given
Following a precipitous fall from a high of 1.0457, the currency pair has taken a pause just above 1.0312/04.
The resistance at 128.65/127.94 has forced the pair to step back after the initial test.
For the last five months USD/CHF has been clearly trading within the bearish channel.