The bearish correction, which started on August 19th, continues its movement downwards, and GBP/JPY is gradually moving towards the weekly PP at 124.01, which is very likely to bring some bullish momentum, however, if it fails to stop the downtrend, then the price might reach the 55-day SMA at 123.44, which is expected to change the prevailing trend. Additionally, RSI
Yesterday's bullish trend failed to advance even further, and today the bearish correction takes place. As for now, the AUD/JPY currency couple confronts the weekly PP at 82.90, which might slow down the downtrend, however, if it is breached, then next support at 82.62 (20-day SMA) might be the reversal point for the prevailing tendency. Moreover, RSI indicator remains neutral,
Although, RSI indicator remains neutral, the bearish tendency, which started yesterday, managed to continue its movement downwards, and now the EUR/AUD currency couple is heading towards the weekly PP at 1.1764, which might bring some bullish impulse. In case it fails to stop the downtrend, then the price might reach the 20-day SMA at 1.1722, which is very likely to
Yesterday's bearish reaction has failed to continue, and today the EUR/CAD currency pair has already managed to cross the weekly PP at 1.2201, and the price is slowly approaching the 20-day SMA at 1.2267, which might slow down the prevailing uptrend, however, if it is broken, then next resistance at 1.2357 (weekly R2) will probably bring some bearish impetus. In
Pair is caught up between Fibonacci retracement levels at 0.8083 and 0.8074 keeping its outlook neutral. Pair should remain deviating between weekly R1 at 0.8124 and 200day SMA at 0.8039 for the rest of the week.
USD/CAD has appreciated for a third day, but it is very unlikely the pair will be able to advance above weekly and pivot points at 0.9931/45 in the near future. At the same time it is possible that pair will demonstrate price correction action and will try to breach 0.9850.
Pair has slightly recovered after dropping to a 3 week low at the end of last week. However, weekly PP should stop pair from advancing further till the end of week and keep it between 1.0472 and Bollinger band at 1.0373.
Pair has depreciated after the trading brake during the weekend. The pair should remain between 98.640 (Bollinger band) and 97.675 (55 day SMA) as pair is approaching Double Bottom pattern's, which it formed last week, resistance band.
USD/CHF has presently a higher probability of violating an uptrend support at 0.9738/19 than rebounding from it. Therefore supports at 0.9691 and 0.9659/43 are likely to come under pressure, though the dip may reach 0.9589/85, as they are not nearly as formidable as the latter one. However, indicators on a weekly timeframe are strongly bullish, meaning that there is still
The currency pair is anticipated to sustain its current rally and push through resistance at 79.50/57, though the breakout might take several tries to realise, as technical indicators remain neutral for now. Probable retracement of USD/JPY should not extend below 79.08/03, ahead of which the price is expected to stabilise and take a course on 80.87/81.08.
GBP/USD attempts to recover, but has encountered a resistance zone at 1.5688/1.5704 and is thus unlikely to advance further. Moreover, subsequent resistance, which stretches from 1.5736 to 1.5766 and consists of the 200 day SMA and an uptrend line, caps the pair in the long run. Supports, on the other hand, may be found at 1.5656/33 and 1.5618/1.5580.
Being that recent bounce from the uptrend support was not as robust as prior rallies, we may expect the lower line of the channel to be broken, as bulls appear to be exhausted. Breach of 1.2324/18 will imply further depreciation of the single currency en route to 1.1876, a two-year low. In the meantime, resistances at 1.2337/57 and 1.2392/1.2453 should
Pair has lost all of its yesterday gains today. However, pair is testing 0.8074 and approaching 0.8053 which could push it back closer to 0.81. However, outlook on the pair remains rather neutral providing a high probability that the pair continue moving above 200 day SMA, but below 0.81.
Pair dropped to the lowest level in 4 weeks. However, this might be just a short lived price correction as pair has hit 1.0438 which proved to be a strong support level for the pair recently and the outlook for the pair remains positive in the medium term.
USD/CAD recovered today after successfully broking through weekly pivot (S1) at 0.9874 which should give enough boost for the pair to advance up to 0.9941 as outlook for the pair remains positive in the medium and long term.
Pair has reached the highest level this week and tested 98.299 earlier in the day, but Bollinger band provided enough resistance to keep the pair back. Pairs outlook remains strongly negative and it is highly likely that the pair will test 97.143 which could pave the way to drop all the way back to 96.5.
An uptrend support at 0.9722/0.9691 is once again at risk of being breached. Provided it does not withstand bearish pressure, additional support levels at 0.9661 and 0.9598 will become exposed. Nonetheless, the currency may still reverse the short-term tendency and prevent a breakdown of the uptrend buy sustaining a rally above 0.9738/51.
USD/JPY is slowly but constantly eroding an area at 79.19/51, violation of which will pave the way towards 80.87/81.04. However, we may expect the pair to linger around the current levels due to presumably large amount of supply located nearby. Nevertheless, after a temporary pause the recovery should resume with a support level at 78.71/64 remaining intact.
GBP/USD rapidly advanced towards 1.5713/91, but lacked momentum in order to penetrate it and then target subsequent levels at 1.5824 and 1.5883. Accordingly, the pair is currently falling and is likely to move at an accelerated pace in the direction of 1.5658/08, the support zone which is reinforced by 1.5573, but is not viewed as strong enough to halt extension
EUR/USD managed to stay above an uptrend support line and rallied up to 1.2369/1.2431, which is supposed to negate bullish impetus and force the pair to stop squeezing shorts and move downwards. Even in case the closest resistance does not contain the price, an area at 1.2519/1.2633 will come into play and prevent the Euro from gaining value more.
200 day SMA gave enough boost for the pair to breach Fibonacci retracement levels at 0.8074/83. At the moment there is no clear signs that Kiwi should experience any difficulties to advance to 0.8138 by the end of this trading week.
USD/CAD was stable today before the Canadian CPI number coming out tomorrow (17th of August). However, outlook for the pair in the short term remains negative and it is highly likely that the pair will test weekly pivot (S1) at 0.9874 tomorrow which could provide enough support for recovery of the pair.
Pair remained stable today as relatively neutral data from US had no impact on the pair's development. However, outlook on the pair remains positive as there is strong reasons to believe that weekly pivots (S1;S2) at 1.0494/438 will give boost for pairs advance.
Pair is approaching last weeks high at 97.812 and it is evident that 55 day SMA could introduce enough resistance and stop pairs advancement dropping it to 97.00 and giving start to rectangle pattern formation.