The single European currency traded flat versus the Japanese yen today. If a bullish trend emerges, 97.93 (61.80% Fibo) is likely to become the first resistance for investors, and if it is successfully pierced, a path towards 98.43 (Upper Bollinger band) and 100.53 (100-day SMA) will be cleared.
Yesterday's bullish correction failed to continue today, and now a bearish movement takes place. EUR/AUD already managed to break through the weekly PP at 1.1716, and now it is about to challenge the lower Bollinger band at 1.1671, which might slow down the downward tendency. In case it is breached, then next support at 1.1657 (weekly S1) will probably reverse
The cable received strong bullish impetus from a 55 day SMA at 1.5590, ahead of an uptrend support at 1.5540/17. However, the currency pair was unable to close above 1.5608/24 and should stay calm for now. In case GBP/USD commences robust recovery, it will encounter a formidable resistance at 1.5731/73, which has remained intact for more than two months.
USD/CHF is flat and unwilling to make a distinct move at the moment. Leg up has a higher chance of appearing, though, judging by technical indicators, we might observe some more wobbling prior to a full-blown rally. An initial resistance is at 0.9729/40, while subsequent levels are located at 0.9793/0.9825 and 0.9954/1.0003 and will hamper appreciation of the greenback.
USD/JPY has effortlessly pierced through 78.43/42, but failed to penetrate 78.71 and the price is currently drifting lower. The pair is expected to make another attempt to erode the nearest resistance and get closer to a key level at 79.49/50, overcoming which would imply medium-term bullish behaviour, though additional resistances at 78.92/79.11 and 79.29 will have to be breached.
EUR/USD continues to consolidate just below a 55 day SMA at 1.2406, but is nevertheless unlikely to overcome it and then resume advancement towards a key resistance at 1.2618/44, being that most of indicators on a weekly timeframe give "sell" signals. An interim support lies at 1.2337/34, followed by 1.2264/26 and 1.2060/1.1996.
EUR/AUD currency pair experiences another bullish reaction today, after the recent decline was stopped at 1.1729, and now the price is facing a 20-day SMA at 1.1768, which might change the presently established tendency. In case it is broken, then the currency couple might reach monthly R1 at 1.1827, which will probably reverse the bullish tendency. Moreover, RSI indicator went out of the over-sold area
A small bearish correction, which occurred yesterday, has ended, and now the EUR/CAD currency pair regained its bullish momentum. If the rally prevails, then the price might reach 1.2439 (Price channel resistance), which is likely to reverse the trend, however if it fails to stop the uptrend, then next resistance at 1.2503 (upper Bollinger band) will probably bring some bearish impulse. Nevertheless, RSI indicator shows neutral
For a couple of weeks AUD/JPY has been following the rising wedge pattern, and yesterday's decline was stopped by a weekly PP at 82.61, where the price reversed its movement direction. As for now, the currency pair confronts monthly R1 at 83.06, which might slow down the bullish trend, but if it is breached, then next resistance at 83.28 (Psychological) will probably change the prevailing
Yesterday's bearish reaction has ended, and now another bullish advance takes place, however, the GBP/JPY movement still remains within the falling wedge pattern. The GBP/JPY currency pair already managed to reach a 20-day SMA and now the price is slowly advancing further towards the monthly PP at 122.90, which might serve as the resistance level for the current rally. In case the price manages to
Although Kiwi was stable against the greenback today, it is expected that pair's bullish bias will end soon and pair will start depreciating in the near future as pair is approaching weekly and daily pivot points at 0.8228 and 0.8270 which it is not likely to breach. It is highly likely that first target on its path down will be daily pivot at 0.8167 breach
The US dollar is holding grounds right now, trading close to 1.0023 and attempting to move higher. For now the pair seemed to stabilize, presenting a chance for bullish traders to change the price direction. Therefore, 1.0023 (PP Weekly) might become the first resistance level, followed by 1.0079 (200-day SMA) and 1.0119 (50% Fibo) in case of a successful breakout.
Bulls don't lose hope to advance higher and at the moment the pair is fluctuating around 1.0574 (23.60% Fibo). A breakout here would expose the second and third resistance levels at 1.0629 (Upper Bollinger band) and 1.0668 (R2 Weekly), respectively.
EUR/JPY started a week lower after Friday's rally, yet on Tuesday the pair managed to pair gains after touching 96.80 (PP Weekly). If bullish momentum emerges, then 97.93 (61.80% Fibo) is likely to be the first resistance, and if it is successfully pierced, a path towards 98.43 (Upper Bollinger band) and 100.53 (100-day SMA) will be cleared.
Buying pressure at 0.9680/41 did not manage to lift the currency pair considerably, leaving it below an uptrend. Nonetheless, bullish activity by USD/CHF is still expected to be reignited, which in turn is supposed to lead to gains until 0.9952/1.0003 in the medium-term. Notable supports are at 0.9583 and 0.9519/0.9478 and should contain dips.
USD/JPY commences another attempt to recover after breaking out of a downtrend resistance. According to technical indicators the bullish momentum, however, is not strong enough to be capable of overcoming all the resistances that are scattered overhead and are preventing prolonged rallies. The initial obstacle is located at 78.42/43, followed by 78.71 and 78.95/79.11.
Recovery of the cable proved to be short-lived as the currency pair has slipped before reaching 1.5731/74 and is rapidly returning to an uptrend support at 1.5540/17. GBP/USD has already pierced through 1.5624/08 and 1.5589, but should be stopped by 1.5540/17. Additional supports lie at 1.5466/50 and 1.5383, though are unlikely to be tested today.
EUR/USD was unable to sustain a rally above 1.2407/56 and is currently headed towards the nearest support level at 1.2337/34. Extension of the dip will encounter 1.2259/26, but it is also expected to give in eventually and thus pave the way to 1.2061/1.1996. In the meantime, if the rallies do occur, they are likely to be capped by a key
GBP/JPY currency pair has already been following the falling wedge pattern for some time. The bullish movement was stopped, when the price touched resistance line of the wedge at 123.03, and now a strong bearish correction takes place. The price is heading towards weekly S1 at 121.57, which might slow down the current declineIn case 121.57 fails to stop the movement downwards, then next support
The Kiwi dollar stood steadily today, keeping a positive stance against the greenback. Therefore, if bullish inertia intensifies, 0.8229 (R1 Weekly) might become an initial resistance level for bullish traders. A breach of this line would expose 0.8258 (Upper Bollinger band) and 0.8319 (61.80% Fibo), respectively.
The US dollar is trading slightly lower against the Canadian dollar compared to Friday. For now the pair seemed to stabilize, presenting a chance for bullish traders to change the price direction. Therefore, 1.0023 (PP Weekly) might become the first resistance level, followed by 1.0079 (200-day SMA) and 1.0119 (50% Fibo) in case of a successful breakout.
Bulls continue adding to gains on AUD/USD and right now the currency pair is floating around recent high at 1.0574 (23.60% Fibo. A breakout here would expose the second and third resistance levels at 1.0629 (Upper Bollinger band) and 1.0668 (R2 Weekly), respectively.
EUR/JPY started a week slightly lower after a strong rally last Friday. If bullish trend holds further, then 97.93 (61.80% Fibo) is likely to be the first target to be tested by bullish investors. If this level is successfully pierced, a path towards 98.43 (Upper Bollinger band) and 100.53 (100-day SMA) will be cleared.
Although RSI indicator shows neutral signal, AUD/JPY experienced a huge rally on the 3rd of August, however a trend reversal happened, and now the price follows a downward trend, and is about to reach weekly PP at 82.57, which might prove to be support for the current decline. If it is broken, then the bearish tendency is likely to advance even further until 200-day SMA