The Cable faces some difficulties to find a direction, as the bottom line is an up-trend line, which starts at the end of 2008 and the upper line is constructed of bearish market sentiments and previous bearish movement's momentum.
EUR/USD depreciates for the second consecutive trading session.
Resistance at 0.8476/63 has once again proved to be impenetrable, even after a formidable surge at the end of the last week and a subsequent bullish gap that has already been closed.
A support area at 0.9961/52 continues to underpin the pair, while the market participants are unwilling to build up exposure to the U.S. Dollar and thereby push the price upwards.
Despite the repeated tries of AUD/USD to push through the 100-day SMA and challenge the 200-day SMA, the currency pair is trading flat, since it has encountered a strong demand around 1.0426/20.
Not only EUR/JPY is preserving an already high pace of recovery, but it also appears to be increasing it as well, having effortlessly pierced through last week's resistances.
Pair dipped 200 pips in the last 3 days of the last week, but managed to recover by 60 until closing at 0.9080 at Friday.
It seems that 92.8, the level pair closed at last week, is unbreachable for the time being.
Pair ended last week with a 200 pip dip to 1.57 and started this week with some gains, but with the current pace it might take a week or two to recover mentioned losses.
After peaking to 1.371 at the end of the last week pair has started the week with a dip suggesting we might see a bearish correction after prolonged appreciation.
As expected, the currency pair has eventually overcome 123.29 and is already getting ready to pierce through 125.06/124.77, which should not hamper the current recovery.
NZD/USD maintains the bullish bias and is currently forcing its way through the resistance at 0.8444/23.
Even though the pair could have declined down to the rising trend-line at 0.9923/12, a cluster of supports at 0.9961/54 proved to be enough to reverse the pullback and send the price upwards, a scenario that was suggested by the technical studies on a daily chart.
AUD/USD carries on gravitating towards the 100-day SMA at 1.0421, as it attempts to approach another simple moving average of a greater seniority—for the last 200 periods.
USD/CHF carries on demonstrating strong bearish sentiments, as the Swiss Franc sharply gains additional value against the greenback.
USD/JPY pair attains new highs and continues to skyrocket, maintaining the tendency of the last few months.
The Cable sharply appreciates for the third consecutive trading session and today the price is already challenging the monthly R1 level at 1.5862.
The single European currency seems to have decreased a pace of appreciation, but still firmly steps higher every trading session.
Judging by the recent price action, USD/CAD has failed to complete a bearish correction yesterday, spiking up to 1.0056/49, but subsequently closing beneath 1.0027.
NZD/USD has nearly reached the rising support trend-line, piercing through 0.8331/04 yesterday.
Just recently the currency pair dipped down to 1.0385/75, thereby testing the 200-day SMA, and quickly returned back to 1.0419, the 100-day SMA.
EUR/JPY is still having some trouble overcoming a resistance line at 123.29, as the Euro did not benefit today from the increased demand, but remained more or less stable relatively to the Japanese Yen.
After a 130 pip dip yesterday pair found support in Bollinger band/weekly S3 at 0.9093/83 and at the moment is hovering slightly above 91 cent mark.
Euro gets the hugs, as dollar and yen stay unloved. […] "Yen depreciation has more room to go, in our view. We now look for the yen to depreciate to 96 and 100 versus the USD in 6 months and 12 months, respectively." - Barclays Capital (based on Reuters)Pair's OutlookFor the past 6 days pair has been trading in 100 pip