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
Pair has appreciated by more that 150 pips in the last 4 days and at the moment is hovering above weekly pivot (PP).
It seems that pair took a brake during its rally and at the moment is hovering between monthly and weekly pivots at 1.355.
USD/CAD pair found a small support today and attempts to move back north.
EUR/JPY pair recovers its bullish sentiments and continues journey north.
Dukascopy Trade Pattern Ideas for NZD/USD (Channel Down), EUR/USD (Channel Up), AUD/USD (Channel Down), USD/ZAR (Rising Wedge) till 16:30 GMT.
NZD/USD pair sharply drops from the weekly PP level at 0.8378, where yesterday it found resistance.
AUD/USD pair fluctuates in a channel bounded by two SMAs.
At the moment USD/CHF is struggling at 0.9210/04, as both the 20 and 55-day SMAs were violated yesterday, impugning the ability of the greenback to gain value any time soon.
After only a sole bearish daily candle USD/JPY has recommenced growth that should not meet any strong resistances until 92.27, the most probable point of contact with the upper edge of the bullish channel, apart from it being a weekly R1.
GBP/USD does not seize to exert considerable pressure on a combination of an already former support at 1.5756/59 and a current one at 1.5715, despite the demand zone the pair is currently facing.
It did not take long for the bulls to once again regain control of the price's formation, ending a short-lived period of consolidation at a high of 2012.
After a decline from 0.8491/76 there is still some distance between the spot price and the major up-trend support at 0.8265/61.
"Given that it hasn't been able to break above C$1.01, we have seen some sellers come in and maybe position for a bit of a grind back towards parity."- Bank of Montreal (based on Bloomberg)Pair's OutlookToday the currency pair has fully closed the bullish gap and is thus set to resume advancement. A support line at 1.0056/49 together with 1.0027
The 100-day SMA has once again, just like at the very end of 2012, prevented development of a dip.
An initial resistance at 123.29, being a 33-month high, remains intact for now.