Pair depreciates for the second day, but remains in the boundaries of strong bullish channel which should be taken in to account seriously due to the readings of technical indicators and weakening bearish sentiment.
After a rather volatile session yesterday which was caused mainly by the fact that pair was trading at 55 and 100-day SMAs intersection point where it received a bearish impetus.
After a commendable rally to 1.338 area, main currency pair is continuing to depreciate.
The spot price is increasing the distance from the key resistance zone at 0.8476/53, testing a nearby line at 0.8370.
USD/CAD is currently unable to overcome the force of gravity towards 0.9848/37 and is thus charting candlesticks with minimal differences between daily highs and lows.
The price stays in a narrow corridor between a wide but nevertheless dense resistance area at 1.0624/1.0575 and a support line at 1.0534/33, reliability of which is still under question.
EUR/JPY has faltered ahead of 120.40/119.94, but the dip should not last for a prolonged period of time, being that there are currently no strong "sell" signals, such as a bearish pin bar.
USD/CHF sharply appreciates for the second consecutive trading session.
The major Asian currency pair depreciates from a 30-month low, as technical gauges indicate an overbought situation.
The Cable has sharply depreciated yesterday, reaching an interception point of the 55-day and 100-day SMAs at 1.6075.
The major currency pair eases its appreciation pace, as yesterday it fluctuated in a narrow range around the monthly R1 at 1.3373.
As would be expected, price chart of NZD/USD in many ways resembles AUD/USD, since the currency pair is also unable to climb over a resistance zone, but in this case the one that resides at 0.8476/50.
USD/CAD is returning back to the up-trend resistance line that was forming a lower edge of the triangle pattern the price has breached recently.
AUD/USD continues its struggle with resistance at 1.0624/1.0575, but yet remains unsuccessful, being constantly sent away from it by presence of a strong selling pressure.
The currency pair is gradually slowing down ahead of 120.40, somewhat losing its bullish momentum following a breach of 117.90/39.
The currency pair has been capped by 0.8453/35, which did not let the price to test an additional resistance zone at 0.8492/76.
After a prolonged period of hesitation USD/CAD has finally confirmed its bearish intentions, as a rising support line has been breached, though 0.9837/08 still holds and is expected to decelerate development of a down leg further on.
The initial test of 1.0576/60 by AUD/USD proved to be unsuccessful and could result in a dip down to 1.0534.
EUR/JPY has exceeded our most optimistic estimations for the previous day, as Jan 10 was marked with a close above 117.90.
USD/CHF sharply depreciated yesterday, as the price reached the 55-day SMA at 0.9265, but the bearish pressure from the Euro was too big to resist, therefore the pair slipped to the lower part of the Bollinger bands, almost touching the weekly S1 at 0.9115.
USD/JPY pair demonstrates unlimited expectations about a monetary easing expansion from the BoJ.
GBP/USD reversed its trend and quickly appreciated above the 55-day SMA and even reached the 20-day SMA line at 1.6142 yesterday.
EUR/USD pair skyrocketed yesterday, as the ECB has announced that the key interest rate is kept unchanged.
NZD/USD has jumped towards 0.8492/76, but is yet to climb over 0.8453/32 first to test it.