NZD/USD bounced of the 0.7445/80 zone on easing worries over the Euro zone prospects after the EU members backed common EU bonds. For now, the bearish momentum remains strong, thus NZD/USD might test 0.7458 (Weekly S1) before diving further. Support levels at 0.7417 (Lower Bollinger band) and 0.7369 (November 2011 low) are going to be the next targets for bears.
EUR/USD has stalled near 1.2509 and is currently attempting to recover, as a result we may observe a shallow rally, which should be capped by 1.2640/42. Accordingly, we expect the major bearish trend to persist, being that almost all of the daily indicators imply continuation of a fall. After 1.2509 is breached, the dip may extend down to 1.2377, although
The Cable is pushing through another support at 1.5654 and is likely to maintain its downward course until a key level situated at 1.5263/59 is reached. However, while advancing towards the latter line, the currency pair has to overcome 1.5616, 1.5553, 1.5497 and 1.5427. Therefore the slide down should not be straightforward and in a very first attempt.
USD/JPY is challenging a downtrend resistance at 79.81 yet another time, but these attempts are expected to continue to fail as long as the pair does not encounter a tough support situated at 77.04/76.94, where, in turn, a strong bullish momentum should be reignited. Afterwards the downtrend resistance and some of the subsequent resistance will be overcome en route to
USD/CHF carries on ignoring all the obstacles on its way upwards, implying attainment of even higher levels in near future. Nonetheless, it should soon start another bearish correction, presumably in the vicinity of 0.9596 or 0.9692, before adding to gains. At the same time intermediate support is at 0.9507, which is reinforced by 0.9466 and thus unlikely to give in
NZD/USD moved south today, as it was suggested yesterday, on increasing worries over the Euro zone prospects. For now, the bearish momentum remains strong, thus NZD/USD is prone to test 0.7458 (Weekly S1) before diving further. Support levels at 0.7417 (Lower Bollinger band) and 0.7369 (November 2011 low) are going to be the next targets for bears.
USD/CAD continued the rally today, reaching a 2-month high at 1.0298 (also upper resistance line; R1 Weekly), paving the way to 1.0383 as the next target for bulls. If the bearish correction occurs, AUD/USD could retrace to 1.0165 (initial support line; R2 Monthly). As the pair is trading above 200-da ma, the bullish trend is prone to stay strong in the short term.
AUD/USD fell further today on the Euro zone concerns, approaching the lower Bollinger line. Although the levels at 0.9742 and 0.9705 have been tested, exposing Weekly S2 at 0.9648, for now the pair failed to hold below the Bollinger band, thus a bullish correction might follow suit.
The bullish correction of EUR/JPY has been completely erased as worries of the Euro zone macroeconomic prospects intensified. If the bearish mood holds, the initial support level at 99.76 is likely to be in focus (Lower support line; Lower Bollinger band). A breach here would expose 98.40 line (S2 Weekly) and, eventually, 97.34 (January 2012 low).
USD/CHF has finally managed to pierce through 0.9499/0.9507 and remains well-placed for additional gains. The only resistances that separate the currency pair from reaching the highest level in 20 months (1.0065) are two levels - at 0.9596 and at 0.9692.
USD/JPY is still considered to be unable to clear out a downtrend resistance at 79.80, which should carry on weighing on the currency couple, limiting its rallies. Accordingly, being that the market respects this line, subsequent development is likely to result in further depreciation of the US Dollar relative to the Japanese Yen.
Breakout of a tough support level at 1.5787 signifies considerable bearish momentum the Cable currently possesses. Accordingly, our favoured scenario is continuation of a fall, which should ultimately lead to an attainment of 1.5263/59.
Yesterday we have observed another leg down by EUR/USD, which halted its bearish advancement just ahead of 1.2509 and is now attempting to recover, although this rally should remain shallow, given the overall bias. Following a short-lived consolidation, the pair is expected to erode 1.2509 and resume moving en route to 1.1704 (downtrend support).
The NZD/USD recovery was stopped today as the pair continued trading in a bearish trend. The currency couple approached the initial support level at 0.7512 today and a breach here would expose the next levels at 0.7417 (Lower Bollinger band) and 0.7369 (November 2011 low).
Yesterday's losses were erased today as the greenback appreciated against the Canadian dollar and touched the first daily resistance at 1.0224 (R1 Daily). However, the pair has to go through a strong resistance around 1.0280/.0320 (upper Bollinger band; upper resistance line) in order to continue the rally.
The US dollar strengthened today against the Australian dollar, thus the recovery was short-lived. After hitting the 0.9802 level (S3 Daily), the bearish bias is likely to continue, therefore the next targets could be 0.9742 (S1 Weekly) and 0.9697 (23 November 2011 low) for the bearish investors.
The recovery of EUR/JPY stalled today after the announcement Bank of Japan is not going to introduce additional measures to stimulate its economy. If bullish scenario takes place today, then 102.14 level will be the first in focus among investors, whereas a breakout here would indicate a reiteration of the bullish trend.
Bullish impetus of USD/CHF is weakening ahead of 0.9499/0.9507, but nonetheless should be capable of dragging the pair above this resistance eventually. Being that the currency couple has ignored some of the resistances yesterday, it only encourages to assume continuation of the upward trend. Near term dips, on the other hand, are expected to be limited by supports at 0.9466
Just after an encounter with a downtrend resistance line the currency pair has plunged, pointing to the fact that this level will be hard to breach and it is unlikely to be done in the near future. Accordingly, we favour a scenario of USD/JPY maintaining its course down to 77.04/76.94, despite a large amount of supports that currently lie ahead.
GBP/USD has eroded a tough support at 1.5786 (200 day SMA) and is now well-placed to continue trading lower, given its strengthening bearish momentum. The nearest line in the sand should be found at 1.5654, while a deeper contraction, down to 1.5616 or even 1.5537/1.5497, is a viable perspective as well. Nonetheless, indicators remain mixed, suggesting the price is about
EUR/USD has precipitously sold off to 1.2642/40, where it is currently consolidating, before resuming sliding lower. The next target for the pair is situated at 1.2509, which guards 1.2377 and may become a reversal point, starting bullish waves. Rallies, in case of occurrence, will encounter resistances at 1.2772, 1.2818 and 1.2903/26, thus remaining tepid and unlikely to extend far above
The pair started a recovery today and it is prone to face a firm resistance at 0.7690, though if the level is successfully passed by, 0.7760 (R1 Weekly) and 0.7790 (61.80% Fibo) are going to be the next targets for the bullish traders. If the pair bounces off from 0.7690, it could rush to the 0.7574 initial daily support.
The pair committed a decline today after a strong really, initiated at the beginning of May. Bearish correction is likely to be confronted by the 200-day ma, where it will face a fierce resistance of bullish traders. Over the short run, 1.0143 will be an initial target for bearish market participants, a breach of which would pave the way towards
As the US dollar slightly weakened across the board, the Aussie managed to add to gains today, recovering after a prolonged downfall from 1.0850 area. If the bullish correction intensifies, traders are likely to set 0.9954 (61.80% Fibo, R1 Daily) as their initial profit target. It is going to be a strong resistance for the bullish investors, yet a break