Pair is posing for a rally, but at the moment it is testing 20-day SMA which kept it at bay for the past 4 days.
Pair dipped till 1.30 for the third time in the past 4 days yesterday.
Right now NZD/USD is struggling to regain the bullish momentum, but seems to be well-supported by the major up-trend line, initiation of which dates back to March, 2011.
The currency pair has already fetched today one of the nearest resistances at 1.0447/32, but still remains capped by the monthly pivot point at 1.0404, while being supported by the 55-day SMA and a lower Bollinger band at 1.0362/49 from below.
AUD/USD has comfortably settled beneath the resistance at 0.9161/29, which in turn is unlikely to let extensive rallies to appear this week.
"The yen can weaken a lot more in terms of its historical valuations."- Credit Suisse (based on Bloomberg)Pair's OutlookThe resistance represented by the 55-day SMA at 129.87, which has kept the bulls at bay since Jul 4, is about to be breached, being that the spot price is already more than 70 pips above it. In this case EUR/JPY should
After a sharp drop last week pair found support with the 100 day SMA at 0.944.
As most of the major currency pairs, greenback-yen cross started the week passively.
After a strong rally, pair finished the week slightly above 1.51 and that's where it is currently trading.
After a sharp reversal last week it seems that the pair is consolidating at 1.30.
The currency pair came closer to the trend-line, but from a side different to the one we are used to.
Such an extensive move USD/CAD staged yesterday requires a consolidation, which we are currently observing on the daily chart.
AUD/USD slipped beneath 0.9184/72 yesterday, but today is already trading under the weekly pivot point level around 0.9022/0.8967, the current location of the lower Bollinger band and the weekly S1.
Today could be the eighth day during which EUR/JPY trades within the horizontal channel formed by the 55-day SMA at 129.88 from above and the monthly pivot point level at 128.57 from below.
Yesterdays moves gave signals that after a 300 pip sell off pair could depreciate even further.
100-day SMA managed to stop pairs 300 pip dive and it seems it might push it a bit higher as well.
Pair is undergoing bearish correction which was mainly caused by the impetus coming from the Fibo 23.6% (January to march, 2013, sell off).
As anticipated pair is showing signs of bearish correction.
While the resistance at 0.7855 (monthly PP) was unable to contain yesterday's bullishness of NZD/USD, a combination of 0.7919 and 0.7981/67 stopped the New Zealand Dollar from appreciating any further.
"The dollar's latest rally was started by nothing other than Bernanke's comments last month (that the Fed could reduce stimulus.) Few people would have thought he would suddenly turn dovish."- a trader at a Japanese bank (based on Reuters)Pair's OutlookUSD/CAD took a massive hit yesterday, plummeting under the level we considered to be more or less safe. The decline extended
"Given that both the Aussie and kiwi have been weighed on heavily by expectations of the Fed tapering its bond purchases, both are benefiting now."- Deutsche Bank AG (based on Bloomberg)Pair's OutlookAfter successfully breaching the line at 0.9184 the currency pair returns back to the 20-day SMA and weekly R1. If the former support limits the on-going dip, we are
Yesterday EUR/JPY fell beneath the support 129.14/128.30 and approached the rising support line at 127.41/37, demand around which did not allow any further sell-off, sending the price back to the 55-day SMA at 129.91.
Pair has seen a strong reversal from the 2013 low at 1.482 and at the moment is being stopped by the 20-day SMA.
Weekly R1 at 0.973 caused pairs 300 pip failure.