The Australian Dollar reached the major level at 0.94; nonetheless, we do no see the Aussie setting new high this year.
Today the Euro prolonged its decline and reached the major level at 138; however, its fall was limited as expected because of this support level (major level at 138 and May low at 137.98).
Despite the unfavourable signals given by the technical indicators, the buck continues to strengthen.
The U.S. Dollar carries on ceding ground, even though the currency is already facing a supposedly formidable demand area at 102.23/05, and most of the technical studies are bullish.
The bulls failed to push the price through the resistance at 1.6813/1.6783, represented by the up-trend line, monthly PP, 55-day SMA and others.
EUR/USD closed below the weekly S1 yesterday, meaning there are no significant supports left to guard the key level at 1.3481/75—monthly S1 and, more importantly, the 2014 low.
At the moment the Kiwi is trading around April and May lows; nonetheless, these levels are still rather high.
The U.S. Dollar is still struggling to find a bullish impetus, today it slid below the major level at 1.09, though it managed to bounce back above this level.
The Aussie prolonged its climb against the greenback to one week, right now it is attacking the next resistance level (the weekly R1) at 0.9386.
The Euro is continuing yesterday's drop by falling below the major level at 139 and sliding closer to the 138 level.
The currency pair did not confirm a breach of the 200-day SMA and quickly returned back above 0.8939, meaning the bullish outlook is not invalidated.
USD/JPY is currently retreating after breaking out of the triangle to the upside.
Although the market seems to be respecting the resistance at 1.6813/1.6783 (55-day SMA, monthly PP and up-trend), the supply is not enough to overpower the demand and send the Sterling south.
As expected, EUR/USD did not continue its recovery—instead the pair returned to the most recent lows after making an attempt to approach the 200-day SMA at 1.37.
After breaking out from the downtrend last week the Kiwi is trying to consolidate above the major level at 0.85; however, unsuccessfully.
Since last Monday's appreciation above the monthly PP at 1.0888 the pair has formed a sideways trend around the 55-day SMA and weekly PP at 1.0932/13.
The Aussie remains bullish as it has appreciated for five consecutive days after falling almost 100 pips lower on last Monday.
After last week's appreciation the Euro dropped more than 50 pips today as the weekly and monthly PPs at 139.61/69 were broken.
USD/CHF did not carry on descending after a breach of the 200-day SMA, making a bounce back above 0.8939 a likely event.
Although the technical indicators are finally in favour of a recovery, the bullish momentum is struggling to gain traction ahead of the resistance at 103.00/102.91.
For now the up-trend support line, which was breached two weeks ago, is holding the bulls back, thereby implying a negative bias towards the Pound.
Despite the increased volatility during the second part of the past week, none of the major levels have been breached.
This week the Euro has rebounded from the major level at 138 that was reached at the end of the previous week.
After the decline on Monday the Aussie has managed to recover and even to gain against the greenback. At the moment the pair is trading above the 0.93 level and is attacking the weekly R1 at 0.9347.