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.
The greenback started the week with breaking the monthly PP at 1.0888, since then it is trading between the weekly R2 (1.0915) and R3 (1.0944).
The pair's value has changed just slightly trough this week; although, the Kiwi spiked down below the weekly S1 at 0.8434.
Despite formidability of the 200-day SMA, the bears pulled the price beneath 0.8945/28 yesterday, even though it was expected to act as a floor.
The greenback weakened ahead of the resistance at 102.91, but this is seen only as a temporary bearish correction before another bullish wave.
Similarly to the Euro, the Sterling also moved north, but the currency is already facing one of the key resistances—13-month down-trend, which is currently reinforced by the monthly PP.
Although at the end of the day instead of forming a red candle the currency pair closed higher, prior to that it managed to reach one of the major targets, namely the 2014 low at 1.35.
The pair started to decline at the beginning of May and since then the pair has lost almost 400 pips.
The greenback breached the weekly R3 at 1.0944 for a second straight day; however, it was not able to sustain its strength and slipped below this resistance level.
The Aussie has breached the major level and 55-day SMA at 0.9300/08 as it continues to trade not that far from the higher levels this year.
Today we have seen a rather significant weakness in Euro; therefore, the pair dropped below the major level at 139. If the weekly PP at 138.73 holds the Euro from falling lower then the currency could bounce back above the 139 level.
Ahead of this week's major fundamental events USD/CHF remains inactive, fluctuating just above the weekly PP.
The buying pressure may somewhat subside ahead of the resistance at 102.91 (weekly R3 and monthly R1), but this level should not pose a threat to the bullish outlook.
Although GBP/USD is supposed to move south, being that is has recently broken out of the bullish channel to the downside, the 100-day SMA continues to keep the pair afloat.
For now EUR/USD is oscillating between two weekly pivots points—at 1.3627 and 1.3587.
We have seen the Kiwi falling since the pair's sideways trend was broken at the end of March (March 28). Now we are seeing a new downtrend that is in a rather narrow range; therefore, a breakout could be expected.
The greenback successfully breached the weekly R2 at 1.0915 and most likely the next challenge will be the 55-day SMA and weekly R3 at 1.0938/44.
The Australian Dollar prolonged its advance that started yesterday. Even though the pair failed to consolidate above the weekly PP at 0.9279 we expect it to touch the monthly PP and 55-day SMA at 0.9306/07.
The Euro is still on a uptrend; however, today the pair has appreciated slightly and currently is trading around the monthly PP and 200-day SMA at 139.69/71.
Seems that USD/CHF is taking a short break after a protracted period of consecutive gains.
USD/JPY is explicitly bullish and is likely to stay that way at least until it reaches April's high and monthly R2 near 104.
Perhaps not at the initially estimated speed, but GBP/USD is nevertheless moving south.
Although the bias is negative towards the currency pair, for now the support at 1.3587 refuses to give in.
After falling yesterday the Kiwi managed to reverse some of the losses as the weekly S1 at 0.8434 stopped its decline and pushed the New Zealand currency higher.