It seems that the pair started to form a sideways trend a few weeks ago in the range from the monthly S1 at 1.0859 and the weekly R1 at 1.0925.
At the beginning of the last week the Aussie dropped significantly and dropped around March highs/April lows around 0.9240 and ever since it has traded around these levels.
EUR/JPY is trading steadily around the weekly PP at 138.81, last week the pair almost touched the major level at 138.
As it turned out, the 200-day SMA was not able to keep the bulls at bay for long and eventually gave in.
USD/JPY managed to close above the 200-day SMA, and this is a good bullish signal
Last week's attempt to re-test the 2009 highs at 1.70 did not succeed, and GBP/USD declined.
Regardless of the majority of the monthly technical indicators pointing upwards at the moment, the Euro is more likely to depreciate than to gain value.
This week the Kiwi was mostly dictated by bearish traders as it has slid below the weekly S2 at 0.8560.
This week the greenback managed to break the weekly PP at 1.0881; however, at the moment pair's momentum looks more bearish than bullish.
The Aussie dropped more than 100 pips this week as it opened at 0.9374 and currently it is trading below the weekly S3 at 0.9243.
The pair has little changed around the major level at 139 through this week; however, it seems it still is on a down trend.
USD/CHF continues to advance and looks ready to jump over the 200-day SMA, as suggested by the daily technical indicators
At the moment USD/JPY is forcing its way through the resistance at 101.80/73, specifically the 200-day SMA.
Though GBP/USD failed to climb over the weekly R1 yesterday, there are still good chances that the 2009 highs will be soon re-tested.
The currency pair is moving further away from the resistances.
The pair is trying to climb towards the weekly S1 at 0.8599 for the second straight day after its significant drop on Tuesday.
The pair is still trading just above the major level and weekly R1 at 1.0900/10, so far this level has supported the greenback well.
The Aussie is trying to recover from Tuesday's decline; however, so far unsuccessfully, it is trading around the weekly S3 at 0.9243.
Today the pair tested the major level at 139; however, it failed to consolidate above this level. Nonetheless, we expect the 18-nation currency to attack this level once again.
Although at first it seemed that USD/CHF is going to leave the monthly R1 intact, the U.S. Dollar strengthened beyond 0.8912, bringing the rate up to an even tougher resistance at 0.8948.
Although there was a large downside spike yesterday, the bulls managed to regain control of the market and pushed USD/JPY towards 101.82/73.
The Pound preserves the upward momentum and it seems to be well-positioned to launch an attack on the 2009 highs once the weekly R1 is out of the way.
EUR/USD has finally exited the narrow trading range by closing beneath the 200-day SMA.
Yesterday we saw the Kiwi falling rather significantly as it reached the weekly S2 at 0.8560; although, today the pair unsuccessfully tried to reverse some of the lost value.