USD/CAD has gained yesterday and it traded near weekly R1 at the close; moreover, it has continued to appreciate today and it has reached February's high and monthly R1 at 1.1192/97.
Pair extended it's gains, pushed the 2014 high few pips higher, but returned till 91 cent mark.
"Right now we are more inclined to treat this as intra-day noise. As much as we do think geopolitics should be a bigger euro negative and bigger negative on Europe as exposures to Russia and Ukraine are much bigger, we don't think the market is focusing on that. We think the market is focusing on the lack of escalation in
Even though the monthly R1 level has been already breached, EUR/USD still struggles to gain bullish momentum.
Despite the weekly and monthly technical indicators favouring a recovery, the Cable is currently testing a cluster of supports between 1.66 and 1.6550.
Yesterday USD/JPY erased all of the gains made this Monday, thereby proving that the supply area at 102.17/00 is rather tough.
USD/CHF stays below the weekly pivot point despite several attempts to breach it, whereas initially we were expecting a test of the support at 0.87 to lead to a swift rally towards the down-trend at 0.88 and a subsequent break-out to the upside.
"People are more comfortable trading the Australian domestic story with the event risk from China and Crimea backing away a little bit." - ANZ Bank New Zealand (based on the New Zealand Herald)Pair's OutlookOnce again the Kiwi has started the week well as it has advanced against the greenback and reached new 2014 high today. It breached a major resistance level
At the end of last trading day USD/CAD declined and broke the monthly PP at 1.1053, today we have seen further retreat as it slid under weekly S1 at 1.1041.
As expected, pair continued it's rally, tested resistance around 91 cent mark and, seemingly, successfully consolidated above it.
Pair failed to consolidate above weekly PP and dipped below 141 JPY today.
Even though GBP/USD seems to be well-supported, having a long-term up-trend, monthly pivot point and 55-day SMA as guarantors of bullish outlook, it does not appear to be willing to advance north.
The bullish impetus USD/JPY received a day earlier proved to be insufficient to result in a breach the monthly PP and the 38.2% Fibo.
Although it took EUR/USD a considerable amount of time and effort, the currency pair has finally risen above the monthly R1 level.
For the time being the support at 0.87, consisting of the major down-trend and the monthly S1, fails to cause the intended effect, namely rapid appreciation of the U.S. Dollar.
Last week NZD/USD advanced and reached new high in year 2014 at 0.8605; however, after reaching this level the pair bounced back to trade above monthly R1 at 0.8518.
Previous week the pair was trading around 1.1100 and did not make any major moves – nor upwards, nor downwards. USD/CAD has dipped slightly today as it broke monthly PP and almost approached weekly S1 at 1.1041.
Pair started the week and 90 cent mark, but climbed higher and at the moment is aiming at 91 cent level after failing at it last week.
Pair bounced off the 55-day SMA on Friday after a major sell off last week and continued to climb up higher today after opening at 141 JPY yesterday.
The major support at 0.8700/0.8680, consisting of the monthly S1 and the down-trend support line, is supposed to prevent further extension of the decline and initiate a recovery.
USD/JPY stopped short of dipping down to 101 and made a U-turn, meaning it is now likely to test the monthly PP at 101.77.
Despite a strong sell-off seen a week ago, for the time being the support near 1.66 proves to be sufficient to keep the Sterling afloat.
EUR/USD remains capped by the supply at 1.3923/03, which is mainly created by the monthly R1 level.
After kiwi's impressive advance against the U.S. Dollar during the last two trading days it has started to make a correction and is currently trading around weekly R1 and 2013 4Q high (0.8548/43).