Bulls are keeping the pressure on the pair, but can't advance above the 0.913/17 area.
Pair has been trading between 98 and 99 JPY for quite some time now.
It seems that 23.6% Fibo (September rise) is stronger support level than anticipated as it sent the pair back above 1.60 and accelerated uptrend support.
23.6% Fibo (September rise)/August high held and sent the pair towards the September high it reached just a week ago.
NZD/USD effortlessly pierced through 0.8317/12 yesterday and is now in the vicinity of the next support level at 0.82.
Although yesterday it seemed as if the support at 1.0285/71 may fall victim to the selling pressure, the 200-day SMA, together with the weekly pivot, withstood the assault and pushed USD/CAD towards an important level at 1.0348/42, where the monthly S1 and 20-day SMA reside.
Today AUD/USD showed even more weakness after a failure to overcome the resistance represented by the monthly R3 at 0.9528.
Just as suspected, once EUR/JPY touched upon the positively-sloping trend-line at 132.56/51, the currency pair immediately went upwards.
Pair is trying to rise above the June/August lows (at the moment it is trading at June low).
Pair seems to be drifting lower and outlook on it is changing from mildly bullish to mildly bearish.
It becomes evident that pair ahs formed a top and at the moment is trading on 23.6% Fibo (September rise).
Pair has dipped below the support of the accelerated uptrend and at the moment is being supported by the 23.6% Fibo (September rise)/August peak.
Although NZD/USD has not yet decisively breached the support at 0.8317/10, there are almost no doubts that the weekly pivot point, together with the monthly R2, will fail to halt the pair from moving farther south.
Despite USD/CAD being in the proximity of the tough support levels, there is no bullish activity observed at the moment.
For the time being AUD/USD is supported by the area at 0.9404/0.9379, but nevertheless hesitates to rally, even though an overwhelming majority of technical indicators on a daily time-frame are giving ‘buy' signals.
EUR/JPY remained on a bearish track and slid even lower today, being unable to rise beyond the resistance at 133.81/72.
Area through which the pair plummeted it the end of the last week (0.913/17 ) is acting as a very strong resistance at the moment.
Short term technicals give indications that pair still has the propensity to trail lover.
Pair seems to be recovering after strong sell off in the end of the last week and aiming at 1.615 once again.
Recent moves are showing signs of increased downside risk of the pair.
Having lost its bullish momentum, NZD/USD is slowly grinding lower after peaking at 0.8435 on Sep 19, though technicals on all three relevant time-frames are pointing north at the moment.
As it turned out, a recent breach of the long-term moving average (for 200 day) was insufficient to change the outlook from positive to negative, especially considering that the major up-trend support line at 1.0209 was not violated.
Taking into account that the resistance at 0.9508, being the 38.2% Fibonacci retracement of the April-August decline, remains intact, the medium-term risks are still assumed to be tilted to the downside.
The previously noted rising trend-line (have preserved topicality for more than a year), which created significant resistance near the monthly R2 at 134.49, did not allow the Euro to appreciate any more, sending the currency towards the May high at 133.81.