The currency pair continues to retreat from 133.81/50.
Pair fails to pick the pace after hitting 23.6% Fibo, but finds solid support with it.
Despite the clear indications about the short and long term strength pair fails to pick up the pace.
Pair has reached new high, but seems to be lacking conviction to advance further.
It seems that bullish momentum has worn off as pair is struggling to consolidate above the 1.33.
NZD/USD closed above 0.8105 yesterday, but currently seems to be experiencing difficulties at the 200-day SMA (0.8150).
Neither the up-trend support line nor a cluster formed by the weekly and monthly S1 levels were able to prevent U.S. Dollar from preserving the bearish tendency started on Sep 3.
Once AUD/USD reached 0.9321 (topical level in 2009 and 2010), the bears decided to act and pushed the price down to the 100-day SMA, though it is still unknown where the rate is going to settle eventually.
The resistance at 133.81/29 did not let EUR/JPY to advance any further yesterday, forcing the pair to pull back to the monthly R1.
"Market tone continued to be upbeat amid a series of strong Chinese data and calming situation on Syria, as oil and gold prices retreated. The worries on Syria have not completely gone away as disagreement remains on the exact terms of the resolution in the United Nations, but Russia's proposal has calmed things down for the time being." - Credit Agricole
Short term RSI and Stochastic and clustering of the 20, 55 and 100-day SMAs suggest that we should see some choppy sessions (in the 99 to 101 JPY zone) in the nearest future.
We cannot say that it happened with ease, but the pair advanced above the June high.
23.6% Fibo (July to August move) caused some difficulties for the pair in the last few days, but at the moment it seems that the rally should continue in the short term.
Due to its recent bullishness, NZD/USD is testing the resistance at 0.8080/72 at the moment.
USD/CAD largely ignores the nearby support levels and thus remains on the decline.
If we consider the bearish behaviour of AUD/USD from April until now, its latest pull-back is currently eroding the 23.6% Fibo level.
For the time being this week appears to be strongly positive for the Euro, since the price has already advanced 180 pips.
It seems that the pair's bullishness after the failure at the 50% Fibo (July-August move), has ended as at the moment the pair is testing 100 and 200-day SMAs.
After the prolonged struggle with the 100 JPY, pair managed to breach it.
Pair struggles with the 1.575 resistance area where we have 6 month and recent (relative) high
It seems that bullish momentum from the bounce form the 50% Fibo (July to August move) has worn off as at the moment the pair is struggling with the 23.6% retracement.
Right now it does not seem that the 100-day will be able to prevent the spot price from touching the highs seen in 2009 and 2010.
Despite USD/CAD falling down to the up-trend support line yesterday, which was supposed to reverse the direction, the currency pair is still not willing to commence a recovery and today has reached out for the weekly and monthly S1 at 1.0342.
A test of the monthly R1 resulted in only a shallow dip (25 pips), as the resistance proved to be incapable of containing NZD/USD for long, even though four out of eight technical indicators on a daily chart are giving ‘sell' signals.