NZD/USD is approaching a tough resistance zone at 0.8039/03 (weekly and monthly R1), which could initiate a considerable sell-off, but we see 0.7905/0.7885 as a floor for short-run fluctuations.
The support at 1.0325 could potentially provide a relief, but we expect it to be brief and insubstantial, considering that the near-term outlook remains bearish.
AUD/USD stopped ahead of the resistance formed by the upper Bollinger band a 0.9296.
Yesterday EUR/JPY dived beneath the weekly pivot point level at 131.23, but today the currency pair has already managed to recuperate and fully offset the losses.
Yesterday pair dipped 40 pips below the 200-day SMA, but bounced back and at the moment is trading at it.
For the past 23 trading days pair has been trading in relatively narrow (300 pips) corridor around 100 JPY.
Pair breaching 1.53 lifted substantial downside pressure from it.
Pair continues to demonstrate willingness to inch up higher.
Not without difficulties, but in the end NZD/USD managed to mount the falling resistance line at 0.7910/0.7885, thereby clearing the path towards next important hurdle already at 0.8039/27, formed by the weekly and monthly R1.
As suggested by three daily technical indicators, the currency pair displayed a bit of weakness last week and may descent even lower.
The rally triggered by a re-test of the down-trend line has been shallow so far, the price is slowly grinding north.
EUR/JPY has just confirmed the monthly R1 at 132.19 as a reliable level, being unable to penetrate it at the very first attempt.
Pair is trading at 94 cents and although it is around 40 pips from the 200-day SMA, it seems to be the only technical level supporting the pair.
Pair remains choppy around the 100 JPY level.
Pair appreciated whole last week after receiving a bullish impetus from the Fibo 23.6% (mid-June start of July move).
Pair started the week with a clear intention to inch up higher, but did not manage to breach Fibo 61.8% (mid-June start of July move).
As it turned out, NZD/USD was not planning on bouncing off the down-trend line at 0.7960/16, but soared through the resistance and is now quickly advancing towards the monthly R1.
USD/CAD is still contained by the 55-day SMA from below and the 2012 high from above, it thereby remains side-lined.
The support at 0.9150/29 is keeping the Australian Dollar buoyant, but until now did not trigger a robust rally.
The bullish run of EUR/JPY stalled at the 132.19/131.57 resistance area, being unable to penetrate the monthly R1 that is reinforced by the weekly R2 and an upper Bollinger band.
Although pair breached the 100-day SMA yesterday and advanced 50 pips above it, it received a bearish impetus from the 55-day SMA and returned to the 94 cent area.
From the recent (5 trading days) developments it seems that major level at 100 JPY is having more impact on the pair than any other technical level.
Despite the negative aggregate outlook from the short term technicals it seems that pair is wiling to resume its recovery.
Pair seems to be trading sideways for the third day in a row and all of it evolves around the 200-day SMA.