Even though the down-trend resistance line has been preserving its intactness for a month, a quick test of 0.7740/16 provided NZD/USD with more than enough bullish impetus to threw the pair above 0.8037/10.
"The strength in the Canadian data of late - the good housing, the good unemployment - have really provided decent support for Canadian dollar. Going forward, I'm not convinced the Canadian dollar's going to be able to hang in there."- Benjamin Reitzes, BMO Capital Markets (based on Reuters)Pair's OutlookThe currency pair is approaching the support at 1.0133/14, it consists of
Already sixth candle in a row is about to close green, as AUD/USD maintains its upward course despite the resistances that stand in the pair's way and despite the fact that daily and weekly indicators are bearish.
The major up-trend line has been just breached, meaning that the outlook has now turned to bearish.
The support at 0.9191 (weekly S1) was able to postpone the decline, but we remain bearish on the pair.
The initial test of 94.71/47, the support area mainly formed by the Feb 11 high, did not lead to an immediate recovery, implying that the bearish momentum is not exhausted and most probably will continue to push the price lower.
Cable's deceleration ahead of 1.5750/41 is a natural development of the rally, being that this level has played a major role throughout the last years.
EUR/USD carries on with its recovery from the April low at 1.2745. At the moment the currency pair is struggling at the rising resistance line, but after a short correction should be able to mount it, as the price did after the dips on May 31 and Jun 7.
NZD/USD is behaving dangerously for the bears near the down-trend resistance line that was meant to curb kiwi's strength.
After dipping beneath the 55 and 100-day SMAs USD/CAD returned to 1.0213 and confirmed it as the resistance.
AUD/USD has already passed through 0.9534, but there is more supply at 0.9580 that is to obstruct price's further growth.
We were waiting for EUR/JPY's bearish correction to be limited by the rising trend-line, namely at 127.71/41; nonetheless, it seems that a considerably deeper retracement will precede resmption of the rally initiated last year.
Pair has breached the major support area around 0.92.
Bollinger band did not manage to provided strong enough support for the pair and at the moment 94 JPY level is being tested.
Pair has lost some inertia and at the moment is hovering around 1.57.
Pair managed to breach key, Fibo 61,8% (February to April, 2013, move), level.
As soon as the pair approached a formidable support zone at 0.7740/16, it reversed and, ignoring a resistance level at 0.7929, soared up to 0.8037/11—continuation of the down-trend that was guiding NZD/USD south since May 13.
The support at 1.0212 attempted yesterday to initiate a rally, but once USD/CAD touched upon the lower edge of the resistance area at 1.0267/51, bears responded immediately by selling off the U.S. Dollar.
A breach of 0.9387 was not confirmed yesterday and now AUD/USD is quickly advancing towards the nearest resistances, the closest of which is located at 0.9594/34.
Today the currency price spiked up to 129.13 from the rising support line, but was unable to get a foothold above it and as a result, returned back to 127.96/41, intactness of which safeguards the bullish outlook.
Pair is still struggling to recover from 0.92.
Pair tried to step up close to the 55-day SMA yesterday, but dipped 300 pips after unsustaining pressure from it.
Yesterday pair breached the 200-day SMA and at the moment is being supported by it.
1.334/35 area is continuing to put significant pressure on the pair despite the fact that technical indicators, on aggregate, give a positive outlook in the short term.