For the time being a major support zone at 123.29/122.70 is keeping the price away from lower levels.
The currency pair has stalled near the up-trend support line at 0.8357/32, as its yesterday's attempt to gain bullish momentum turned out to be unsuccessful.
Now there are few reasons to doubt that the upper edge of the bullish channel has been breached, being that the spot price is nearly 100 pips away from it.
Yet again intentions of AUD/USD to go deeper, towards the down-trend support line at 1.0127/12, have been refuted by 1.0243/24.
It seems like the down-trend resistance line was able to invalidate a scenario of a bullish breakout and commence a formation of a bearish wave that is expected to extend down to 0.8981 in the long term.
The rising trend-line at 93.18/92.50 appears to be sufficient in order to prevent development of a dip and is anticipated to trigger a surge that will initially encounter 93.52/48 and then aim for the 30-month high at 95.00.
A major area at 1.5264/21, consisting of several supports, has survived the initial attack of the price.
The currency pair has closed beneath the bullish support line, implying that the dip could extend even lower after the price undergoes an upward correction. In this case either 1.3199/43 or 1.3042 could act as a springboard.
Depreciation of the kiwi was stopped at the rising support line, reinforcing the idea that the medium-term outlook is still positive.
At the moment USD/CAD is violating the upper edge of the bullish channel pattern, where the rally was assumed to end and slowly turn into a dip.
AUD/USD has fallen sharply yesterday, effortlessly piercing through the initial target at 1.0299 and managing to reach 1.0243/21 during the day.
Support at 125.05/124.96 was unable to nullify the bearish impetus, but 123.29/122.84 has a higher chance of withstanding the selling pressure and thereby securing the bullish outlook.
USD/CHF has recently spiked below 0.9208/02, but was sent back up once the subsequent support at 0.9184/70 was reached.
Unlike the previous two reviewed currency pairs, USD/JPY did not demonstrate any kind of noticeable response to yesterday's events.
Even though the Cable has approached the major support area at 1.5264/40, for now there are no indications that the bearish impetus has been fully negated, calling into question whether there is going to be a change of direction.
Yesterday's dip had little to do with technicals, as the price had been growing for the most part of the day and then slipped on the FOMC minutes.
Increased supply at a major resistance line has knocked down the price, forcing it to approach 0.8358/32, the up-trend for the last nine months.
USD/CAD has been moving at an accelerated pace during the last few days, which allowed it to reach a critical resistance zone at 1.0159/33.
As expected, the most recent surge of AUD/USD proved to be short-lived, failing to breach a combination of two resistances, the 20-day SMA at 1.0353 and weekly R1 at 1.0371.
EUR/JPY has received a little but still a boost from the interim support level of 125.08/124.96, confirming its relevance in determining the price action.
USD/CHF is currently experiencing a serious sell-off, despite the fact that there was some distance until the down-trend line at 0.9304/0.8284, a key resistance, around which it was expected to commence focusing on lower levels.
After the first two days of the week without any activity USD/JPY has revealed its propensity to decline.
Yesterday's dip was unable to violate a falling trend-line at 1.5428, as bulls managed to delay formation of a down leg by initiating a shallow rally this morning.
Being that presently the currency pair is trying to overcome the nearest resistance 1.3408/1.3388, we are more confident that the bearish correction is now over.