Rally from a support at 1.2324 was not sustained for a prolonged period of time, as bullish momentum is gradually fading away ahead of a tough resistance zone at 1.2570/85, which in turn is followed by notable levels at 1.2660 and 1.2773, while a key medium-term resistance is situated at 1.2908/22. An interim support, on the other hand, may be
NZD/USD managed to maintain a flat trend today. However, if the bearish momentum to emerge, support levels at 0.7427 (S1 Weekly; Lower Bollinger band) and 0.7368 (November 2011 low) are going to be the initial targets in case bearish trend develops further. Near 0.7417/0.7368, a consolidation and further trend reversal is highly probable as bears will face a fierce bullish resistance there.
USD/CAD committed a decline today as the Bank of Canada left the overnight interest rate unchanged at 1.00%. If the bearish reversal adds to gains, 1.0284 (S1 Weekly; Initial support line) is likely to be targeted by the bears. Once this level is successfully approached, 1.0174 (PP Monthly) and 1.0008 (100-day ma) are going to be in focus among bearish investors. However, the pair to
AUD/USD advanced today the greenback after Reserve Bank of Australia cut benchmark interest rate by 0.25%. If the pair to stick to bullish momentum, 0.9832 (R1 Weekly; Upper resistance line) will be the first target among bullish traders. A breakout of this line would expose further levels at 0.9900 (psychological level) and 1.0122 (100-day ma) respectively.
The shared European currency paired previous daily losses against Japan's yen after the Italian manufacturing activity contracted less than expected (42.8 act./41.8 est.). In case bullish reversal strengthens, the initial resistance level is likely to be positioned at 99.47 (R1 Weekly), followed by 101.42 (initial resistance line) and 103.74/53 (55-day ma; R1 monthly).
Following an encounter with a downtrend support at 1.2333, EUR/USD has commenced recovery and is currently heading towards 1.2585/90, where the rally is likely to be halted. Additional resistances may be found at 1.2660 and at 1.2773. Given the overall negative outlook for the currency pair, we should observe reignition of bearish sentiment once 1.2585/90 is reached.
The Swiss Franc has strengthened considerably relative to the U.S. Dollar, leading to a precipitous fall of USD/CHF currency pair down to 0.9576, which is just above a formidable area 0.9553/0.9497, formed by a number of supports. Moreover, monthly indicators suggest continuation of the bullish trend, therefore current weakness is viewed simply as a phase of the bearish correction.
USD/JPY is about to challenge a downtrend resistance yet one more time, although the currency pair is still deemed incapable of penetrating it. The price should be thus capped by a tough resistance at 79.00/24, encounter with which should shift focus on supports once again. For now USD/JPY is underpinned by 77.90/63 and 77.27, with a key level located at
Downward advancement of the Cable is gradually slowing down ahead of a key support at 1.5261. As suspected, the currency couple is currently attempting to reverse bearish trend and start conquering resistances. The initial one is situated at 1.5443, while subsequent levels are located at 1.5538 and at 1.5620/67. However, being that some of the technical studies still point to
NZD/USD managed to maintain a flat trend today. However, if the bearish impetus to occur, support levels at 0.7427 (S1 Weekly; Lower Bollinger band) and 0.7368 (November 2011 low) are going to be the initial targets in case bearish trend develops further. Near 0.7417/0.7368, a consolidation and further trend reversal is highly probable as bears will face a fierce bullish resistance there.
USD/CAD continued its rally, set at the end of April, as concerns over Eurozone have not eased. If the bearish reversal occurs, 1.0445 (upper Bollinger band; upper resistance line) is likely to be targeted by the bears. Once this level is successfully approached, 1.0174 (PP Monthly) and 1.0008 (100-day ma) are going to be in focus among bearish investors. However, the pair to preserve longterm
The Aussie dollar inched lower today against the US dollar as concerns as the company quarterly operating profits in Australia fell more than expected (-4.0% act./-2.1% est.). If the pair is going to preserve bearish momentum, 0.9662 (November 2011 low; lower Bollinger band) is going to be the first target for bears, with 0.9516 (S2 Weekly) and 0.9445 (Lower support level; 23.60% Fibo) being the next
The single European currency mildly fell today versus the Japanese yen as the EU member states are discussing a common solution to address the debt crisis in the region. Bearish investors should be aware of the initial support level at 97.01 (January 2011 low), while a breakout of this level would pave the way to next targets at 96.50 (Lower Bollinger band; S3 Monthly) and
USD/CHF has stalled near 0.9662 and is expected to remain calm for now, since the currency pair has recently encountered an accelerated uptrend resistance at 0.9730. Therefore the price is likely to pull back to 0.9553/0.9497 - a confluence of several supports and then recommence conquering resistances, as USD/CHF still preserves positive outlook, despite current weakness.
USD/JPY is attempting to recover, although this bullish advancement is likely to be short-lived, given that majority of technical indicators point to the downside. The rally should be halted by a resistance at 78.45 or at 79.00/24, the latter being a more formidable level. Afterwards we anticipate to see resumption of the overall bearish trend, which may be terminated at
Bearish movement of GBP/USD is slowing down while the currency pair is approaching a key support situated at 1.5261, where we are likely to observe a strong rebound. Additional levels are located at 1.5212, 1.5171 and 1.5088, decreasing the possibility of 1.5261 being breached and of subsequent reignition of bearish behaviour. An initial resistance is at 1.5443, followed by 1.5538
EUR/USD is currently consolidating ahead of a support 1.2266/49, which should be able to limit possible near-term losses of the pair. Rallies, on the other hand, should be tepid, since a tough resistance level at 1.2585 will cap the price for now. In the long run, however, the currency couple is expected to maintain its southwards direction, until 1.16 is
NZD/USD traded flat today after the release of disappointing macroeconomic figures. Support levels at 0.7470 (S1 Weekly) and 0.7417 (Lower Bollinger band) are going to be the initial targets in case bearish trend continues; however, near 0.7417/0.7368, a consolidation and further trend reversal is likely to happen as bears will face a fierce bullish resistance there.
The pair rallied today after the release of US macroeconomic data. If the bearish reversal takes place, 1.0200 (initial support line) is likely to be targeted by the bears. Once this level is successfully approached, 1.0170 (S1 Weekly) and 1.0082 (200-day ma) are going to be in focus among bearish investors.
AUD/USD traded flat today as the latest US data showed the US labour market is still weak (8.2% act./8.1% est. unemployment rate). If the pair fails to fall further, it could retrace to 0.9662 (November 2011 low; lower Bollinger band), a breakout of which would expose 0.9567 (S2 Weekly) and 0.9445 (Lower support level; 23.60% Fibo).
The Euro dived against the Japanese yen today, reaching an all-time low as concerns over Spain and Greece intensify. Therefore, bearish traders should closely watch the initial support level at 97.01 (January 2011 low), while a breach here would pave the way to 96.50 (Lower Bollinger band; S3 Monthly) and 96.11 (S2 Weekly).
Bullish inertia of USD/CHF seems to be waning ahead of 0.9756, suggesting an increased possibility of a tepid bearish correction before the currency couple resumes growth. The pullback may result in a dip down to 0.9659, although we cannot rule out a deeper retracement to 0.9535/0.9497, since the recent rally is overextended and requires a brief pause.
USD/JPY is now rapidly advancing towards 77.06. Although before reaching it, the currency pair will have to clear out supports situated at 78.07 and at 77.63, which in turn will attempt to halt southward movement. On the other hand, rallies are unlikely to appear, given a number of tough supports that lie overheard. An initial level is at 78.59, followed
The Cable is eroding a support at 1.5371 at the moment, after which we are likely to observe a dip down to 1.5259 - a key support. Despite the strength of the bearish momentum, which is shown by the daily indicators, the currency couple should stabilise ahead of the latter level, as suggested by longer term studies. An interim resistance