USD/CAD has consolidated around 1.1050 as it is supported by uptrend support line and it has strong resistance levels ahead – 55-day SMA, monthly PP and weekly PP at 1.1086/99.
Today the pair tried to break 0.93 level once again; however, unsuccessfully, after reaching this level it dropped back to trade around 0.9250.
EUR/JPY has broken weekly R1 at 142.28 and the pair is trading above 142.50 at the moment.
Despite the near-term technical indicators opposing a rally, the Euro is gaining ground after it found support in the face of the 55 and 100-day SMAs.
Although the Cable has already reached the up-trend it had previously broken, the pair still does not seem to be willing to decline or at least undergo a bearish correction after an uninterrupted rally started on Mar 23.
USD/JPY develops its success—it has already breached the 100-day SMA and is presently probing the resistance at 103.53/34, which mainly consists of the weekly R1 and 23.6% Fibonacci retracement level.
Being intimidated by the tough resistance near 0.89, USD/CHF took a U-turn and plummeted through the weekly PP at 0.8851.
"One of the worst-kept theories is that the US dollar is due to strengthen after the employment numbers, which should weaken the kiwi." – HiFX (the New Zealand Herald)Pair's outlookThe kiwi has proven itself as the best performing currency among its most-traded peers lately, last week the pair extended its gains and lost its momentum just around 0.87. At the moment
USD/CAD has started this week with a retreat, prolonging last week's decline.
Last week we saw rather significant climb from AUD/USD; however, it stopped near 0.93 and since then it is trading just below monthly R2 at 0.9262.
Through last week we saw EUR/JPY struggling to appreciate above 142; however, the pair has managed to do that today as it received a bullish impetus from 100-day SMA at 141.22.
USD/CHF has already closed the downside gap but remains hesitant to extend the gains due to a seemingly impenetrable supply zone.
Despite the resilience the 55-day SMA has recently demonstrated, in the end USD/JPY has managed to spike through the line and reach 103.03/102.76, which consists of the monthly R1 and 100-day SMA.
Following a rebound from the 100-day SMA and 2011 highs at 1.65 GBP/USD has breached a number of tough resistances, including the 55-day SMA and monthly pivot point.
Although the support at 1.3733/1.3680 is not letting the sell-off to carry on, EUR/USD at the same time is failing to gain a bullish momentum in order to leave this area.
Even though NZD/USD rose even higher today, we think that it has started to lose its bullish momentum.
The pair started the day off with a slight decline; however, as expected it found a resistance at 1.1000, which proved itself as an important level.
Pair failed to extend it's gains as it was not able to advance above 93 cent mark.
Pair received a major bullish impetus from the 55-day SMA and jumped above 141 JPY today.
As USD/CHF moves closer to 0.89, the technical studies on the weekly and monthly time-frames warn us of a potential sell-off once the key resistance is hit.
The story continues, as neither the bulls that see USD/JPY rising from 102 nor the bears that are defending the 55-day SMA seem to be willing to give in.
Interestingly enough, EUR/USD and GBP/USD continue moving in the opposite directions, enough though generally we would expect them to exhibit strong direct correlation.
Regardless of the weekly and monthly technical indicators that remain bullish, EUR/USD plunged beneath the support at 1.38.
Since the pair started to strengthen few days ago the bulls have pushed it higher and it reached a new more than a two year high.