The 200-day SMA failed to buoy the greenback, but it seems that a combined demand, created by the supports from 97.50 to 97.00, will be able to prevent an increase in the losses.
GBP/USD faced some selling pressure at the weekly R1 level, but the British Pound did not stop the surge, it continues to appreciate at an accelerated pace with respect to the U.S. Dollar.
EUR/USD has finally broken free from the flat channel it has been trading within during the second part of September.
Failure at 0.829 caused the pair to dip by 100 pips.
Pair is lowly eroding 1.035, which proved to be able to cause substantial short term sell offs.
Aussie-greenback cross is picking up the pace after bouncing from 0.929 and at the moment is testing 0.940.
Despite the minor bullish sentiment early in the session yesterday, pair did not manage to advance above the weekly R1.
While the U.S. Dollar is ceding ground against the Yen, USD/CHF remains stable between the weekly pivot point and the down-trend support line.
Following a test of the formidable resistance area formed by the 55 and 100-day SMAs, USD/JPY gave in to the bearish sentiments and as a result, is eroding the 200-day SMA at 97.90.
The Cable is currently coming off a new high at 1.6261, as the pair approached an up-trend resistance line that represents an upper boundary of the rising channel.
EUR/USD did not manage to gain a foothold above 1.3568/52 yesterday, but nonetheless remains bullish, being that none of the nearest supports were violated when the currency pair started to retreat after attaining a new high.
Although daily studies speak in favour of a strong rally (five out of eight are bullish), NZD/USD is moving in the opposite direction, as the weekly pivot point at 0.8290 turned out to be impenetrable.
"There's been a significant amount of bearish expectations regarding Canadian growth, and overall it's been a little bit more positive recently. The Canadian dollar has had a tendency to outperform."- Societe Generale SA (based on Bloomberg)Pair's OutlookThe currency couple is slowly grinding higher, but intraday may slide down to the 200-day SMA, a support that should remain intact for the
AUD/USD is rapidly gaining bullish momentum at the moment, being that the price has found a strong support in the face of the 38.2% Fibonacci retracement level derived from the rally observed in the first half of September.
Due to EUR/JPY's explicitly bearish behaviour yesterday, the gap is now fully closed.
Although currently the daily technical indicators are less bearish than yesterday, some are even giving ‘buy' signals, a breach of the support at 0.9021/03 is still a viable scenario.
As expected, the key supports were able to underpin the U.S. Dollar and help it close the bearish gap.
Even though the technical indicators are currently mixed, the British Pound is not willing to stop and is building on the progress made since the beginning of July.
At the moment EUR/USD is rapidly moving towards the resistance at 1.3568, which should eventually give in and open the way for a rally up to the February high at 1.3711, as implied by the near-term studies.
For the past week or so pair was capped by the monthly R2 and 20-day SMA.
Pair lacks enthusiasm to advance above 1.035 which is needed to get rid of the pressure on the pair.
Despite the gains since the start of the week, attitude of the pair remains mild bearish.
Despite the fact that pair started the week significantly lower than the last weeks closing price, it has appreciated since the opening bell.
The currency pair is presently sliding downwards along the bearish trend-line that connects the troughs charted since Jul 31.