After being depressed under it, the pair received a minor bullish impetus from the 20-day SMA.
Bulls lacked determination and did not manage to push the pair towards the 1.575.
Pair did not manage to consolidate above the 6 month high and at the moment is trading supported by the 20-day SMA.
The currency couple has already reached its initial target—the monthly pivot point, now it may set the course towards some of the other supports, such as the one at 0.7731, where the major trend-line (in force since early 2010) is going to resist further decline, while there is still potential for the kiwi to drop even lower, down to the
For the time being this week appears to be prominently bullish for USD/CAD, as the currency pair is currently 100 pips above this week's open price.
AUD/USD continues to move in accordance with the weekly technical studies, namely south, while indicators on the different time-frames remain silent.
EUR/JPY managed to close above 130.30 yesterday, but still remains hesitant to advance towards the resistance at 131.70/26, where the rally is supposed to face the upward-sloping trend-line.
20-day SMA gave bearish impetus which sent the pair almost 100 pips closer towards the 6 month low at 91.1 cents.
Pair remains depressed by the 20-day SMA and as short and medium term technicals continue to give bearish signals it is unlikely that the pair will consolidate above it anytime soon.
The pair lost some pace after a major rally last week, but maintains mildly bullish stance.
A bit unexpectedly 20-day SMA channelled a bullish which sent the pair almost 90 pips higher yesterday.
ollowing a sizeable bullish spike yesterday, NZD/USD plunged through a number of supports, such as the weekly PP and the 100-day SMA, revealing its bearish nature.
Just like at the very beginning of August USD/CAD is showing willingness to advance higher, but it also faces the same resistance that did not let the U.S. Dollar to stay on a bullish path, namely the monthly PP.
A combination of the weekly pivot point and the 55-day SMA that coincides with the 38.2% Fibonacci retracement from the Oct 2008—Jul 2011 move has been lately preventing development of a dip, but now it seems the monthly PP is one of only few that carry on defending an important psychological level at 0.87.
This is already the seventh consecutive day EUR/JPY is attempting to climb over the monthly pivot point at 130.30, and eventually it is expected to succeed, considering that monthly technical studies favour such a course of events.
The pair maintains its mildly bearish stance and at the moment is approaching strong support are around 92 cents.
It seems that yesterday the pair received a minor bearish impetus from the 20-day SMA as its rally above the 98 JPY was short lived and the pair has depreciated by almost 100 pips since then.
It seems that bulls are recharging after a 200 pip rally in the end of the last week and 6 month high at 1.575 should be tested any time soon.
For the past 5 trading days the pair has been depressed under the 6 month high and at the moment it does not seem that consolidation above it could be possible.
This week NZD/USD opened above 0.8105, meaning that the resistances at 0.8149 and 0.8200/0.8174 are now under threat of being violated.
Apparently, USD/CAD is not in a hurry to start a recovery, it stays dangerously close to the key support at 1.0307/1.0285, undermining its image as an area of strong demand.
Despite the proximity to the tough resistance at 0.9321/00, AUD/USD refuses to move downwards, it has been trading sideways since Aug 9.
A breach of the monthly pivot point at 130.30 is not a fact yet, but the spot price is already 40 pips above this level, implying that it is a very likely scenario.
As in most of the cases the pair started the weak in a rather calm manner, however, it seams that 20-day SMA is keeping the pair at bay as well.