Pair started the week in a rather calm manner and at the moment is trading capped between 20-day SMA and weekly PP.
Pair's advances in the recent weeks and technical indicators suggest that we should see some sort of bearish action in the nearest future.
Pair started the week in a rather calm manner and continues to trade just slightly below the 6 month high.
NZD/USD does not appear to be intimidated by the resistance at 0.8105 and continues to advance forward.
It was not the weekly PP, but rather a combination of the 100-day SMA with the rising trend-line that underpinned the currency pair yesterday, restoring the bullish impetus in the near term.
Even though the risks are largely skewed to the downside, today the currency pair is showing willingness to penetrate the resistance at 0.9204/0.9174, the last defence before the price reaches the July high.
Despite a continuous endeavour to breach the resistance at 130.46/129.88, the monthly pivot remains intact, preventing a contact of EUR/JPY with the major rising trend-line.
200-day SMA proved to be too tough of an obstacle for the pair which caused an almost 150 pip failure.
Yesterday the pair was testing 55-day SMA at 98.5, but did not manage to breach it.
Yesterdays bounce from 1.55 strengthened further bullish expectations on the pair.
At one point yesterday the pair was trading just 5 pips above the 1.31.
Despite the density of the area from 0.80 up to 0.82, which is littered with various resistances, NZD/USD manages to spike upwards from time to time.
Even though the recovery came into contact with a formidable resistance at 1.0395/79 yesterday, it seems to have gained a toehold above the weekly PP, which is likely to be used as a springboard for the advancement towards the long-term target at 1.0701, a road to which lies through tough levels, such as the monthly PP at 1.0379 and monthly
None of the two key levels for the trading in the near term are willing to yield, trapping the currency pair between themselves for now.
EUR/JPY continues to assault the monthly resistance at 130.30, but has not yet been successful at breaching this level that separates the currency pair from the major up-trend.
The supply at 0.9380/65 is currently preventing extension of the surge, but eventually should give way for a long-term recovery, which will also encounter difficulties at 0.9425/00, an area presently inhabited by the weekly R2, monthly PP and the 100-day SMA.
USD/JPY felt the existence of the resistance at 98.43/97.94, but we still see a possibility for continuation of the rally up to the 100-day SMA at 99.13, this level is also reinforced by the monthly pivot point and the falling trend-line.
As expected, the support, created by the weekly pivot point, but mainly by the 200-day SMA, was used as a springboard for the pair to jump up to a local high.
Unlike the former support at 1.3290, a combination of the weekly S1 and a May high at 1.3247/42 prevented further depreciation of the common currency.
NZD/USD did not manage to extend its dip, rebounding from the support created by the monthly and weekly PP.
The resistance at 1.0395/76, in the form of the monthly PP, weekly R1 and 55-day SMA on the chart, took away from the bullish momentum, forcing the currency pair to return to the weekly PP.
Guided by the 55-day SMA, AUD/USD is grinding lower, but at the moment is struggling with the monthly PP at 0.9064 which is still intact.
Although we initially were expecting the 55 and 100-day SMAs to contain the rally initiated at 127.86, the currency pair seems to preserve the upward inertia and is advancing further.
USD/CHF is moving en route to a formidable resistance area at an accelerated pace, effortlessly piercing through the near-term levels.