Pair has hovered 260 pips lower after receiving a bearish impetus from Fibo 61.8% (mid June to beginning of July move) 4 days ago.
Pair dipped 200 pips in the end of the last week then found support with Fibo 38.2% (end of May to Mid of June move) and then monthly PP and hovered above it for 4 days.
After a comparatively volatile session yesterday (100 pip trading range) pair seems to have stabilized and is wiling to recover all of yesterdays losses
Yesterday USD/CAD has finally overcome a confluence of the weekly pivot point and 100-day SMA at 1.0295/85, confirming its willingness to advance higher despite the daily technical indicators that are largely bearish.
The currency pair continues to put considerable pressure on the support at 129.80/16, but is not expected to violate it, since the area is formed by a number of studies, including the 55 and 100-day SMAs, weekly S1 and the rising trend-line that in turn has already been in force for a full year.
NZD/USD extends its dip, sliding down to the support at 0.7952/32.
As expected, none of the nearest supports were able to halt depreciation of the Australian Dollar, allowing the pair to reach the upper boundary of the bearish channel it has been trading within during April and June, namely 0.8959/05.
Similarly to some other pairs greenback-franc cross is trading in a rather narrow range for the past 5 days.
After a 200 pip dip in the end of the last week, pair found support with monthly PP and has been trading around it for the past 4 days.
Pair received a bearish impetus from the Fibo 61.8% (mid June to beginning of July move) few days ago.
For the past 6 days pair is trading in rather tight range—between monthly R1 and weekly PP.
After a failure to advance above the 100-day SMA the currency pair has already slid below the weekly pivot point level at 0.8029, even though the technicals have become even more bullish on a daily chart than they were yesterday.
It seems that USD/CAD has finally bottomed out, following the sell-off since the beginning of July.
After a series of repeated attempts to challenge the resistance at 0.9348/10 the currency pair has finally given up, falling beneath the interim supports at 0.9233 and 0.9183/48.
The latest downward movement has nearly come to a complete halt, being that a formidable support area at 129.77/16 is currently keeping the bearish sentiments at bay.
Pair seems to be consolidating above the Fibo 23.6% (end of May till mid of June move).
After signalling significant weakness pair found support with the monthly PP.
Weekly and monthly PP did not manage to provide enough support for the pair which dipped 80 pips.
Yesterdays fail at monthly R1 gave some bearish momentum for the pair.
NZD/USD, without reaching the key resistance at 0.8161/53, is already losing the upward momentum, showing signs of weakness while approaching 0.8125.
[This] "week will set the tone for the remainder of the summer in terms of foreign exchange."- BNY Mellon (based on Reuters)Pair's OutlookThe sell-off became considerably more cautious in light of proximity to the falling trend-line and the 100-day SMA, but the down-side risks have not yet been fully eliminated, since the bearish pressure persists. Should this zone give in,
AUD/USD remains unable to pick up bullish momentum, being capped by a combination of resistances at 0.9387 (2011 low) and 0.9348/28 (weekly R1, monthly PP and 55-day SMA).
The currency pair has finally arrived at the cluster of supports at 129.66/16, formed by the 55 and 100-day SMAs along with the up-trend line, intactness of which is preserving the bullish outlook.
Sell off at the end of the last week sent the pair below the Fibo 23.6% (end of May till mid of June move) at 0.93 where it is trading at the moment.