EUR/JPY is still having some trouble overcoming a resistance line at 123.29, as the Euro did not benefit today from the increased demand, but remained more or less stable relatively to the Japanese Yen.
After a 130 pip dip yesterday pair found support in Bollinger band/weekly S3 at 0.9093/83 and at the moment is hovering slightly above 91 cent mark.
Euro gets the hugs, as dollar and yen stay unloved. […] "Yen depreciation has more room to go, in our view. We now look for the yen to depreciate to 96 and 100 versus the USD in 6 months and 12 months, respectively." - Barclays Capital (based on Reuters)Pair's OutlookFor the past 6 days pair has been trading in 100 pip
Pair has appreciated by more that 150 pips in the last 4 days and at the moment is hovering above weekly pivot (PP).
It seems that pair took a brake during its rally and at the moment is hovering between monthly and weekly pivots at 1.355.
USD/CAD pair found a small support today and attempts to move back north.
EUR/JPY pair recovers its bullish sentiments and continues journey north.
Dukascopy Trade Pattern Ideas for NZD/USD (Channel Down), EUR/USD (Channel Up), AUD/USD (Channel Down), USD/ZAR (Rising Wedge) till 16:30 GMT.
NZD/USD pair sharply drops from the weekly PP level at 0.8378, where yesterday it found resistance.
AUD/USD pair fluctuates in a channel bounded by two SMAs.
At the moment USD/CHF is struggling at 0.9210/04, as both the 20 and 55-day SMAs were violated yesterday, impugning the ability of the greenback to gain value any time soon.
After only a sole bearish daily candle USD/JPY has recommenced growth that should not meet any strong resistances until 92.27, the most probable point of contact with the upper edge of the bullish channel, apart from it being a weekly R1.
GBP/USD does not seize to exert considerable pressure on a combination of an already former support at 1.5756/59 and a current one at 1.5715, despite the demand zone the pair is currently facing.
It did not take long for the bulls to once again regain control of the price's formation, ending a short-lived period of consolidation at a high of 2012.
After a decline from 0.8491/76 there is still some distance between the spot price and the major up-trend support at 0.8265/61.
"Given that it hasn't been able to break above C$1.01, we have seen some sellers come in and maybe position for a bit of a grind back towards parity."- Bank of Montreal (based on Bloomberg)Pair's OutlookToday the currency pair has fully closed the bullish gap and is thus set to resume advancement. A support line at 1.0056/49 together with 1.0027
The 100-day SMA has once again, just like at the very end of 2012, prevented development of a dip.
An initial resistance at 123.29, being a 33-month high, remains intact for now.
USD/CHF pair experiences bearish sentiments during the last few weeks and has already reached the 20-day SMA.
USD/JPY pair has made a bearish correction yesterday, as the price has reached the 423% Fibonacci level at 90.92 and the Bollinger line.
The Cable exhibits significant bearish sentiments, as the price depreciates without any corrections.
The major currency pair gradually depreciates from a 2012's high, but bearish sentiments still are very weak and don't demonstrate any correction momentum.
After being range bound for 3 trading weeks pair receiver a bearish impetus from 0.835 and for the second time today is testing the strength of monthly pivot PP at 0.8304.
Pair started the week humbly, but, as predicted, is testing the resistance of 1.01.