After breaking an uptrend support line USD/JPY did not give any hints on where it is intending to move and therefore is likely to stay flat for a while. Indicators' signals are mixed and equivocal, thus we are not yet able to estimate what scenario is most likely to unfold. Moreover, the pair is surrounded by resistances and supports that
Once again GBP/USD failed to breach a resistance zone at 1.5530/53. Therefore the currency couple has preserved its bearish outlook, even though it has not yet left the vicinity of 1.5530/53 and keeps on gravitating towards it. Supports that will be attempting to slow down depreciation of the British Pound are at 1.5432, 1.5389/85 and 1.5291/56.
The currency pair continues to drift lower and is likely to gain more bearish momentum in near future, as more indicators give "sell" signals, especially for a daily timeframe. The initial formidable support EUR/USD may bump into lies at 1.2128/06, below which the pair will be able to encounter 1.1986/26, where a bullish correction is probably going to be commenced.
Compared to yesterday, the New Zealand dollar mildly rose against the US dollar. As the middle term outlook remains negative, bearish investors might expect the next major support levels to be located at 0.7886 (50% Fibo) and 0.7812 (Lower Bollinger band), respectively.
USD/CAD inched lower yesterday, falling slightly below 1.0214 (55-day SMA). However, if the bearish trend commences, investors might take profits at 1.0168 (PP Weekly). A breakout here would clear the path towards1.0099 (200-day SMA) and 1.0043 (61.80% Fibo) in case bearish momentum gains strength. To maintain the bullish trend, the pair has to close above the 55-day SMA (1.0198).
The Aussie dollar-US dollar pair stabilized and at the moment the pair is trading flat ahead of the FOMC meeting. If bearish momentum emerges, 1.0162 (100-day SMA) is going to be an initial resistance level, a breakout of which would expose next lines at 1.0083 (S2 Weekly) and 0.9988 (55-day SMA; S3 Weekly), respectively.
The single European currency moved lower against the Japanese yen as currently the pair is approaching 97.22 (S1 Monthly; Lower Bollinger band), indicating that bearish mood prevails on EUR/JPY among market participants. Thus, if the inertia holds till the end of this week, 96.32 (Upper support line; S1 Weekly) and 95.60 (June 1 Low) might be tested next by bearish traders.
USD/CHF has experienced some difficulties at initial resistance, but nevertheless remains well-placed for further gains, as is pointed out by technical studies. Near-term level is at 0.9838, above which the currency pair will face more serious resistances - 0.9896/0.9906 and 1.0006/42. In the meantime, dips should be contained by supports at 0.9692/90 and 0.9619/52.
Despite the presence of a key support area at 79.47/35, USD/JPY continued to crawl lower. Bearish breakout has not yet been confirmed, but there is little chance the price will not close below 79.35 today, which in turn would activate further downward activity of the pair. The next support may be found at 79.17, followed by 78.96/85.
The Cable has tested formidable resistance at 1.5530/53, proving insufficiency of strength of bullish momentum in order to overcome this level and to challenge some of the higher zones - 1.5583/92 and 1.5646/51. Accordingly, GBP/USD is expected to inch lower, possibly even down to 1.5291/56, however, may be underpinned by 1.5389/85 and commence robust recovery there.
EUR/USD has temporarily stopped near yesterday's support at 1.2240, but should continue sliding downwards, as suggested by most of indicators for all three time frames. The closest support at the moment lies at 1.2200 and guards subsequent levels at 1.2128/06 and 1.1986/26, where we are likely to see a more pronounced rebound.
The New Zealand dollar deteriorated against the US dollar and the currency pair is targeting 0.7922. As bearish inertia seems to intensify, bearish investors might expect the next major resistance levels to be located at 0.7886 (50% Fibo) and 0.7812 (Lower Bollinger band), respectively.
USD/CAD edged higher and the bulls are attempting to fix above 55-day simple moving average. However, if the bearish trend commences, investors might fix profits at 1.0168 (PP Weekly). A breach of this level is likely to open 1.0099 (200-day SMA) and 1.0043 (61.80% Fibo) in case bearish momentum gains strength. To keep the bullish inertia, the pair has to close above the 55-day
The Aussie dollar weakened against the US dollar as the currency couple is currently approaching 1.0162 (100-day SMA). If bearish mood persists, investors might encounter next support lines at 1.0083 (S2 Weekly) and 0.9988 (55-day SMA; S3 Weekly), respectively.
The 17-nation currency erased Monday gains versus the Japanese yen and at the moment the pair is heading towards lower Bollinger band at 97.22. A breakout of this initial resistance level would pave the way to the potential levels at 100.20 (23.60% Fibo; 55-day SMA) and 101.61 (Upper Bollinger band).
Resistance at 0.9805 has temporarily suspended a rally of USD/CHF, however, this level is viewed to be incapable of containing the pair for a prolonged period of time, being that the price possesses considerable bullish momentum. Subsequent level lies at 0.9896/0.9906, followed by 1.0006/42. Losses, in the meantime, should be limited by supports at 0.9692/90 and 0.9605/0.9581.
USD/JPY is on the verge of breaking out of an upward trending channel, which in turn may lead to a sharp fall. The pair has already eroded an uptrend support line, but preserves potential to return above it and to continue challenging resistances, since currency couple's outlook did not yet turn bearish and key support at 79.49/35 remains intact.
GBP/USD is struggling with an interim resistance situated at 1.5530/53 and for now appears to be unable to overcome it in order to reignite bullish momentum, which is unlikely to emerge in the near-term, being that most of technical studies point to the downside. Therefore we expect the Cable to focus on supports that may be found at 1.5443 and
Recovery of EUR/USD yesterday did not live up to expectations, as it seized to exist far from 1.2386/97, but was still present. At the moment the currency pair is heading towards 1.2128/06, though it will have to breach an initial level located at 1.2240 first. Moreover, given current outlook and signals of most of indicators, the price is likely to
The Kiwi dollar moved slightly lower against the US dollar and currently the pair is flirting with 200-day simple moving average. However, if bearish impetus adds to gains, investors might face 0.7922 (S1 Weekly) as their first support level. A breakout here would expose 0.7886 (50% Fibo) and 0.7812 (Lower Bollinger band) for bearish market participants.
USD/CAD made a lower start this week, erasing some of the Friday gains. If bearish mood intensifies, investors might fix profits at 1.0099 (200-day SMA). A breakout of this level is likely to open 1.0043 (61.80% Fibo) and 0.9969 (S2 Weekly) in case bearish momentum gains strength. To keep the bullish inertia, the pair has to close above the 55-day SMA (1.0198).
The Australian Dollar started this week lower against the American dollar and at the moment the pair attempts to touch 1.0162 (100-day SMA). If the pair manages to close below this level, it is likely that bearish momentum strengthens further and traders might face next support levels at 1.0083 (S2 Weekly) and 0.9988 (55-day SMA; S3 Weekly), respectively.
The common European currency paired Friday losses today against the Japanese yen, thus the pair might attempt to reiterate bullish correction and move toward 98.60 (PP Weekly). A breach of this initial resistance level would pave the way to the potential levels at 100.20 (23.60% Fibo; 55-day SMA) and 101.61 (Upper Bollinger band).
Level at 0.9690/92 was unable to provide sufficient resistance in order to halt the pair, which therefore is now aiming for 0.9896/0.9906, even though USD/CHF will have to cover long distance from the current price. Near-term dips should be limited by support at 0.9692/90, while bullish outlook will be preserved as long as 0.9487/71 stays intact.