Major area, which provides support from 79.66 till 79.17, remains under risk of being broken, as USD/JPY did not yet manage to leave its vicinity and thus proving bullish momentum to be fragile. Bearish scenario would lead the pair down to 78.87/85, then towards lower levels at 78.39 and 78.08. Nonetheless, breach of resistance at 80.41/48 would confirm intentions of
Unable to overcome a key resistance zone at 1.5718/29, GBP/USD is heading towards 1.5291/56 in the medium term, however, it will have to pierce through 1.5446 and 1.5389/85. In the meantime, the Cable is oscillating and may soon challenge an interim resistance located at 1.5543/53, followed by additional levels at 1.5583/1.5609 and 1.5646/74.
Precipitous fall of EUR/USD last week should result in a short-term bullish correction before the currency pair charts another leg down. The rally is likely to last up to 1.2386/97, although we may not rule out a deeper retracement - up to formidable resistance area that stretches from 1.2523 to 1.2601. Subsequent dip will first encounter supports at 1.2262 and
NZD/USD continued trading in a flat trend over mixed US macroeconomic data. If the bearish momentum to emerge, support levels at 0.7619 (R1 Weekly; upper support level) and 0.7590 (23.60% Fibo) are going to be the initial targets. Near 0.7417/0.7368, a consolidation and further trend reversal is highly probable as bears will face a fierce bullish resistance there.
The bearish momentum in USD/CAD intensified today as the US economic recovery is losing pace as the labour costs declined last quarter (1.3% act./2.0% prev.). If the bearish reversal adds to gains, 1.0284 (S1 Weekly; Initial support line) is likely to be targeted by the bears. If the level is left behind, 1.0174 (PP Monthly) and 1.0008 (100-day ma) are going to be in focus
AUD/USD continued trading in a bullish trend as the Australian quarterly GDP data were higher than expected (1.3% act./0.5% est.). If the pair maintain bullish momentum, 0.9832 (R1 Weekly; Upper resistance line) will be the first target among bulls. A breakout of this level would expose further levels at 0.9900 (psychological level) and 1.0122 (100-day ma) accordingly.
Bullish correction in EUR/JPY continues as the EU leaders discuss the creation of the banking union in Europe. In case bullish reversal accelerates, the initial resistance level is likely to be placed at 99.47 (R1 Weekly), followed by 101.42 (initial resistance line) and 103.74/53 (55-day ma; R1 monthly).
USD/CHF has rallied steeply, effortlessly piercing through levels at 0.9628 and 0.9692/0.9703, which in turn proved to be unable to stop the U.S. Dollar from appreciating relative to the Swiss Franc. Subsequent resistances at 0.9761 and 0.9844 should be harder to overcome, but are not viewed as capable of containing the pair for a prolonged period of time.
USD/JPY remains calm despite other currency pairs being under considerable stress. The pair has formed a base above 79.84 and is likely to preserve its from neutral to bullish outlook, as a key support at 79.61/34 managed to withstand the pressure and approve its significance to the market. Resistances to be targeted in future are at 80.53/59 and 81.04/28.
The Cable has stalled just after penetrating 1.5536, but is capable of resuming bearish behaviour, being that in general technical studies point to the downside. An interim support currently lies at 1.5484, while the last resort en route to 1.5254 is situated at 1.5395/89. Resistances in the meantime may be found at 1.5583/1.5625 and 1.5698/1.5732, limiting possible near-term rallies.
Abrupt dip of EUR/USD yesterday erased remainder of last Friday's rally, dragging the pair near to a recent low at 1.2286, although the price will have to breach a support area at 1.2386/74 first I order to reach it. Additional levels are at 1.2191 and 1.2106, which are about to come into focus given that bearish momentum is likely to
The New Zealand dollar slightly fell against the US dollar today, though for now the pair is trading flat. If bullish reversal continues, 0.8082 (61.80% Fibo) is likely to be the first target for bulls. A breakout here would expose 0.8166 (R2 Weekly) and 0.8227 (R1 Monthly).
The greenback continued falling against the Canadian dollar today on weak US macroeconomic data. However, if bearish mood strengthens further, 1.0103 (200-day SMA Weekly) is likely to be the first target for bears, followed by 1.0043 (61.80% Fibo) and 0.9969 (S2 Monthly), respectively.
The Aussie dollar is trading flat against the US dollar as AUD/USD is currently floating around the 200-day simple moving average (1.0270). However, if bullish momentum continues further, 1.0347 (R1 Weekly) is going to be an initial resistance level. A breach of this line would clear the way to 1.0464 (R1 Monthly) and 1.0574 (23.60% Fibo).
The single European currency moved lower against the US dollar, breaching 55-day simple moving average. If a downside dynamics continues, bears might face an initial resistance level at 98.63 (lower Bollinger band). A breakout here would expose the 97.20/16 zone (S1 Monthly; S2 Weekly) and 95.60 (June 1 Low) for bearish currency traders.
Resistance at 0.9545/56 was unable to restrain USD/CHF and to prevent it from surging for a prolonged period of time. The next notable level lies at 0.9628/59, where the pair will encounter more serious opposition, breach of which will pave the way towards 0.9692 and 0.9761, since positive outlook is likely to persist until 0.9342/0.9293 is violated.
Rally above 79.84 was not sustained, which may lead to a return to a key support area at 79.58/32 despite buy signals of daily technical indicators. In case the zone does not withstand bearish pressure, additional levels at 79.12 and 78.68/40 might come into play, though such scenario has a little chance of unfolding. In the long-term we expect USD/JPY
GBP/USD has fallen through 1.5628/25 and stopped near 1.5583, from where it may start a short bullish correction, while the current dip is likely to extend lower afterwards. The nearest level, viewed as capable of reigniting bullish behaviour, is at 1.5536, followed by 1.5492 and 1.5395/89. From above the pair is capped by 1.5711/66, penetration of which would signify resumption
The currency pair has breached a support line at 1.2584/66 and is approaching a subsequent level at 1.2476, which is unlikely to provide sufficient resistance in order to delay to a significant extent movement of EUR/USD lower. Additional levels are to be found at 1.2430/1.2386 and at 1.2299. Rallies on the other hand should be contained by 1.2566/84 and 1.2646.
The Kiwi dollar inched higher against the US dollar, and as the bullish sentiment holds, 0.8082 is likely to be the first initial resistance (61.80% Fibo). Once this level is breached, 0.8166 (R2 Weekly) and 0.8227 (R1 Monthly) are going to be next targets among bullish traders.
The American Dollar has fallen lower against the Canadian dollar since yesterday. If bearish impetus to strengthen, 1.0103 (200-day SMA Weekly) is likely to be the first target for bulls, followed by 1.0299 (R1 Weekly) and 1.0327 (Upper Bollinger band), respectively.
AUD/USD managed to maintain positive dynamics after breaching 200-day SMA as the pair is heading towards an initial resistance at 1.0347 (R1 Weekly). A breach of this line would clear a way to 1.0464 (R1 Monthly) and 1.0574 (23.60% Fibo).
EUR/JPY moved lower today, breaching the 55-day SMA. In case bearish inertia strengthens, 101.50 (Upper Bollinger band) is going to be the first target for bulls. Once this level is successfully pierced, 102.17 (R1 Weekly) and 103.31 (200-day SMA; R2 Weekly) will be exposed.
The currency couple is currently struggling with 0.9544/56, which provides enough resistance in order to negate buy signals from medium and long-term indicators and to contain rallies of USD/CHF. Once this area is breached, 0.9628/56 should be targeted next. In case bears are activated and dips start to emerge, supports at 0.9497/89 and at 0.9432/13 are to stand in their