Weekly S1/Fibo 38.2% (end of May till mid of June move) failed to provide enough support for the pair after it retested the mentioned level.
Pair seems to have lost some tempo after a strong rally few days ago as Fibo 61.8% (mid of June till beginning of July) is keeping it at bay.
Rather unexpectedly pair has received a minor bullish impetus from the weekly PP which sent the pair 50 pips above it.
Yesterday's rapid appreciation of the New Zealand Dollar led to a closure of the bearish gap and a logical test of 0.7881/70 that continues to provide considerable resistance.
USD/CAD is still hesitating to advance while being in the vicinity of the monthly pivot point, but should eventually overcome the hurdle at 1.0379 and start heading towards subsequent resistances.
A dip from a psychological level 0.93 turned out to be overextended, since a soft test of the support at 0.8844/11, formed by the monthly S1 and the lower Bollinger band, initiated a short squeeze.
A struggle with the rising support line at 130.30 continues, although it already seems that the bulls will have an upper hand in this battle.
It seems that the pair has stabilized after plummeting from 200-day SMA and at the moment it is trading supported by the weekly S1.
At some point pair has dipped by more than 120 pips this week, but found support with the weekly S1 and recovered half of those loses up till now.
After a formidable (270 pip) rally in the last 3 days pair seems to be slowing down.
Pair maintains its mildly bearish stance as at the moment it seems to be consolidating below the weekly PP (1.327).
NZD/USD has just entered the support zone (0.78-0.77), the one responsible for the bullish correction that took place in July.
Although we were ready for a deeper dip, topical in 2009 and 2012 levels, in conjunction with the 100-day SMA, were enough to reverse the sell-off and direct the pair upward.
Last week AUD/USD was falling freely, failing to find any ground after consolidating just below the early 2009 and late 2010 highs.
Being unable to sustain the rally from 130, EUR/JPY has once again returned to the major uptrend line that remains in force since July 2012.
In the end of the last week it seemed that the pair once again is consolidating above the 200-day SMA.
Pair finished last week and started this one in unusual volatile fashion.
Pair gained approximately 200 pips in the end of the last week when it bounced from 1.51.
Pair appreciated almost 100 pips at the end of the last week when it received a bullish impetus from the weekly S1.
NZD/USD fell through the 55-day simple moving average and the pair is currently testing the down-trend support at 0.7828, which could initiate a short-squeeze.
Using a bearish trend-line at 1.0260 as a springboard, the currency pair managed to balloon up to the monthly pivot point level at 1.0379, where the 55-day SMA resides as well.
After showing a little bit of hesitation to carry on with the decline near the weekly S3 at 0.8959, AUD/USD is still grinding lower along the down-trend support line that was breached on Jul 16 but is nevertheless anticipated to remain topical in the medium term.
Yesterday EUR/JPY soared above the weekly pivot point at 130.95, retaining the strong bullish momentum that is expected to push the price even higher.
Pair appreciated 100 pips yesterday and seems to be consolidating above the 200-day SMA and aiming at 55 and 100-day SMAs.