The U.S. Dollar weakened beneath the monthly S1 at 1.0859 for the second time this month already, after last time approaching this level at the beginning of this year.
The Aussie is gaining little by little, today it reached the weekly PP at 0.9271. We suspect the pair to appreciate towards the 20 and 55-day SMAs at 0.9303/11 if the weekly PP is broken.
The pair is trading above the weekly PP at 138.81 and is challenging the major level at 139.
While the beginning of this weeks does not look promising, the 200-day SMA, together with the weekly PP, should act as a support level and prevent further depreciation of the U.S. Dollar.
If the recently broken 200-day SMA proves to be a new reliable support, the currency pair may soon launch an attack on a combination of the 55 and 100-day SMAs near 102.20.
The Cable is currently eroding the supply area at 1.6855/51, a breach of which will pave the way towards a major level at 1.70.
EUR/USD recovered some of the losses yesterday, but the market is nevertheless considered to be bearish.
Last week the pair declined from monthly PP at 0.8622 to 0.8560 and later towards last year's 4Q high at 0.8544.
It seems that the pair started to form a sideways trend a few weeks ago in the range from the monthly S1 at 1.0859 and the weekly R1 at 1.0925.
At the beginning of the last week the Aussie dropped significantly and dropped around March highs/April lows around 0.9240 and ever since it has traded around these levels.
EUR/JPY is trading steadily around the weekly PP at 138.81, last week the pair almost touched the major level at 138.
As it turned out, the 200-day SMA was not able to keep the bulls at bay for long and eventually gave in.
USD/JPY managed to close above the 200-day SMA, and this is a good bullish signal
Last week's attempt to re-test the 2009 highs at 1.70 did not succeed, and GBP/USD declined.
Regardless of the majority of the monthly technical indicators pointing upwards at the moment, the Euro is more likely to depreciate than to gain value.
This week the Kiwi was mostly dictated by bearish traders as it has slid below the weekly S2 at 0.8560.
This week the greenback managed to break the weekly PP at 1.0881; however, at the moment pair's momentum looks more bearish than bullish.
The Aussie dropped more than 100 pips this week as it opened at 0.9374 and currently it is trading below the weekly S3 at 0.9243.
The pair has little changed around the major level at 139 through this week; however, it seems it still is on a down trend.
USD/CHF continues to advance and looks ready to jump over the 200-day SMA, as suggested by the daily technical indicators
At the moment USD/JPY is forcing its way through the resistance at 101.80/73, specifically the 200-day SMA.
Though GBP/USD failed to climb over the weekly R1 yesterday, there are still good chances that the 2009 highs will be soon re-tested.
The currency pair is moving further away from the resistances.
The pair is trying to climb towards the weekly S1 at 0.8599 for the second straight day after its significant drop on Tuesday.