Last week we saw the pair making some corrections; however, on Friday NZD/USD found some impetus around 2013 4Q high at 0.8543 and it has advanced to weekly PP at 0.8608.
Since 20th of March we have seen a short term downtrend in this pair; however, we expect it to end soon, most likely the pair should not slip lower than 1.0900.
Through last week the pair traded between 0.92 and 0.93, today this sideways trend is continuing.
After Friday's drop below monthly PP at 141.70 the pair has slightly appreciated; however, it is still trading below monthly PP.
After USD/CHF had broken the resistance near 0.89 (down-trend line and 2012 lows), the pair seems to have lost its bullish momentum.
Despite a fairly strong report on Friday the bulls did not manage to push USD/JPY through 104.
GBP/USD fell below a series of supports during the last five trading days, including the monthly PP and 55-day SMA.
As EUR/USD closed beneath the 100-day SMA last week, there is a good chance Euro's depreciation will persist.
After last week's advance the pair lost basically all of its gains through first four days of this week; however, today NZD/USD pair has appreciated above monthly PP at 0.8570.
The pair is in the down trend and today it breached 1.1000 level, which held the pair from falling lower this week.
Through the end of the last week and through this week there has formed a sideways trend in the AUD/USD currency pair.
This week we saw EUR/JPY appreciating; however, today it has lost some of its previous gains and it fell to as low as 142.
As the 55-day SMA failed to underpin the pair, now it is 100-day SMA's turn to try to prevent further depreciation of the Euro.
The monthly pivot point failed to keep GBP/USD afloat and thereby exposed 1.6590/87.
The bullish momentum we have been observing this week disappeared as the pair approached a key resistance represented by 104.
While USD/JPY is hesitant to advance at the moment, USD/CHF is running wild.
NZD/USD has prolonged its retreat to three straight days and it has been rather sharp as the pair has lost almost 200 pips.
The pair is still trading above 1.1000 and it looks like market participants are waiting for something more significant to happen in order to trade.
AUD/USD slipped towards 0.92, this level is important, because it is not only a major level, but also it happens to be weekly PP.
Today the pair has traded almost exactly at that same range as yesterday, it approached 143.50; although, the pair was not able to break it.
Despite a good start EUR/USD failed to preserve a bullish tendency and declined after touching the resistance at 1.3820/15, which is created by the monthly PP and 20-day SMA.
GBP/USD does not seem to be in a hurry to descend, but being that it has just recoiled from the rising resistance line, the pair may cede more ground from here.
As USD/JPY approached 104, the rate of the U.S. Dollar's appreciation slowed down.
Regardless of seemingly strong bearish momentum, the support at 0.8813/04, mainly created by the monthly PP, managed not only to stop the latest sell-off, but it also initiated a rally that in turn erased the recent losses.