A recent fall of the currency pair, following a breach of an important bullish trend-line, did not extend yesterday, but was reversed by an interim support line at 93.98, calling into question whether bears will be able to take control of the price's direction in the longer term.
Yet another endeavour of bulls to throw the pair over a hurdle at 1.5221/1.5177 has proven to be unsuccessful, since the price is slowly pulling back after the test of the resistance area.
A rally beyond the falling resistance line did not turn out to be sustainable, failing to reach the next notable level at 1.3117/1.3096 and closing back under the 200-day SMA and the trend-line.
After confirming 0.8339/32 and using it as a springboard, the currency pair has recommenced adding to gains, continuing reduction of the gap between the spot price and 0.8408, the rising resistance line.
As noted previously, the risk of the break-down of the up-trend support has risen substantially recently, being that the bullish impetus appears to be exhausted.
AUD/USD remains bullish, effortlessly reaching 1.0491 today, as traders are discouraged to short the Aussie that is headed towards 1.0572/59 at an accelerate pace and without serious delays.
The currency pair has finally left the narrow corridor it has been trading within, closing beneath the support at 121.78.
Previously resistance area at 0.8338/31 proved to be unable to contain upward impetus of the price, meaning that NZD/USD has opened a path towards a rising trend-line at 0.8404.
This currency pair is slowly approaching the up-trend support line that has been keeping the positive outlook since the beginning of the year.
As expected, a dearth of notable resistances in the way of the currency pair above the cluster at 1.0403/1.0387, which consists of the 100 and 200-day SMAs, has led to substantial gains.
EUR/USD constantly fails to escape the tight trading range, which was created after several attempts to breach through a formidable support area at 122.44/121.78.
News from Cyprus inflamed bullish sentiments in the major currency pair, as the price surged on Monday's trading session.
USD/CHF gradually depreciates for a second straight week, as the pair moves along a down-sloping the 200-day SMA at 0.9357.
USD/JPY pair remains indifferent to worldwide news, as the price moved flat two previous weeks.
Last week the pair increased from the 20-day SMA at 1.5070 to the upper Bollinger band at 1.5292, but lacked a stronger bullish impetus to breach the band more aggressively.
The kiwi demonstrates great bullish sentiments, as the price appreciates for a third straight day. NZD/USD reached an important resistance at 0.8332, which might pose a threat when considering further gains.
USD/CAD is under bearish pressure, as the price gradually depreciates. Today the loonie overcame the weekly PP level at 1.0236 and decreased even lower.
Today the Aussie takes a breath after a huge jump yesterday. The price appreciated from the monthly R1 at 1.0388 to the weekly R1 at 1.0440 during yesterday's trading hours.
EUR/JPY pair remains in a 122.45/124.00 range during the last trading session of this week.
USD/CHF has managed to withstand downward pressure and keep the rising support line more or less intact.
Profit-taking on the pair's Nov 2012—Mar 2013 rise drags on, endangering the bullish trend-line that preserves the positive outlook.
Lately we see alternation of indecision in the market with sharp distinct moves, such as on Mar 14 and 21.
It is almost certain now that EUR/USD will be unable to close the bearish gap this week, as the single currency is being heavily sold off.
The loonie faces a bearish pressure in recent days, as the price attempted to breach the 20-day SMA at 1.0262 unsuccessfully.