After a sharp rise last week, NZD/USD has been capped by the Upper Bollinger band around 0.8133, and the pair now is moving sideways. The daily outlook is neutral, but the weekly indicators give a slight Sell signal. In case of the bearish scenario, we are likely to see the pair moving towards 200-day SMA at 0.7990.
The pair is unexpectedly continuing its downward movement, and is currently moving closer towards the weekly S1 at 0.9972. However, RSI (14) is likely to give a Buy signal in near term, so a bullish correction is highly probable. In such case, USD/CAD would be en-route towards the 200-day SMA at 1.0041.
After a slight breakout from the Channel Up pattern, AUD/USD is striving towards the Upper Bollinger band around 1.0581 and weekly R1 at 1.0576. Bearing in mind that the weekly forecast has been significantly exceeded, we are likely to experience a slight bearish movement closer to 200-day SMA around 1.0299. RSI (14) currently is likely to give a Sell signal
EUR/JPY has returned to its long-term downtrend after a steep bullish movement last week. The pair is seeking for a strong support, and is likely to find one near the Lower Bollinger band around 94.5836. However, if the slight bullish movement continues, the pair is likely to test 96.48 (20-day MA) in near term.
GBP/JPY continues its movement downwards, thus supporting the downward channel movement that started a month ago. Now bearish advance is slowly approaching weekly S1, which might prove to be support for the current fall. In case it fails to reverse current trend, then next support at 121.243 (Lower Bollinger Band) might bring some bullish impulse. As for now, RSI indicator
Bullish impetus of USD/CHF after bouncing off 0.9702/0.9692 was not strong enough in order to penetrate 0.9809/17 at the very first attempt. Accordingly, the pair is likely to stay below the resistance line for a while and it still preserves potential to overcome it after some time. Additional resistances are situated at 0.9906/23 and 1.0042/86.
USD/JPY has confronted 78.08/06, but did not manage to overcome it, resulting in commencement of recovery, which in turn is not anticipated to extend beyond 78.37, given that technical indicators on a daily timeframe give strong sell signals and thus the pair should be depressed. In the longer term, however, we expect the bearish momentum to weaken, as the currency
GBP/USD stays bound by an uptrend channel and has just recently tested an upward sloping resistance line at 1.5729/90. This implies increased possibility of bearish activity by the currency pair in the short to medium-term. The initial support lies at 1.5650, but is viewed as unable to halt the cable en route to 1.5603/1.5574, while an uptrend support at 1.5480
Support at 1.2244/33 prevented precipitous fall of EUR/USD and triggered short-squeeze. The rally is expected to be tepid, being pressured by the overall bearish bias, and should end ahead of strong resistances at 1.2376/86 and 1.2417/47. Once support at 1.2244/33 is eroded, the pair will aim for 1.2106/1.2088, while additional bearishness may result in 1.1926/1.1867 being reached.
EUR/AUD currency pair continues its bearish tendency that started on May 21th, and now it is gradually approaching Lower Bollinger Band at 1.1645, where EUR/AUD might find support for its ongoing decline. Although this support level seems strong enough to reverse current bearish trend, it still might be breached and then the next support level at 1.1626 (Monthly S3) is
Short bullish recovery, which started on the 22th of July has ended, when strong bearish momentum took place, and now EUR/CAD is about to reach a new low and is heading towards Lower Bollinger Band at 1.2240, that might prove to be support for the current movement downwards. In case bearish trend manages to breach it, then next support at
GBP/JPY has seen a sharp rebound from the Lower Bollinger Band on the 26th of July, however this bullish recovery has been stopped by the 55-day SMA, and now the bearish trend is once again in action. Now GBP/JPY currency pair is about to reach Weekly PP at 122.678 and current bearish progression might find support at 121.588 (Weekly S1).
The pair has slowed down around 0.8086 in the expectation of a potential trend change. In case of the bearish scenario, the first target for the pair is likely to be around 0.7999, where the 200-day SMA lies. However, if the bullish trend continues, we are likely to see NZD/USD hitting Upper Bollinger band at 0.8112.
EUR/JPY has lot the bullish impulse it received from Mario Draghi's speech last week, and is experiencing a bearish correction on Monday. The pair is currently en-route to Lower Bollinger band at 94.67, where also the weekly S1 is located. In case of a rebound, we are likely to see the pair testing 55-day SMA at 98.23.
The bulls are attempting to push AUD/USD over the verge of a bullish breakout despite a slight decline on Friday. In case of a further upward movement, the first target for the pair would be weekly R1 at 1.0576 and monthly R2 at 1.0690. However, in case of a dip, the pair will strive towards the 20-day MA at 1.0321.
The pair has slowed down around 1.004 since Friday, and it is likely to experience a trend reversal and a consecutive upward movement. In the bullish scenario, we are likely to see the pair touching 200-day SMA at 1.008 in near term. However, in case of a further slide, the pair may touch the lower Bollinger band near 1.005 soon.
USD/CHF has indeed managed to reach 0.9700/0.9692 on July 27 but quickly retreated from a key area and should now commence robust recovery. The currency couple is currently aiming for resistance at 0.9809/16, which will in turn attempt to halt appreciation of the greenback and prevent attainment of higher levels - 0.9906/32 and a long-term target at 1.0042/86.
Bullish correction of USD/JPY has been terminated ahead of resistance at 78.80, leading to a possible breach of an interim support level at 78.37 and increased possibility of 78.08/06 being attained in the short-term, since both daily and weekly indicators give sell signals. Additional supports may be found at 77.83 and 77.66/63, but should remain intact for now.
Extension of cable's appreciation was denied by 100 and 200 day SMAs in conjunction with an uptrend resistance at 1.5728/79. This wide but nonetheless dense zone is expected to cap the currency pair for a prolonged period of time, being that most of mid and long-term technical studies suggest resumption of bearish activity and thereby of pair's focus on supports
As expected, 1.2378/1.2447 withstood bullish onslaught on Friday and redirected EUR/USD towards an initial support situated at 1.2244/33. The subsequent area is located at 1.2106/1.2088 and guards 1.1926/1.1896, where we are likely to see a strong rebound, given that there is a formidable downtrend support, which has been respected by the market since the start of the year.
Since the end of April EUR/CHF currency pair has kept a very narrow sideways price trend, fluctuating around 1.2010. Just recently it has touched 20-day SMA at 1.2009 and is heading towards 55-day SMA at 1.2010, which might prove to be a formidable resistance level for the current bullish correction. If 1.2010 is breached, then the next resistance at 1.2012
The positive impulse given to the pair on Wednesday is continuing, as the pair is on the upside for the third consecutive day. The Upper Bollinger band is likely to be the closest target for bulls at 0.8086. In case of trend change, 200-day SMA at 0.7995 is likely to support the pair from further slides.
Following the downward channel trend, USD/CAD is continuing its slide, and is likely to hit pattern's support line in the beginning of next week. Before that, the pair still has to pierce weekly S1 at 1.0662. After a trend reversal, the first bearish targets might be near 20-day MA at 1.0152.
As the pair continues a movement within an upward channel, we observe a strong bullish movement for the third consecutive day. The Upper Bollinger band at 1.0447 could be a strong resistance level for the pair, after which a trend reversal is likely. The targets for the beginning of the next trading week are 200-day SMA at 1.0297 and 20-day