"Our take on his underlying message remains the same - the Fed stands ready to take further action if needed, but it is not yet ready to do so beyond the June extension of Operation Twist."- Brown Brothers Harriman (based on MarketWatch)Pair's Outlook|The New Zealand dollar jumped higher against the American dollar today, trading above the 200-day simple moving average. As bulls currently dominate the
The US dollar inched lower today against the Canadian dollar and at the moment the pair is floating next to the 200-day SMA (1.0100). In case bearish momentum continues, 1.0078 (32.80% Fibo) is going to be an initial resistance line for currency traders. If this level is left behind, investors might encounter the second and third support lines at 1.0043 (Lower Bollinger band) and 0.9969
The Australian dollar is still trading above the 200-day and it is confidently approaching an initial resistance line at 1.0400. In case bullish momentum strengthens further, investors might encounter the second and third resistance levels at 1.0490 (R3 Weekly) and 1.0574 (23.60% Fibo), respectively.
The Euro continues mildly declined against the Japanese Yen. If bearish momentum intensifies, 96.21 (Upper support line; S1 Weekly) is going to be an initial support level among currency traders. 95.60 (June 1 Low) and 95.11 (S2 Weekly) are likely to be next once an initial level is pierced.
Level at 0.9805 proved to be resilient by forbidding USD/CHF to rally far above it for the last three days. Still, we stick to out view that the pair is bullish in the medium to long term, given that majority of technical indicators give "buy" signals for daily and weekly timeframes at the moment. Nonetheless, USD/CHF may drop down to
The currency pair has penetrated several supports and is currently testing 78.52 - the last obstacle en route to 78.08/77.97. The latter level is unlikely to give in easily, however, if it is broken, there will be no considerable levels until 76.69/39 and the downward move will have a lesser chance to be delayed by bullish corrections and consolidations.
GBP/USD returned back above 1.5650 regardless of an expected sharp dip down to 1.5592/81 yesterday, which in turn confirms its intentions to recommence advancement towards 1.5721/43. There the pair will encounter a confluence of resistances, including 200 day SMA, and supposedly will have a hard time overcoming it. In case the rally fails to extend, supports at 1.5592/81 and 1.5542/21
EUR/USD continues to consolidate just above support at 1.2247 after several repeated attempts to close below it, thus proving to have lack of bearish momentum. The pair is likely to remain flat for now, but should be able to erode the initial level and a subsequent one at 1.2161 in the longer term. In the meantime, rallies are to be
The Kiwi dollar deteriorated against the US dollar today, trading below 200-day simple moving average (0.7983). However, bulls are still aiming to overcome this level, which is also confirmed by 61.80% Fibonacci level. A breach of 0.8021 (R1 Weekly) would clear the way for 0.8054 (Upper Bollinger band) and 0.8158 (R3 Weekly), accordingly.
The greenback slightly pairs previous daily losses against the Canadian dollar, though the downward pressure still weighs on the pair. In case a bullish reversal emerges, 1.0170 (PP Weekly) is going to be an initial resistance line for currency traders. If this level is left behind, investors might encounter the second and third resistance lines at 1.0229 (55-day SMA) and 1.0298 (Upper Bollinger band; R2 Weekly),
The Aussie dollar is trading above the 200-day SMA; currently the pair slightly fell, but the bullish momentum is likely to hold. And if this is the case, investors might test an initial resistance level at 1.0350 (Upper Bollinger band), followed by 1.0385/400 (38.20% Fibo; R2 Weekly) and 1.0574 (23.60% Fibo) if a breakout occurs, respectively.
The Euro continues trading in a flat trend against the Yen. If bullish momentum adds to gains, 97.87 (61.80% Fibo) is going to be an initial resistance level among investors. 98.88 (R2 Weekly) and 99.47 (100-day SMA) are likely to be next once an initial level is pierced.
Resistance at 0.9805 withstood bullish pressure and managed to contain the pair yesterday. Nonetheless, being that majority of indicators point to the upside, this level is prone to be eroded and thus pave the way towards 0.9873 and 0.9906/40. In the meantime, near-term dips should be limited by supports situated at 0.9737, 0.9698/69 and 0.9604/02.
Since June 26 USD/JPY has been choppy without making any pronounced moves due to a large amount of supports and resistances scattered around the price. However, provided that the currency pair breaches 78.85/84, it will not encounter dense support areas until 78.08/77.97 and will be able to accelerate bearish motion. Upward advancement, on the other hand, will be difficult and
Despite GBP/USD closing above 1.5650 yesterday, rally was not sustained, leading to a dip, which is expected to extend further and erase at least some of the gains made previously. Given that most of technical indicators give sell signals, the Cable is inclined to drop to an interim support at 1.5596/80. Further weakening of the British Pound will be hindered
Recovery of the currency pair has faltered ahead of resistance at 1.2332 and is likely to turn back into a long-term fall of the price, as it was only a temporary bullish correction. An initial support line is located at 1.2247, followed by 1.2161 and 1.2106/1.2075, where we might see a stronger rebound. In case the latter level is breached,
NZD/USD edged higher today, touching 200-day simple moving average (0.7983). Bulls aim at overcoming the level, which is also confirmed by 61.80% Fibo. A breach of 0.8021 (R1 Weekly) would clear the way for 0.8054 (Upper Bollinger band) and 0.8158 (R3 Weekly), accordingly.
USD/CAD remains under downward pressure during Tuesday session. In case a bullish reversal emerges, 1.0170 (PP Weekly) is going to be an initial resistance line for currency traders. If this level is left behind, investors might encounter the second and third resistance lines at 1.0229 (55-day SMA) and 1.0298 (Upper Bollinger band; R2 Weekly), accordingly.
The Australian dollar advanced versus the American dollar and for now it maintains a positive momentum, hitting a 200-day simple moving average. In case the pair manages to close above this line today, investors might expect an initial resistance level at 1.0350 (Upper Bollinger band), followed by 1.0385/400 (38.20% Fibo; R2 Weekly) and 1.0574 (23.60% Fibo), respectively.
The shared European currency slightly edged higher versus the Japanese Yen after the bearish mood slightly eased as investors await the Fed meeting on Tuesday. If bullish mood intensifies, 97.87 (61.80% Fibo) is going to be an initial resistance level among investors. 98.88 (R2 Weekly) and 99.47 (100-day SMA) are likely to be next once an initial level is pierced.
Support at 0.9805 was insufficient to reignite bullish behaviour of USD/CHF, which in turn is now slowly approaching a lower level at 0.9737. In case it proves to be as fragile as prior support, area at 0.9692/69 might come into play and give the pair upward impetus. Resistances, on the other hand, are at 0.9805, 0.9873 and 0.9906/40 and seem
At the moment we observe a small rebound of USD/JPY from 78.88/85, which is unlikely to extend further, being that overall technical studies are neutral. The currency pair is thus expected to consolidate near the support for now, until a more pronounced signal appears. In case the price commences strong recovery, it will face a confluence of many resistances at
Even though the majority of indicators pointed to the downside, the Cable has pushed higher through 1.5569/1.5609 and is currently struggling at a subsequent resistance line at 1.5650. However, the latter level is unlikely to be strong enough to contain the pair, therefore we expect a tough zone at 1.5721/32 to become a reversal point and send GBP/USD back to
EUR/USD is extending its bullish correction and may even attain a level of 1.2386/1.2419, if resistance at 1.2332 is unable to defy pair's bullish momentum. Nonetheless, long-term outlook remains bearish, despite current shallow rally. An interim support lies at 1.2247, followed by 1.2161 and a formidable support area from 1.2106 to 1.2075.