NZD/USD traded flat today after the release of disappointing macroeconomic figures. Support levels at 0.7470 (S1 Weekly) and 0.7417 (Lower Bollinger band) are going to be the initial targets in case bearish trend continues; however, near 0.7417/0.7368, a consolidation and further trend reversal is likely to happen as bears will face a fierce bullish resistance there.
The pair rallied today after the release of US macroeconomic data. If the bearish reversal takes place, 1.0200 (initial support line) is likely to be targeted by the bears. Once this level is successfully approached, 1.0170 (S1 Weekly) and 1.0082 (200-day ma) are going to be in focus among bearish investors.
AUD/USD traded flat today as the latest US data showed the US labour market is still weak (8.2% act./8.1% est. unemployment rate). If the pair fails to fall further, it could retrace to 0.9662 (November 2011 low; lower Bollinger band), a breakout of which would expose 0.9567 (S2 Weekly) and 0.9445 (Lower support level; 23.60% Fibo).
The Euro dived against the Japanese yen today, reaching an all-time low as concerns over Spain and Greece intensify. Therefore, bearish traders should closely watch the initial support level at 97.01 (January 2011 low), while a breach here would pave the way to 96.50 (Lower Bollinger band; S3 Monthly) and 96.11 (S2 Weekly).
Bullish inertia of USD/CHF seems to be waning ahead of 0.9756, suggesting an increased possibility of a tepid bearish correction before the currency couple resumes growth. The pullback may result in a dip down to 0.9659, although we cannot rule out a deeper retracement to 0.9535/0.9497, since the recent rally is overextended and requires a brief pause.
USD/JPY is now rapidly advancing towards 77.06. Although before reaching it, the currency pair will have to clear out supports situated at 78.07 and at 77.63, which in turn will attempt to halt southward movement. On the other hand, rallies are unlikely to appear, given a number of tough supports that lie overheard. An initial level is at 78.59, followed
The Cable is eroding a support at 1.5371 at the moment, after which we are likely to observe a dip down to 1.5259 - a key support. Despite the strength of the bearish momentum, which is shown by the daily indicators, the currency couple should stabilise ahead of the latter level, as suggested by longer term studies. An interim resistance
EUR/USD is closing in on 1.2300, which should be capable of holding the currency pair until the end of the current week and trigger some short squeezing. The rally, however, is likely to be shallow, up to 1.2433 or up to 1.2628/60. The long-term outlook remains negative, thus we should observe more bearish behaviour from the price later in June.
NZD/USD took a plunge today after the release of the optimistic preliminary US GDP data, triggering bearish trend today. Support levels at 0.7470 (S1 Weekly) and 0.7417 (Lower Bollinger band) are going to be the initial target as the bearish trend progresses, however, near 0.7417/0.7368, a consolidation and further trend reversal is likely to happen as bears will face a fierce bullish resistance there.
The pair advanced further today after the US preliminary GDP data showed an increase (1.7% act./1.5% est.), beating analysts' estimates. However, if the bearish reversal takes place, 1.0200 (initial support line) is likely to be targeted by the bears. Once this level is successfully approached, 1.0170 (S1 Weekly) and 1.0082 (200-day ma) are going to be targeted by the currency traders.
The Aussie dollar plummeted today against the US dollar on the release of preliminary quarterly GDP Price Index (1.7% act./1.5% est.). Therefore, if the pair moves downwards further, 0.9662 (November 2011 low; lower Bollinger band) and 0.9567 (S2 Weekly) are likely to in focus by the bearish traders. However, if the pair fails to fall, it could retrace to the weekly pivot point at 0.9812,
The shared European currency dived against the Yen as the EU commission and Germany cannot agree over the direct bank landing to support Spain. This news strengthened bearish momentum, causing the pair to hit the daily forecast mean at 98.16, exposing 97.01 (January 2011 low) and 96.50 (Lower Bollinger band; S3 Monthly) for the bearish traders.
USD/CHF has just bounced off an accelerated uptrend resistance and is presently consolidating before attempting to violate resistance at 0.9756, which guards a subsequent level at 0.9902. In case the latter level does not halt the pair as well, a rally may extend up to 1.0065. From below the currency pair is supported by 0.9659 and 0.9535/14, limiting potential losses
Just as anticipated, the Japanese Yen has appreciated considerably against the U.S. Dollar and breached a formidable support zone at 78.67/59, which is expected to lead to continuous selling off, down to 77.06. However, USD/JPY will have to overcome 78.67/59 and 78.07, before targeting lower levels. Near-term rallies, on the other hand, will be limited by a resistance at 78.98/79.26.
GBP/USD has effortlessly pierced through a number of supports, implying further bearish behaviour in a coming week. Only levels at 1.5427 and 1.5371 separate the currency couple from reaching its long-term target at 1.5259, where we are likely to see the price rebounding. An initial resistance may be found at 1.5509, followed by 1.5545 and 1.5589/1.5616.
Despite a tough support situated at 1.2433, the currency pair continued to trade lower. At the moment EUR/USD is approaching a subsequent level at 1.2300, encounter with which will result in a short squeeze up to 1.2433. Nonetheless, as suggested by most of the indicators, the overall outlook for the price is negative, as it is currently moving in the
The common European currency continued moving south today as worries over Spain intensified today. With the fundamental factors remaining unchanged, the bearish momentum has a chance to intensify and in this case, initial support level at 98.43 (Initial support line) is likely to be in focus by the bears.
Bullish trend in AUD/USD is weak as uncertainty over Greece does not support bulls at the moment. Therefore, if the pair moves higher, it is likely to test the psychological level at 0.9900.
The pair inched lower today as concerns over Greece are easing, though worries over Spain weighed in, thus the retracement is somewhat bleak. However, if the bearish trend continues, 1.0200 (initial support line) is likely to be targeted by the bears.
NZD/USD managed to advance higher, though the bullish advancement was moderate today. As concerns over Spain and Greece grow, the uplift in NZD/USD is likely to be short-lived, and NZD/USD could slide towards an initial support level at 0.7573 (PP Weekly; Initial support line).
Despite the bullish momentum of USD/CHF gradually fading, the currency couple is anticipated to continue climbing higher. An interim resistance lies at 0.9659, followed by 0.9756 and 0.9902.
A downtrend resistance line that stretches from May 15 is still not allowing USD/JPY to aim for higher levels unimpeded. Therefore we are unlikely to observe notable rallies by the currency pair in the coming month.
The Cable is continuously being sold off, maintaining its southwards direction. At the moment the pair is testing 1.5616/1.5589, which is unlikely to provide sufficient support and commence recovery of the price.
Downtrend support line is about to be breached, but since it is reinforced by 1.2433, bearish breakout is unlikely to appear today. However, once 1.2433 is violated, EUR/USD should aim for lower levels. First, 1.2300, then 1.2105 and ultimately - 1.1662.