The single European currency moved lower against the Yen on continuing worries over Greece and Spain. If the bearish momentum intensifies further, the initial support level at 99.43 (Initial support line) is likely to be in focus by the bears. Once this barrier is left behind, 98.88 (Lower Bollinger band; S1 Weekly) and 97.73 (S2 Weekly) are going to be exposed to bearish investors.
The currency pair is slowly inching lower, but nonetheless keeps it overall upward tendency, current dip presumably being only a phase of bearish correction. The price may fall down to 0.9531/01, but should be underpinned there and sent back up, in order to conquer resistances at 0.9659, 0.9756 and at 0.9902. In case the support at 0.9531/01 does not withstand
USD/JPY continues to struggle with a downtrend resistance at 79.57/62, but still remains unable to overcome it. In order to gain enough bullish momentum to penetrate the latter level, the currency pair will have to rebound from 79.10/78.96 (200 day SMA) or to extend its dip down to 76.87/71, where robust long-term recovery could be started.
Following increased volatility of GBP/USD, the pair is presently taking a brief respite before resuming its bearish advancement. Therefore the outlook for today is neutral, since the price should be contained by an interim resistance situated at 1.5718 and an initial support at 1.5616/1.5589. However, we cannot rule out more extensive movements of the Cable, given that there are no
EUR/USD has closed the gap after the weekend and is currently attempting to bounce off a downtrend support at 1.2492, which in turn is reinforced by 1.2433. Breach of the latter level will imply increased possibility of the pair trading even lower, down to 1.2300. Initial resistance is located at 1.2628/42, followed by subsequent levels at 1.2761and at 1.2818.
NZD/USD opened higher today as the possible of the Grexit faded after the Greek polls showed the political parties, favouring the continuation of bailout, are leading. However, the bearish momentum remains strong, and NZD/USD might slump towards an initial support level at 0.7573. Support levels at 0.7470 (S1 Weekly) and 0.7417 (Lower Bollinger band) to remain in focus once there is a breakout of the initial
USD/CAD opened lower today after the Greek poll revealed that the pro-bailout parties are likely to overtake majority in the Greek parliament. Thus, a risk of the downside movement persists, therefore if the bearish correction deepens, AUD/USD could retrace to 1.0200 (initial support line) and it could down to the weekly support line at 1.0170 As the pair is trading above 200-da ma, the bullish trend
Aussie appreciated against the US dollar as the risk of Grexit (Greece leaving Eurozone) slightly faded. The pair has been holding above the weekly pivot point at 0.9812, however it is likely that the pair could retrace further and if this is the case, it is likely to test the 0.9705 (lower support line) and the 0.9690/60 zone (S1 Weekly;
EUR/JPY opened with an upward gap today after the latest polls in Greece showed the pro-bailout parties are taking the lead. If the bearish momentum intensifies further, the initial support level at 98.88 (Initial support line; Lower Bollinger band) is likely to be targeted by the bearish investors. In case the level is breached, 97.73 (S2 Weekly) and 97.02 (January
Despite a temporary weakness of USD/CHF, the pair still preserves its bullish potential. Upward momentum should be reignited once the price touches a support area at 0.9503/18, although we cannot rule out a deeper retracement, possibly down to 0.9466. The initial resistance, on the other hand, lies at 0.9659, guarding subsequent levels at 0.9756 and 0.9902.
USD/JPY remains unable to breach a downtrend resistance line at 79.62, which should not be violated until the currency pair rebounds from 76.94, being a key support for now. After 79.62 is penetrated, further growth of the price will be hampered by a number of formidable resistances located within levels 80.64 and 81.14, but these should be overcome in order
GBP/USD is humbly advancing towards 1.5718, which in turn is reinforced by 1.5790/1.5807, capping the Cable from above. Following a precipitous fall of the pair during a whole month, it may consolidate ahead of a support at 1.5616/1.5589, but nonetheless the overall outlook is presently negative, and will remain such until a long term target at 1.5253 is attained.
A tough support located at 1.2509 has managed to repel attack of the price, but bearish bias persists and has not yet vanished, as indicated by MACD and five alternative studies. Current rally of EUR/USD should be limited by resistance areas situated at 1.2628/42 and at 1.2761/1.2828, implying the currency couple will refocus supports after encountering these zones.
The pair managed to stabilize today after a sharp downfall on Thursday. If the bearish mood holds, the initial support level at 99.76 (Lower support line; Lower Bollinger band) to remain in focus among the investors. A breakout here would expose 98.40 line (S2 Weekly) and, eventually, 97.34 (January 2012 low).
The Australian dollar attempted to rebound from the recent lows after Germany compromised on the common Eurobonds today. Although 0.9826 (S1 Weekly) has been pierced on Wednesday, the pair is still floating above 0.9705 (Lower support line; Lower Bollinger band) and 0.9648 (S2 Weekly). If the bearish impetus strengthens afterwards, these levels will be targeted by bearish investors.
USD/CAD rallied again, though the bullish momentum is losing strength after the EU members backed joint EU bonds. Thus, a risk of the downside movement increases, therefore if the bearish correction occurs, AUD/USD could retrace to 1.0165 (initial support line; R2 Monthly). As the pair is trading above 200-da ma, the bullish trend is prone to stay strong over the short run.
NZD/USD bounced of the 0.7445/80 zone on easing worries over the Euro zone prospects after the EU members backed common EU bonds. For now, the bearish momentum remains strong, thus NZD/USD might test 0.7458 (Weekly S1) before diving further. Support levels at 0.7417 (Lower Bollinger band) and 0.7369 (November 2011 low) are going to be the next targets for bears.
EUR/USD has stalled near 1.2509 and is currently attempting to recover, as a result we may observe a shallow rally, which should be capped by 1.2640/42. Accordingly, we expect the major bearish trend to persist, being that almost all of the daily indicators imply continuation of a fall. After 1.2509 is breached, the dip may extend down to 1.2377, although
The Cable is pushing through another support at 1.5654 and is likely to maintain its downward course until a key level situated at 1.5263/59 is reached. However, while advancing towards the latter line, the currency pair has to overcome 1.5616, 1.5553, 1.5497 and 1.5427. Therefore the slide down should not be straightforward and in a very first attempt.
USD/JPY is challenging a downtrend resistance at 79.81 yet another time, but these attempts are expected to continue to fail as long as the pair does not encounter a tough support situated at 77.04/76.94, where, in turn, a strong bullish momentum should be reignited. Afterwards the downtrend resistance and some of the subsequent resistance will be overcome en route to
USD/CHF carries on ignoring all the obstacles on its way upwards, implying attainment of even higher levels in near future. Nonetheless, it should soon start another bearish correction, presumably in the vicinity of 0.9596 or 0.9692, before adding to gains. At the same time intermediate support is at 0.9507, which is reinforced by 0.9466 and thus unlikely to give in
NZD/USD moved south today, as it was suggested yesterday, on increasing worries over the Euro zone prospects. For now, the bearish momentum remains strong, thus NZD/USD is prone to test 0.7458 (Weekly S1) before diving further. Support levels at 0.7417 (Lower Bollinger band) and 0.7369 (November 2011 low) are going to be the next targets for bears.
USD/CAD continued the rally today, reaching a 2-month high at 1.0298 (also upper resistance line; R1 Weekly), paving the way to 1.0383 as the next target for bulls. If the bearish correction occurs, AUD/USD could retrace to 1.0165 (initial support line; R2 Monthly). As the pair is trading above 200-da ma, the bullish trend is prone to stay strong in the short term.
AUD/USD fell further today on the Euro zone concerns, approaching the lower Bollinger line. Although the levels at 0.9742 and 0.9705 have been tested, exposing Weekly S2 at 0.9648, for now the pair failed to hold below the Bollinger band, thus a bullish correction might follow suit.