AUD/USD appears to be trading in a sort of a broadening ascending channel. At the moment the Aussie is right at the upper boundary of the pattern, which implies a sell-off from 0.7240.
So far Thursday is bullish for EUR/JPY, as the currency pair bounced off of the 55-day SMA, up-trend, and weekly PP at 130.60/50.
American currency weakened across the board yesterday, while pushing safe-haven prices further to the upside.
During the last two days USD/JPY has nearly negated all its gains after Jan 19, as the monthly pivot point was unable to stop Dollar's depreciation yesterday.
Yesterday, amid broad USD weakness the Cable soared through the weekly R2 and even managed to test the 1.4681/53 resistance area, which consists of the weekly R3 and monthly R1 levels.
Poor services data from the US hit the Dollar on Wednesday. EUR/USD touched the highest level since October, while crossing several crucial resistances.
The Kiwi was expected to undergo a correction in a more gradual manner—within the recently established channel.
The initial reaction after USD/CAD touched the trend-line was bullish, but today the Greenback remains under heavy selling pressure, as it failed to recover past the weekly pivot point.
Yesterday, the Aussie completed a correction within the bullish channel, meaning today the currency is likely to close in green.
After several attacks on 132 yen the Euro retreated, and the price is already back at the trend-line we left last Friday.
Risks for gold are skewed to the downside, as the XAU/USD cross is hovering just around an extremely important resistance, namely 200-day SMA at 1,129.
Despite the support from the technical indicators the latest rally from 116.50 yen proved to be unable to extend beyond the 200-day SMA, meaning the outlook remains bearish.
After piercing thкough the monthly pivot point the Cable confirmed 1.4389/80 as the new support.
EUR/USD booked some moderate gains throughout the session on Tuesday, but it was repeatedly contained by the two-month downtrend line at 1.0940.
Although it might be too early to make a conclusion, but USD/CAD appears to have bounced off of the rising trend-line at 1.3950, meaning the current target is the weekly pivot point at 1.4082.
Just like EUR/JPY, the Aussie is headed towards the major resistance trend-line (lower boundary of the broken triangle), which is highly unlikely to let the recovery from 0.6830 to extend beyond 0.7160/40.
NZD/USD trades within a correctional bullish channel after falling sharply during the Dec 29-Jan 14 period.
EUR/JPY preserves strong bullish momentum, gaining every single day since Jan 20.
The most significant moving average line on a 200-day time frame was touched in early November last time.
While a cluster of numerous studies, including the 100-day moving average and a long-term trend-line, proved to be unable to resist the latest rally, the 200-day SMA successfully weathered increased demand for the Dollar.
The Cable keeps balancing between gains and losses, being unable to start a new trend.
The single currency is holding to the gains that it has registered over the first trading day of a new working week.
Last Friday the US Dollar weakened for the fourth consecutive time against the Canadian Dollar.
In wake of mixed fundamental data results last Friday, the Australian currency ended the day relatively unchanged against its US counterpart.