After testing .8400 resistance in the past few weeks, NZD/USD looks ready to head back to the bottom of its range, as seen on the 1-hour time frame. There’s support at the .8200 major psychological level, which has held in the past few weeks as well.
USD
The US dollar was unable to pocket more gains, as the risk-on trading environment kept its rallies at bay. There were no reports released from the US but cautious comments from Fed officials weighed on the lower-yielding currency.
AUD/USD has just come off a strong selloff and looks ready to make a pullback to the Fibonacci retracement levels marked on the 4-hour time frame. It seems that the right shoulder on the potential head and shoulders pattern is about to form if the Fib levels hold.
USD
The US dollar extended its losses to its major counterparts in yesterday’s trading, despite the lack of data from the US economy.
EUR/GBP has sold off in the past few days but the daily time frame seems to suggest that a bounce is in the cards. The pair is currently testing the bottom of the descending channel right around the .8400 major psychological support level.
USD
The US dollar weakened against most of its counterparts on Friday, as data from the US turned out below expectations.
Last week’s anti-dollar sentiment and relatively upbeat data from the U.K. has triggered a bounce from the bottom of the descending support level on GBP/USD, yet a descending resistance level can also be seen.
USD
The US dollar’s reaction to Yellen’s confirmation speech was already priced in, as the text of the testimony was released a day ahead. Because of that, there were no wild moves among dollar pairs during the actual event, although it did see a quick selloff when Yellen mentioned that there are several risks in withdrawing stimulus too soon.
EUR/AUD might be ready to resume its drop, as the pair is testing the top of a falling channel on its 4-hour time frame. Stochastic is pointing down from the overbought region, indicating that bears are ready to push the pair lower.
USD
The US dollar was wiped out yesterday when the prepared text of Janet Yellen’s speech was released. The transcript revealed what many were expecting, that Yellen would likely keep stimulus in place until the economy is able to show a significant recovery.