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The New Zealand dollar inched lower after the Q1 CPI fell short of expectations. A break below the daily support of 0.6730 revealed a lack of buying interest so far.

Sentiment turned cautious after the daily chart exhibited a bearish MA cross. On the hourly chart, the RSI’s oversold situation led to some profit-taking off 0.6720.

A bullish divergence suggests a slowdown in the current sell-off. Nonetheless, the bulls need to lift offers in the supply zone between 0.6820 and 0.6880 before a reversal could happen.

The Canadian dollar soared after red hot inflation readings in March. The greenback’s struggle to reclaim 1.2670 suggests a lack of momentum from the buy-side.

A fall below 1.2540 triggered a new round of liquidation and further confirmed the bearish RSI divergence. 1.2480 is the next support and an oversold RSI may attract some bargain hunters.

However, there is an expectation of stiff selling pressure around 1.2645 as the mood sours. A deeper correction could send the price below the critical floor at 1.2400.

Daily Pivots: (S1) 166.17; (P) 167.30; (R1) 168.16; More...

Intraday bias in GBP/JPY is turned neutral for some consolidations. But downside of retreat should be contained well above 159.02 support to bring rise resumption. On the upside, break of 168.40 will target 100% projection of 150.96 to 164.61 from 159.02 at 172.68.

In the bigger picture, up trend from 123.94 (2020 low) is still in progress, and notable support from 55 week EMA affirms medium term bullishness. Next target is 61.8% retracement of 195.86 (2015 high) to 122.75 (2016 low) at 167.93. Sustained break there will be a long term bullish signal, and could pave the way back to 195.86. This will now remain the favored case as long as 150.95 support holds.

Daily Pivots: (S1) 138.19; (P) 138.94; (R1) 139.48; More....

Intraday bias in EUR/JPY stays on the upside with 137.82 minor support intact. Current up trend should target 144.06 projection level next. On the downside, below 137.82 minor support will turn intraday bias neutral and bring consolidations first. But downside of retreat should be contained above 134.33 support to bring rally resumption.

In the bigger picture, up trend from 114.42 (2020 low) is in progress. Sustained break of 137.49 (2018 high) will resume larger pattern from 109.30 (2016 low). Next target will be 100% projection of 114.42 to 134.11 from 124.37 at 144.06. In any case, outlook will now remain bullish as long as 124.37 support holds, in case of deep pull back.

Daily Pivots: (S1) 0.8281; (P) 0.8308; (R1) 0.8332; More...

Intraday bias in EUR/GBP remains neutral for the moment. Further decline is still expected as long as 0.8379 resistance holds. Below 0.8248 will target a retest on 0.82101 low. On the upside, however, above 0.8379 minor resistance will turn bias back to the upside. Further break of 0.8511 will reaffirm that 0.8201 is a medium term bottom, and target 0.8697 medium term fibonacci level next.

In the bigger picture, a medium term bottom should be in place at 0.8201, on bullish convergence condition in daily and weekly MACD. Rise from there could either be a correction to the down trend from 0.9499 (2020 high), or a medium term up trend itself. In either case, further rise should be seen to 38.2% retracement of 0.9499 to 0.8201 at 0.8697. Sustained break there will target 61.8% retracement at 0.9003. This will remain the favored case as long as 0.8294 support holds.

Daily Pivots: (S1) 1.4531; (P) 1.4583; (R1) 1.4615; More...

EUR/AUD is staying in range trading from 1.4318 and intraday bias remains neutral. Outlook stays bearish with 1.4940 resistance intact. On the downside, break of 1.4318 will resume larger down trend to 1.3624 long term support next. On the upside, however, firm break of 1.4940 will indicate short term bottoming and turn bias back to the upside for 1.5327 resistance instead.

In the bigger picture, fall from 1.9799 is seen as a long term impulsive move. Next target is 61.8% projection of 1.9799 to 1.5250 from 1.6434 at 1.3623, which is close to 1.3624 long term support (2017 low). Some support could be seen there to bring interim rebound. But overall, break of 1.5354 support turned resistance is needed to be the first sign of medium term bottoming. Otherwise, outlook will stay bearish in case of recovery.

Daily Pivots: (S1) 1.0261; (P) 1.0281; (R1) 1.0315; More....

Intraday bias in EUR/CHF remains on the upside at this point for 1.0400 resistance. Firm break there will resume whole rebound from 0.9970, and target 1.0610 resistance next. On the downside, below 1.0246 minor support will turn intraday bias neutral first. But further rally is expected as long as 1.0086 support holds.

In the bigger picture, long term down trend from 1.2004 (2018 high) is still in progress. Next target is 100% projection of 1.2004 to 1.0505 to 1.1149 at 0.9650. In any case, sustained break of 1.0505 support turned resistance (2020 low) is needed to be the first sign of medium term bottoming. Otherwise, outlook will remain bearish.

Daily Pivots: (S1) 1.2436; (P) 1.2531; (R1) 1.2589; More...

The strong break of 1.2519 support suggests completion of rebound from 1.2401. Intraday bias in USD/CAD is back on the downside for 1.2401 support first. Firm break there will resume larger decline from 1.2899 to retest 1.2005 low. On the upside, though, break of 1.2675 will flip bias back to the upside for 1.2899 resistance instead.

In the bigger picture, focus stays on 38.2% retracement of 1.4667 (2020 high) to 1.2005 (2021 low) at 1.3022. Sustained break there should confirm that the down trend from 1.4667 has completed after defending 1.2061 long term cluster support. Further rise would then be seen towards 61.8% retracement at 1.3650. However, rejection by 1.3022 will maintain medium term bearishness. Break of 1.2005 will resume the down trend from 1.4667 and that carries larger bearish implications too.

Daily Pivots: (S1) 0.7395; (P) 0.7426; (R1) 0.7483; More...

Intraday bias in AUD/USD stays neutral at this point. On the upside, break of 0.7492 minor resistance will turn bias back to the upside for 0.7660. Firm break there will resume larger rise from 0.6991 to retest 0.8006 high. On the downside, below 0.7342 will target 0.7164 support.

In the bigger picture, correction from 0.8006 could have completed at 0.6966, after drawing support from 0.6991. That is, up trend from 0.5506 (2020 low) might be ready to resume. Firm break of 0.8006 will target 61.8% projection of 0.5506 to 0.8006 from 0.6966 at 0.8511 next. This will remain the favored case as long as 0.7164 support holds.

Daily Pivots: (S1) 1.0804; (P) 1.0835 (R1) 1.0887; More...

EUR?USD rebounds notably today but stays below 1.0922 minor resistance. Intraday bias remains neutral first. On the upside, break of 1.0922 should confirm short term bottoming at 1.0756. Intraday bias will be back on the upside for 1.1184 structural resistance next. On the downside, though, break of 1.0756 will resume larger down trend.

In the bigger picture, the decline from 1.2348 (2021 high) is expected to continue as long as 1.1494 resistance holds. Firm break of 1.0635 (2020 low) will raise the chance of long term down trend resumption and target a retest on 1.0339 (2017 low) next. Nevertheless, break of 1.1494 will maintain medium term neutral outlook, and extending term range trading first.