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The New Zealand dollar surged as Q2’s unemployment rate dropped to 4%.

The Kiwi has met strong buying interest at 0.6900 and the sideways action suggests that the sell-off has faded. Though the bulls will need to lift several levels of resistance before they could break the market’s indecision.

A higher low at 0.6980 is a sign that buyers are willing to commit, narrowing down the trading range in the process. 0.7105 would be a tough nut to crack but a breach could trigger a runaway rally as the short side seeks to unwind.

Daily Pivots: (S1) 129.06; (P) 129.47; (R1) 129.76; More....

Intraday bias in EUR/JPY remains neutral as range trading continues. Deeper fall remains mildly in favor with 131.07 resistance intact. On the downside, break of 128.85 will resume the fall from 134.11 to 127.07 resistance turned support next. On the upside, break of 131.07 resistance will argue that choppy fall from 134.11 has completed. Intraday bias will be turned back to the upside for 132.68 resistance first.

In the bigger picture, rise from 114.42 is seen as a medium term rising leg inside a long term sideway pattern. As long as 127.07 resistance turned support holds, further rise is still expected to retest 137.49 (2018 high). However, firm break of 127.07 will argue that the medium term trend has reversed, and open up the case for retesting 114.42.

Daily Pivots: (S1) 0.8516; (P) 0.8536; (R1) 0.8546; More...

Intraday bias in EUR/GBP remains neutral at this point. On the downside, break of 0.8498 support will resume the choppy corrective fall from 0.8718 towards 0.8470 low. On the upside, break of 0.8555 minor resistance will turn bias back to the upside for 0.8668 resistance instead.

In the bigger picture, price actions from 0.9499 are still seen as developing into a corrective pattern. Deeper fall could be seen as long as 0.8718 resistance holds. However, firm break of 0.8717 would argue that a medium term bottom was already formed. Stronger rise would be seen to 0.8861 support turned resistance to confirm completion of the corrective pattern.

The Australian dollar jumped after the RBA kept its tapering course despite dovish guidance. The Aussie is making an attempt to reverse the gears.

The RSI divergence was an indication that the bearish momentum had died down. The break above 0.7360 may have prompted sellers to cover, allowing buyers to build a support base.

0.7360 is fresh post-RBA support. Then 0.7320 is a major level if a pullback goes deeper.

On the upside, a close above the support-turned-resistance at 0.7410 may extend the rebound to 0.7480.

Daily Pivots: (S1) 1.6011; (P) 1.6072; (R1) 1.6107; More...

EUR/AUD is still bounded in range of 1.5925/6182 and intraday bias remains neutral first. Near term outlook stays bullish as long as 1.5925 support holds. On the upside, break of 1.6182 will resume the rise from 1.5250 to 1.6827 resistance next. However, firm break of 1.5925 will bring deeper fall back to 1.5614 structural support instead.

In the bigger picture, a medium term bottom was formed at 1.5250, on bullish convergence condition in daily MACD. Rise from 1.5250 is currently seen as a correction to the down trend from 1.9799 first. Stronger rise would be seen to 38.2% retracement of 1.9799 to 1.5250 at 1.6988 next. We'd tentatively expect strong resistance from there to limit upside, at least on first attempt.

Daily Pivots: (S1) 1.0715; (P) 1.0734; (R1) 1.0747; More....

Intraday bias in EUR/CHF remains on the downside at this point. Current fall from 1.1149 would target a retest on 1.0505 low. On the upside, 1.0802 support turned resistance is needed to indicate short term bottoming. Otherwise, outlook will stay bearish in case of recovery.

In the bigger picture, rebound from 1.0505 (2020 low) should have completed at 1.1149 already. The three wave corrective structure argues that the downtrend from 1.2004 (2018 high) is not over yet. Medium term outlook will now stay bearish as long as 1.1149 resistance holds. Break of 1.0505 low would be seen at a later stage.

Daily Pivots: (S1) 0.7365; (P) 0.7387; (R1) 0.7415; More...

Intraday bias in AUD/USD remains neutral for the moment. Near term outlook stays bearish with 0.7443 support turned resistance intact, and further decline is in favor. On the downside, break of 0.7288 will resume the whole fall from 0.8006 and target 161.8% projection of 0.8006 to 0.7530 from 0.7890 at 0.7120 next. On the upside, break of 0.7443 will bring stronger rebound to 0.7530 support turned resistance instead.

In the bigger picture, rise from 0.5506 medium term bottom could have completed at 0.8006, after failing 0.8135 key resistance. Correction from there could target 0.6991 cluster support (38.2% retracement of 0.5506 to 0.8006 at 0.7051). We'd look for strong support from there to bring rebound. However, sustained break of this level would argue that the whole medium term trend has indeed reversed.

Daily Pivots: (S1) 1.2491; (P) 1.2534; (R1) 1.2577; More...

Intraday bias in USD/CAD remains neutral as consolidation from 1.2421 continues. Further fall is expected as long as 1.2605 resistance holds. On the downside, break of 1.2421 will resume the decline from 1.2805 to 1.2301 cluster support (61.8% retracement of 1.2005 to 1.2805 at 1.2311). However, firm break of 1.2605 will turn bias back to the upside for retesting 1.2805 resistance.

In the bigger picture, fall from 1.4667 is seen as the third leg of the corrective pattern from 1.4689 (2016 high). It should have completed after hitting 1.2061 (2017 low) and 50% retracement of 0.9406 to 1.4689 at 1.2048. Sustained break of 38.2% retracement of 1.4667 to 1.2005 at 1.3022 will pave the way to 61.8% retracement at 1.3650 and above. Overall, medium term outlook remains neutral at worst with 1.2048/61 support zone intact.

Daily Pivots: (S1) 1.1848; (P) 1.1870; (R1) 1.1887; More...

Outlook in EUR/USD remains unchanged and intraday bias remains neutral first. A short term bottom was formed at 1.1751. On the upside, above 1.1907 will resume the rebound to 1.1974 resistance first. Firm break there should argue that whole corrective pattern from 1.2348 has completed. On the downside, however, break of 1.1751 will resume the fall from 1.2265 to 1.1703 support instead.

In the bigger picture, rise from 1.0635 is seen as the third leg of the pattern from 1.0339 (2017 low). Further rally could be seen to cluster resistance at 1.2555 next, (38.2% retracement of 1.6039 to 1.0339 at 1.2516). This will remain the favored case as long as 1.1602 support holds. Reaction from 1.2555 should reveal underlying long term momentum in the pair. However sustained break of 1.1602 will argue that the rise from 1.0635 is over, and turn medium term outlook bearish again.

Daily Pivots: (S1) 1.3884; (P) 1.3911; (R1) 1.3942; More....

Intraday bias in GBP/USD remains neutral as consolidation from 1.3982 is extending. Outlook is unchanged that corrective pattern from 1.4240 could have completed with three waves down to 1.3570. Further rise is expected as long as 1.3766 support holds. On the upside, break of 1.3982 will resume the rise from 1.3570 to retest 1.4248 high. However, break of 1.3766 support will dampen this bullish view and bring retest of 1.3570.

In the bigger picture, as long as 1.3482 resistance turned support holds, up trend from 1.1409 should still continue. Decisive break of 1.4376 resistance will carry larger bullish implications. However, firm break of 1.3482 support will argue that the rise from 1.1409 has completed. GBP/USD would then be seen in another leg of long term range pattern between 1.1409 and 1.4376. Deeper fall could then be seen to 61.8% retracement of 1.1409 to 1.4248 at 1.2493, and even below.