The US dollar initially plummeted during the course of the week against the Japanese yen but then turned around to show signs of strength again. The weekly candlestick is a hammer but at the end of the day we are sitting just below a major resistance barrier.
The Australian dollar has fallen rather significantly during the course of the week but has also spent most of the week recovering after that initial shock. The question now is whether or not it can recover fully?
The British pound has rallied a bit during the course of the trading session on Friday as we are testing the ¥152 level. That is an area that has been important more than once over the last couple weeks, and I think extends into the ¥152.50 level.
The Australian dollar initially pulled back a bit during the course of the trading session on Friday but then turned around to show signs of strength. That being the case, it looks as if we are getting ready to bounce.
The Canadian dollar edged lower against its U.S. counterpart on Friday, but was on track to end a volatile week slightly higher as global equity markets rose and a preliminary estimate showed Canadian retail sales recovering in June. Since the start of the week, the Canadian currency has gained 0.2%, after three weekly declines.