The New Zealand Dollar edged lower during the previous trading session. During this short period of decline, the currency pair breached both the 50-, 100-, and 200-hour simple moving average.
Bulls guided the US Dollar towards the upper boundary of a descending channel against the Canadian Dollar, following the Canadian GDP release on Thursday at 12:30 GMT. The currency pair gained about 50 base points.
Downside momentum has been dominating the AUD/USD currency pair since August 28. This bearish movement began when the Austrian Dollar hit the upper boundary of a descending channel.
Positions Today Yesterday % Change Longs 49% 50% -2.04% Shorts 51% 50% 1.96% Indicator 4H 1D 1W MACD
The European Single Currency appreciated 0.25% against the US Dollar during morning hours. The currency pair bounced off the bottom of a new trend line and retraced back to the monthly pivot point near the 1.1690 level to remain relatively unchanged from the previous trading session. The rate was at the 1.1680 level.
No changes occurred to the NZD/USD exchange rate on Wednesday as the pair traded with low volatility. However, the situation changed during the Asian session on Thursday when a bearish movement took control of the market.
No massive changes occurred to the USD/CAD exchange rate position on Wednesday. Even though the US Preliminary GDP macroeconomic data released came out positive, the currency pair traded with low volatility.
Strong bearish sentiment guided the AUD/USD currency pair on Wednesday. The Australian Dollar breached the monthly S1 and the weekly pivot point during the morning hours of yesterday session which was followed by a 1% decline against the US Dollar.This sentiment allowed the pair to return to a dominant descending channel.
As predicted, the 23.60% Fibonacci retracement level held firm on Wednesday and the 130.40 mark was breached during the end of the trading session. The currency pair also tested the upper boundary of a dominant descending channel during the surge.
The European Single Currency depreciated against the US Dollar on Thursday morning. The currency pair bounced off the bottom of the trend line and the monthly pivot point near 1.1690. In addition, the currency pair was supported by 55-hour SMA. The EUR/ USD rate was trading lower than the previous high of 1.1730 which we could see on Tuesday
No significant changes occurred in the positioning of the NZD/USD currency pair on Tuesday. Lack of outside pressure resulted in the rate to remain within a trading range. However, the price still managed to breakout out through the upper boundary of a dominant descending channel by the end of the session.
Bears guided the US Dollar to a two-month low level on Tuesday. The currency pair managed to reverse from its two months low at the end of the trading session. However, the weekly S2 limited the momentum of the bulls.
The Australian Dollar made no significant changes to its overall position against the US Dollar during the previous trading session. As the 0.7360 marks limited any attempts made by bulls traders to move the rate higher.
The common European currency edged higher during the morning hours on Tuesday. This surge was stopped near the monthly pivot point at 130.40 which introduced downside pressure considerably on the rate. As a result, the currency pair tested the 50-hour simple moving average during the Asian session on Wednesday.