Bearish momentum prevailed in the market on Wednesday, thus pushing the US Dollar lower to a two-week low against the Canadian Dollar. The currency pair reached the bottom border of a descending channel during the end of yesterday session.
Downside risks pushed the AUD/USD pair lower on Wednesday even though technical sentiment were flashing a bullish signal; the rate fell below the 55-, 100-, and 200-hour SMAs during the end of the session.
Wednesday's session did not introduce massive changes to the EUR/JPY currency pair price range, as the weekly R2 at 128.19 restricted attempts made by bulls to push the rate higher.
The Japanese Yen has still be depreciating against the US Dollar during the last two days. The main pair passed through the monthly PP( 110.692) at midnight on Thursday. In general, the US Dollar recovered 0.34% from Wednesday night until Thursday morning.
EUR/USD did not gain major positions in any direction on Wednesday, as the mid-session advance north was already erased by the end of the day.
The price of the GBP/USD exchange rate did not change significantly on Wednesday.
A resistance level formed by the monthly pivot point at 0.6720 has stopped the bullish momentum which has guided the NZD/USD currency pair during the previous days. The rate made a U-turn south during the early hours of today's session.
The US Dollar trading below a resistance cluster formed by the combination of the weekly, the monthly and the 200-hour simple moving average against the Canadian Dollar. The currency pair tested the weekly S1 at 1.3018 on Tuesday. However, the price failed to accelerate from that support level.
No significant changes were introduced to the AUD/USD currency pair position yesterday. The exchange rate maintained its junior ascending channel and was also guided by the 55-hour simple moving average.
Bulls continue to dominate the Eurozone single currency versus the Japanese Yen during the previous session. The pair rose above the 55-, 100-, and 200-hour SMAs on Tuesday and has since been trading above this cluster. The common European currency tested the upper boundary of a junior ascending channel towards the end of the trading session on Tuesday
The yellow metal has depreciated 0.35% against the US Dollar starting from 22:00 GMT on Tuesday until 07:00 GMT on Wednesday. The pair tested the bottom boundary of the trend line at 1,192.77 on Wednesday morning.
The Japanese Yen depreciated against the US Dollar during the morning hours. The main pair reached the 100– hour simple moving average at midnight to Wednesday which paused the surge. In general, the US Dollar recovered 47 pips or 0.43%.
The Sterling has strengthened significantly against the US Dollar since mid-Friday.
Despite flashing bearish signals, EUR/USD failed to halt at the weekly R1 on Tuesday.
Upside momentum continues to prevail with the NZD/USD currency pair, thus pushing it higher for the fourth consecutive trading session. This short-term appreciation has sent the Kiwi to a two-week high level at 0.6673.
As expected, the US Dollar made a brief retracement towards the 61.80% Fibonacci retracement level on Monday. However, after hitting the 61.80% Fibo at 1.3089, the currency pair pulled back.
As shown on the 1H chart that bulls were guiding the AUD/USD currency pair on Monday. The Australian Dollar strengthened against the US Dollar during the end of the trading session yesterday. The exchange rate broke out through the upper boundary of an ascending channel and also tested the weekly R1 at 0.7357.
A strong support cluster formed by the combination of the 55– and 100-hour simple moving averages and the weekly pivot point at 126.12 provided significant support for the EUR/JPY exchange rate on Monday and thus pushing the pair out of the upper boundary of a dominant descending channel.
The yellow metal has appreciated 2.50% against the US Dollar since August 16.
The US Dollar depreciated against the Japanese Yen bounced off a junior ascending channel at 109.178 in the midnight of Monday's trading. The whole movement decrease totaled negative 90 pips or 0.81%.
Strong bullish sentiment was guiding the GBP/USD exchange rate on Monday.
Following a rather still morning, the Euro hit the 55-hour SMA at 1.14 mid-Friday and consequently accelerated 132 pips until Tuesday morning when EUR/USD tested the weekly R2 near 1.1550.
Upside risks prevailed in the market on Friday, as the currency pair ended the session with a 59 pips gain. Bulls dominance in the market over the NZD/USD exchange rate resulted in the price to breached the 200-hour simple moving average.