As expected, the US Dollar has continued to lose strength against the Canadian Dollar on Monday and as a result, the currency pair fell below the three SMAs which resulted in a breakout through the lower boundary of an ascending channel.
The Australian Dollar continues its journey in an ascending channel against the US Dollar. By the end of trading session on Monday, the currency pair has breached the weekly resistance level at 0.7423.
The common European currency was guided mainly by bullish momentum against the Japanese Yen on Monday. Bulls continue to strengthen their position in the market during the first part of today session.
It is apparent that the strong downside momentum which prevailed last week is starting to allay.
Traders have not introduced big changes in the USD/JPY exchange rate for the past three sessions.
The GBP/USD exchange rate remained steady on Monday apart from some minor fluctuations mid-session.
Despite breaching the weekly PP and the 200-hour SMA to the upside early on Monday, the Euro failed to accelerate against its American counterpart and remained trading along this long-term moving average during the remaining session, as well.
The AUD/USD exchange rate has been driven by a downside risk since July 10. the currency pair was pressured down after hitting the monthly pivot point at 0.6859 and the upper boundary of a descending channel.
Bears picked up momentum on Friday after the USD/CAD currency pair hit the upper boundary of a downtrend channel and as a result, the rate decline by 60 base points or 0.45%.
Upside and downside risks dominated the market on Friday as the AUD/USD currency pair fluctuated between 0.7414 and 0.7362. However, a breakout from this trading range had occurred.
Friday's trading session went in favour of bears, as the common European currency decline by 60 base points during the end of the day. This decline began after the tested the upper boundary of an ascending trendline.
Bearish momentum has guided the XAU/USD exchange rate since last Monday.
The US Dollar has remained steady against the Japanese Yen for the third consecutive session.
Downside risks dominated the Pound during the first part of Friday's trading session.
The previous trading week brought weakness to the EUR/USD exchange rate, with the pair losing 102 pips lower from its weekly high of 1.1730.
The New Zealand Dollar has been depreciating against the US Dollar in a descending channel pattern for the third consecutive trading session. The currency pair has already fallen 1.41% since the beginning of this week.
The US Dollar began to weaken against the Canadian Dollar on Wednesday after the currency pair failed to move above the upper boundaries of both a descending trendline and the upper trendline.
Bears dominated the Australian Dollar against the US Dollar on Friday. This downward movement began after the currency pair reached near the 100-hour simple moving average at 0.7424.
Despite several attempts were made by bulls to push the rate higher on Thursday, the movement of the common European currency was constrained by bears and by the middle of trading day on Friday,
On Friday, the junior channel down pattern was adjusted, as it turned out that it had a slightly different shape.
The narrow ascending pattern of the USD/JPY currency pair, which was drawn on Thursday, has held its ground, as the surge of the currency exchange rate has extended into Friday. Namely, on Friday morning the rate had reached above the 112.75 level.
The Pound bounced off the upper trend line of a medium term descending channel pattern against the US Dollar in the second half of Thursday's trading session. The event resulted into the rate plummeting as low as the 1.3120 mark on Friday morning.
The common European currency has extended its decline against the US Dollar even more than it as initially expected. Moreover, significant support levels were passed on Friday morning.
Downside risks dominated the NZD/USD currency pair on Wednesday, as the rate closed the session with 73 pips lost or 1.07%. Along the way, the exchange rate breached the 200-hour simple moving average.