On Thursday the direction of the common European currency against the Japanese Yen was finally revealed. A new junior ascending channel was spotted and mapped on the 1H trading chart.
The yellow metal's price began to surge at midnight to Thursday, which lasted until the middle of the day's trading session. However, that was not expected to last.
The US Dollar has jumped against the Japanese Yen in the second part of Wednesday's trading session. The jump resulted in the pair suddenly being above the upper trend line of a medium term ascending pattern.
On Wednesday the Pound passed a significant support level against the US Dollar, which marked the full breaking of a previously active medium term ascending channel pattern.
After the recent fundamental events and releases a broader review of the EUR/USD currency pair was conducted on Thursday. Namely, all previous patterns were deleted and a fresh look was taken at the situation to capture the new fundamental information.
In the aftermath of the break out to the downside by the NZD/USD pair, a new junior descending pattern was discovered on Wednesday. Namely, there exists a pattern
The main move on the USD/CAD on Wednesday occurred due to the Bank of Canada hiking their base interest rate. Namely, a hike from 1.25% to 1.50% caused a strengthening of the Canadian currency.
After the AUD/USD pair met and passed the previous target, a larger review of the currency pair was done.
Positions Today Yesterday % Change Longs 36% 31% 13.89% Shorts 64% 69% -7.81% Indicator 4H 1D 1W MACD
The yellow metal lost value against the US Dollar significantly on Tuesday, thus closing the business day with a 1.01% plunge. As a result, the commodity revealed a new junior descending pattern.
After reaching a seven-week high at 111.35 on Tuesday morning, the USD/JPY currency pair began to decline, and by the end of the US session, the pair lost 58 base points.
The GBP/USD currency pair was moving sideways on Tuesday, being restricted by the 55-hour simple moving average from above and the combination of the 100-hour SMA and the monthly pivot point below.
The single European currency has finally stopped it bullish momentum against the US Dollar. By the end of trading session on Tuesday, the currency pair has declined by 70 base points.
As expected, the New Zealand Dollar made a correctional move south against the US Dollar. The exchange rate breached the 55-hour SMA and also, a breakout occurred through the lower boundary of an ascending channel.
The Greenback continue to appreciate against the Loonie for the second consecutive trading session. This upward movement has resulted in the pair to breached the 55- and 100-hour SMA and a resistance cluster set by the weekly and the monthly PPs located near the 1.3112 mark.
The AUD/USD currency pair remained downwards tended on Tuesday after it reversed from the weekly pivot point at 0.7481. By the middle of the day, the pair breached the 55-hour simple moving average.
The single European currency surpassing the upper boundary of an ascending pattern late on Monday signaled to a continuous rally within the given session.
On Monday, the New Zealand Dollar continued to gain ground against the US Dollar. However, the surge was not caused by the strength of the NZD alone.
After the plummeting of the US Dollar caused by the weaker than expected US employment data and a steady release of Canadian Employment data kept the Canadian Dollar unchanged, the USD/CAD currency rate was continuing its decline.
The Australian Dollar surged on Monday against the US Dollar until it reached the resistance of the weekly R1 at the 0.7480 mark. Meanwhile, it had passed the monthly resistance level, which provided the currency exchange rate with support in the second half of the day at the 0.7470 level.
On Monday, the common European currency passed the resistance of a long term ascending pattern against the Japanese Yen.
The yellow metal on Monday morning booked new high level near the 1,260.00 mark. Moreover, during the surge the pair broke the resistance of a medium term descending channel pattern.
On Monday the USD/JPY currency pair traded near the 110.50 mark. At that level it was being kept by the resistance of the 200-hour simple moving average.
The surge of the Pound has extended on Monday against the US Dollar, as the currency pair had reached above the 1.3350 mark during the first part of the day's trading.