On Wednesday morning the common European currency pierced the long standing resistance against the US Dollar. However, the following surge was quickly stopped. It was stopped by the resistance of the pivot point at the 1.1682 level.
The New Zealand Dollar continues its smooth journey in a descending channel pattern against the US Dollar. The currency pair breached the monthly support level at 0.6703 during the US trading session on Monday.
The Greenback has maintained its gradual movement south. By mid-Tuesday, it has lost 75 base points against the Canadian Dollar.
Following a short period of decline during the first part of Monday's session, the Eurozone single currency has managed to regain some of its lost positions against the Japanese Yen on Tuesday.
As the headline states, the bullion has booked a new low level. Namely, the commodity price had fallen below the 1,340.00 mark. Moreover, during the move, the bullion passed the support of the dominant long term descending channel.
There are no notable updates to the hourly chart of the USD/JPY. Namely, the currency exchange rate continues higher in the narrow ranged junior ascending pattern.
Very similarly to the EUR/USD the GBP/USD pair has retraced back up to the medium term resistance line. Due to that reason it was of utmost importance on Tuesday to watch whether or not the combined resistance level near the trend line will hold its ground
Although the common European currency did pass the combined support of the 55, 100 and 200-hour simple moving averages against the US Dollar, the rate did not decline down to the weekly S1 at 1.1569
The NZD/USD currency pair stood standstill on Friday, as no significant price changes occurred throughout the day. Instead, it was fluctuating in a range between 0.6780 and 0.6743.
Bears continue to take advantage on the weaker US Dollar, thus the USD/CAD currency pair has reached a three-week low at 1.31. As a result, the exchange rate tested the weekly PP and the lower boundary of a descending pattern late on Friday.
Following a test of 0.7410 on Monday morning, downside risk took control of the market and pushed the pair –0.68% lower during the following hours. As a result, the currency pair breached the weekly PP and the 55-.100-,200-hour simple moving averages.
The common European currency reached the upper boundary of an ascending pattern against the Japanese Yen on Friday.
On Monday morning the yellow metal traded below the 1,250.00 level. It had retreated down to that level after it had passed the support of the 55-hour simple moving average.
After booking a new high level against the Japanese Yen, the US Dollar retreated during the early hours of Monday's trading session. However, by the middle
As many other US Dollar involving currency pairs, the GBP/USD has bounced off a resistance line. However, if one zooms out the chart, it can be observed that the currency exchange rate has bounced off a medium term resistance line.
The common European currency after the large Friday's jumps against the US Dollar met with the resistance of a dominant descending channel.
The New Zealand Dollar continues its bearish path against the US Dollar, the currency pair is gradually moving down in descending channel.
Downside risk dominated the USD/CAD currency pair on Thursday, as the rate closed the session with 109 pips or –0.81% fall. Along the way, some significant support levels, namely, 55-,100-,200-hour SMAs and the weekly pivot point were breached.
Bulls managed to regain some of their lost positions on Thursday, as the currency pair bounced off from the monthly support level at 0.7336 and managed to break out from the upper boundary of a descending pattern.
Following a breakout from a resistance cluster formed by the weekly and the monthly PPs and the combination of the 55-,100–,200– hour SMAs located near the 127.87 mark, bulls took control of the market and managed to push the EUR/JPY exchange rate 137 pips or 1.07% higher.
Gold still shows some weakness against the US Dollar, as it is being pressured lower since mid-June.
The US Dollar was driven by slight upside momentum on Thursday.
The GBP/USD exchange rate showed no changes to its positioning on Thursday, thus trading near the monthly S1 and the bottom channel line circa 1.3080 for the whole session.