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.
Following the strong depreciation of EUR/USD on Wednesday, the pair stabilised and was trading slightly above the weekly S1 at 1.1553 yesterday.
The New Zealand Dollar continues losing ground against the US Dollar. The currency pair breached a support cluster formed by the combination of the weekly and the monthly PPs near 0.6775.
Bulls continue their dominance in the market on Wednesday. After a brief period of consolidation, the USD/CAD currency pair continued to rally and dashed through the 55– and 100– hour SMAs.
The previous expectations for the AUD/USD currency pair have been fulfilled. The pair continued to depreciate throughout Wednesday's session and also breached the monthly S2 at 0.7336.
As expected, the Eurozone single currency continues to decline substantially against the Japanese Yen. This bearish movement could continue until the end of this week as the exchange rate revealed a kings crown pattern.
The yellow metal has failed to pick up momentum against the US Dollar even despite having edged lower for the second consecutive week.
Following a reversal from the senior channel on Monday, the US Dollar has since continued to appreciate against its Japanese counterpart for the fourth consecutive session.
As already expected, the GBP/USD exchange rate was unable to breach the 200-hour SMA and the weekly PP at 1.3232 on Wednesday.
Downside risks pushed EUR/USD lower on Wednesday even despite technical indicators being generally bullish.
Bears prevailed on Tuesday, thus pushing the New Zealand Dollar lower against the US Dollar. The currency pair has been maintaining the junior descending pattern since June 14.
Tuesday's trading session did not introduce significant changes to the USD/CAD exchange rate price level, as any attempts for the pair to move south was limited by the 55– and 100– hour SMAs.
Bears dominated the AUD/USD currency pair on Tuesday. This downside momentum began after the rate hit a resistance cluster formed by the 55– hour simple moving average and the weekly pivot point near the 0.7415 mark.
The EUR/JPY exchange rate showed some volatility on Tuesday but it did not leave it daily trading range opening level near 128.36. Any significant move was restricted by the 55-,100-, and 200-hour simple moving averages.
The yellow metal has been depreciating against the US Dollar in a descending channel for the seventh consecutive trading session.
The weekly S1 and the monthly PP at 109.45 provided strong support for the US Dollar during the first part of this week.
The Pound managed to breach its three-day range to the downside on Tuesday, thus forming a new short-term descending channel.
The Euro began to weaken against the US Dollar early on Tuesday after failing to move above the considerable resistance of the weekly R1 and the senior channel near 1.1720.
The New Zealand Dollar spent Monday session moving sideways against the US Dollar. However, during the Asian trading session on Tuesday, a downside breakout occurred.
Lack of fundamentals event on Monday resulted in the US Dollar to trade sideways against the Canadian Dollar. The currency pair was unable to surpass the 55– and 100-hour SMAs.
Even though flashing bullish signs on Monday, bearish sentiment took control of the market during the second part of the day, as the 200-hour simple moving average pressurized the currency pair lower toward the lower boundary of an ascending junior pattern.
Despite several attempts were made by bears to push the rate lower on Monday, the movement of the common European currency was guided by bulls and the 100-hour simple moving average.
The 55– and 100-hour SMAs have guided the yellow metal since the massive fall on June 15.