USD/JPY was trading sideways on Friday, being restricted by the monthly R1 from above and the 55– and 100-hour SMAs—from below.
The Pound continued to weaken against the US Dollar on Friday morning, thus re-testing its seven-month low of 1.3232.
After the massive 2.28% plunge against the US Dollar on Thursday, the common European currency was expected to accelerate during the following trading session.
The New Zealand Dollar has been depreciating significantly against the US Dollar since Yesterday. As a result, the currency pair has reached the lower boundary of a dominant ascending channel.
Strong bullish momentum drove the USD/CAD currency pair higher on Thursday. The strength of the US Dollar against other major currencies has a significant effect on the exchange rate.
Strong bearish momentum continued to dominate the Australian Dollar against the US Dollar. The reason if this decline is the general strength of the Greenback against other major currencies.
The bullish signals that were predicated yesterday regarding the EUR/JPY currency pair did not come into reality.
Gold finally managed to overcome the strong one-week resistance of the 50.00% Fibonacci retracement and the monthly PP at 1,302.00 on Thursday.
The Greenback gained momentum against the Japanese Yen mid-Thursday.
The Pound surpassing the 55-, 100– and 200-hour SMAs on Thursday morning signaled to a possible surge during the given session.
Any bullish signals shown by technical indicators early on Thursday were swiped away mid-session following the ECB monetary policy decision.
Contrary to expectations, the New Zealand Dollar was driven by strong downside momentum during the second part of Wednesday's session. The decline occurred after the Federal Reserve announced interest rate increased.
Strong downside risk drove the USD/CAD exchange rate lower on Wednesday, as a result, the pair breached the lower boundary of an ascending pattern.
Bears were the main driving force of the AUD/USD currency pair for the second consecutive trading session on Wednesday as a result of which the rate end the day with 75-pips decline.
The EUR/JPY currency has retraced from the weekly resistance level at 130.27. The pair has, in fact, reached the lower boundary of a dominant ascending channel pattern where the 55– hour simple moving average is located.
XAU/USD has not left its narrow trading range for the sixth consecutive session.
Following a test of the weekly R1 and the monthly R1 at 110.75 mid-Wednesday, the USD/JPY began a new wave down.
GBP/USD was trading between the 200-hour SMA and the weekly S1 on Wednesday.
Wednesday's trading session was beneficial for bulls, as the Euro managed to gain 65 pips against its American counterpart during the second part of the day.
The New Zealand Dollar has continued to decline further south against the US Dollar. By the end of Tuesday's session, the exchange rate has reached the lower boundary of an ascending channel.
The upside risk continues to dominate the market as of Wednesday's. Bulls continue to prevail over the currency pair. However, the surge has been temporarily stopped by the weekly resistance level at 1.30.
Bears picked up momentum after the AUD/USD currency pair hit strong resistance formed by the 100– hour simple moving average near the 0.7624 mark during the early hours of Tuesday's trading session.
The Eurozone single currency has been moving gradually up against the Japanese Yen for the fourth consecutive trading session. The price movement was supported by the combined effort of the 55– and 100-hour SMAs.
On Tuesday, the yellow metal finally managed to break out from its diminishing trading range between the monthly PP and the 55– and 100-period (4H) SMAs at 1.301.00 and 1.297.00, respectively.