The recent decline of the US Dollar against the Japanese Yen is still being seen as a temporary junior move in the borders of a larger ascending pattern. However, on Friday the decline could have been mapped by using a rather medium scale descending pattern.
Following the reaching of the support cluster near the 1.3580 mark, the GBP/USD currency pair eventually passed it at the middle of Thursday's trading session. However, the rate's decline eventually was paused by a 38.20% Fibonacci retracement level at the 1.3539 level.
If one looks up the hourly charts of the EUR/USD currency pair, it can be clearly spotted that the currency pair following the recent rebound against a dominant support has been stopped.
The New Zealand Dollar has maintained its gradual movement upwards against the US Dollar today. However, the exchange rate continues trading in a junior ascending channel.
Downside risk continues to dominate the USD/CAD currency pair for the last two consecutive trading sessions. A bearish momentum took control of the market on Wednesday. The downside risk started when the paired reverse from the monthly R1 at 1.2902.
The Australian Dollar remained stable and slowly moving north against the Greenback. The currency pair has breached the upper boundary of a junior descending pattern.
The common European currency continues to depreciate against the Japanese Yen. The currency pair has been trying to make new wave north. However, the 55– hour simple moving average was preventing the exchange rate from making such moves.
The bearish momentum which had guided the yellow metal during the past two days allayed on Wednesday, thus allowing XAU/USD to maintain a slight upward tendency.
USD/JPY was trading along the upper boundary of a one-week channel up on Wednesday.
Some downside movement was still apparent in the market on Wednesday, as the Pound still tried to reach the bottom boundary of a seven-month channel and the weekly S2 near 1.3550.
The common European currency still continues to weaken against the US Dollar for the second week.
The general strength of the US Dollar put pressure on the NZD/USD exchange rate to the downside on Tuesday, thus allowing to prolong the rate losses for the third consecutive session.
The US Dollar remained under bears influence on Tuesday. The downside risks started yesterday after the currency pair pierced a resistance cluster set by the combination of the weekly and the monthly PPs near 1.2902.
The Australian Dollar temporarily stopped its massive decline against the US Dollar. The pair reverse from the 131.64 mark and has been gaining strength during the first part of Thursday's trading session.
The single European currency continues to trade in a two-week junior descending channel against the Japanese Yen.
The yellow metal was not an exception, as it was likewise pressured lower by the stronger US Dollar during the previous session.
The general strengthening of the US Dollar against major currencies on Tuesday had a positive impact on the given pair.
Downside pressure prevailed on Tuesday and thus sent GBP/USD for another decline.
The strong downside potential which has guided the EUR/USD exchange rate since mid-April remained dominant on Tuesday, as well.
The New Zealand Dollar has traded with decreased volatility against the US Dollar since yesterday. The reason was the pair bouncing between two competing level of significance.
The inability of the Greenback to gain momentum yesterday has a positive impact on the USD/CAD currency pair. The pair introduced no significant changes to the overall price level during the end of trading day.
The Australian Dollar continues to depreciate against the US Dollar for the past two-week. Despite a sign of surge on Monday, bears managed to gather enough momentum to push the rate further south.
The situation on the EUR/JPY exchange rate has not changed much since the last time the pair was reviewed by the Dukascopy Research team. The currency pair remains trading in a descending channel.
XAU/USD was pressured by the 55-hour SMA on Monday.