Yellen rather hawkish speech provided support for the US Dollar on Monday, prompting the USD/JPY currency pair to undergo a bullish correction of 95 pips.
The Sterling succeeded in preserving the ascending channel's support line yesterday, having closed with only a 31-pip slump.
After US Non-Farm Employment data sent gold drastically up from 1,210.49 to 1,243.86, the bullion did not rebound and continued surging on Monday passing the 55-day SMA at 1,244.09.
The Euro was volatile against the US Dollar yesterday moving in a range from 1.1326 to 1.1393.
The NZD/USD currency pair was not an exception and also took advantage of the weak US fundamentals on Friday, having edged significantly closer to the 0.70 mark, also making it a fourth rally during the previous week.
Even on Friday the Buck was unable to cross the 1.31 major level, as it slumped more than 150 pips against the Canadian counterpart that day.
Friday's decline was unable to lead the EUR/JPY cross below the 121.00 major level, which is now providing psychological support.
The Aussie skyrocketed against the US Dollar on Friday, being led by the weaker-than-anticipated US NFP reading.
The Yellow metal bounced back to the level of May 23, as the Greenback lost its strength against all other currencies and commodities.
Friday was an extremely unfortunate day for the USD/JPY, being that the pair dropped more than 200 pips, reaching the lowest level in five weeks.
Amid devastating US NFP data on Friday, the GBP/USD currency pair soared, reconfirming the three-month up-trend.
The European currency appreciated in moment's notice against the Greenback, as US Non-Farm Employment Change data was published.
Considering the latest developments, a combination of the 55-day SMA and monthly PP at 0.6830 is unlikely to stay intact.
USD/CAD bounced off of 1.31 on poor US statistics, but there remains a good chance that the rate will be able to stabilise near the monthly PP and 55-day SMA at 1.2930/00 and potentially resume its recovery from 1.2460.
Today's fundamentals got in the way of yesterday's conclusions provided by technical analysis, and instead of a confirmation, the currency pair is attempting to gain a foothold above the 200-day SMA as a result of a broadly weakening US Dollar.
None of the nearby supports were able to halt Euro's decline, and now EUR/JPY is trading below the monthly S1 level, which implies a deeper sell-off next week, down to the next monthly pivot point at 120 yen.
The bullion went up at the start of Thursday and provided a good perspective for bulls.
USD/JPY decided not to pull back after breaking out of the channel and prolonged the decline down to the weekly S2 level.
The Cable took a pause from a strong two-day decline yesterday, stabilizing just above the 55-day SMA.
On Wednesday the Euro had a very positive outlook against the US Dollar, as it was steadily gaining strength and climbed up to 1.1220.
While there is a low possibility of NZD/USD stepping above the monthly PP and 55-day SMA at 0.6830, we should note that there is still plenty of room for the pair to rise up to the 38.2% retracement of the 2014-2015 decline.
Slowly but steadily USD/CAD is making progress towards a major resistance area at 1.3370/10, where the 100 and 200-day SMAs are joined by the weekly R2 and monthly R1.
So far today AUD/USD behaves as expected—the price bounced off of the 200-day SMA, and now it is moving towards the weekly pivot point.
EUR/JPY pushed through the recent lows today, and the currency pair is now testing a solid support at the level of 122 yen, which has been proving to be important since the beginning of spring.