Provided with heavy bid momentum at 1.1375, yesterday the EUR/USD currency pair commenced a major rebound above the 1.14 mark and closed the session to the upside for the first time in seven days.
On Tuesday the Kiwi reached a five-week low, but managed to recover and close trade on top of the immediate support cluster, having experienced only a 13-pip drop against the Buck.
Upon putting the 1.30 major level to the test, the USD/CAD currency pair appears to have lost the bullish momentum and is slowly, but steadily, moving downward.
Yesterday demand in face of the monthly S2 caused the Aussie to recover against the US Dollar and erase Monday's losses completely.
The EUR/JPY cross managed to climb higher for the second consecutive day, having reached the second resistance area around 124.40.
Outlook for gold prices is remaining moderately bullish, as long as the spot is holding the most immediate support line represented by the 20-day SMA at 1,262.44.
On Tuesday the US Dollar edged higher against the Yen, prolonging its bullish momentum after a sharp 500-pip slump two weeks ago.
The British Pound rebounded from the 1.44 mark on Tuesday, having climbed over the immediate resistance cluster.
EUR/USD ended the sixth consecutive trading session with a moderate loss, but the spot is still being provided with bullish momentum coming from the 20-day SMA and March-April uptrend at 1.1372.
Yesterday the Greenback was unable to largely outperform the Loonie, as the pair was unable to maintain trade above the 1.30 mark, as the supply area at 1.3013 pushed it lower.
The AUD/USD currency pair suffered a 40-pip loss on Monday, but unable to drop under the 0.73 psychological level, as it is bolstered by the monthly S2.
The New Zealand currency weakened against its US counterpart at the beginning of the week, with the immediate support cluster failing to hold the losses.
The European currency managed to post solid gains against the Japanese Yen on Monday, retaking the 123.00 major level.
With speculation of BoJ intervention and rising risk appetite, the US Dollar managed to add 125 pips against the Japanese Yen yesterday.
The Sterling remained relatively unchanged against the US Dollar on Monday, unable to pierce the 20-day SMA resistance.
While provided with massive downside momentum around the weekly pivot point and monthly R1 at 1,286/87, the bullion was sold-off at the steepest pace since late-March.
The European currency continues to diminish amid speculations the US Federal Reserve is going to proceed with policy tightening.
The breach of the ascending channel pattern keeps triggering more Kiwi-selling.
The US Dollar kept appreciating against the Canadian counterpart ever since the pair reached the 1.25 major level last week.
The Aussie behaved in accordance with expectations on Friday, as the RBA's monetary policy decision caused the AUD/USD currency pair to reach the second support cluster, but with trade closing slightly higher.
The EUR/JPY currency pair remains in a bearish trend, despite a possible recovery taking place today.
Gold futures advanced for the first time in four days on Friday of the previous week, as they were fuelled by soft US payroll numbers for April.
For the fifth consecutive day last week, the US Dollar remained relatively unchanged against the Japanese Yen, unable to maintain trade below the 107.00 mark.
Weak US employment data on Friday was insufficient to cause the GBP/USD currency pair to rebound, but, nonetheless, the monthly PP managed to limit the losses at 1.4417.