Bearish momentum pushed the New Zealand Dollar towards the lower boundary of a medium-term ascending channel against the US Dollar on Friday. The currency pair was guided down by a narrow descending channel pattern.
Upside risks prevailed in the market on Friday, thus allowing the US Dollar to surged by 102 base points against the Canadian Dollar. As a result, the currency pair breached both the weekly and the monthly PPs at 1.3007 and 1.3036 during the end of the trading session.
Downside risks dominated the AUD/USD currency pair on Friday, thus allowing the Australian Dollar to lose 1.12% of its values against the US Dollar. However, the lower boundary of a junior descending channel stopped the decline.
The common European currency has been moving in a junior descending channel against the Japanese Yen since late August. The currency pair made a U-turn south from the upper boundary of a medium-term ascending channel on August 29, and this decline could be considered to be a brief retracement down.
The New Zealand Dollar edged lower during the previous trading session. During this short period of decline, the currency pair breached both the 50-, 100-, and 200-hour simple moving average.
Bulls guided the US Dollar towards the upper boundary of a descending channel against the Canadian Dollar, following the Canadian GDP release on Thursday at 12:30 GMT. The currency pair gained about 50 base points.
Downside momentum has been dominating the AUD/USD currency pair since August 28. This bearish movement began when the Austrian Dollar hit the upper boundary of a descending channel.
Positions Today Yesterday % Change Longs 49% 50% -2.04% Shorts 51% 50% 1.96% Indicator 4H 1D 1W MACD
The European Single Currency appreciated 0.25% against the US Dollar during morning hours. The currency pair bounced off the bottom of a new trend line and retraced back to the monthly pivot point near the 1.1690 level to remain relatively unchanged from the previous trading session. The rate was at the 1.1680 level.
No changes occurred to the NZD/USD exchange rate on Wednesday as the pair traded with low volatility. However, the situation changed during the Asian session on Thursday when a bearish movement took control of the market.
No massive changes occurred to the USD/CAD exchange rate position on Wednesday. Even though the US Preliminary GDP macroeconomic data released came out positive, the currency pair traded with low volatility.
Strong bearish sentiment guided the AUD/USD currency pair on Wednesday. The Australian Dollar breached the monthly S1 and the weekly pivot point during the morning hours of yesterday session which was followed by a 1% decline against the US Dollar.This sentiment allowed the pair to return to a dominant descending channel.
As predicted, the 23.60% Fibonacci retracement level held firm on Wednesday and the 130.40 mark was breached during the end of the trading session. The currency pair also tested the upper boundary of a dominant descending channel during the surge.