Following unsuccessful attempt to breach the 55– hour simple moving average and the weekly pivot point at 1.35 on Friday, the bearish momentum started to lead the Pound Sterling down. As a result, the GBP/USD exchange rate reaches a five-month low level.
Downside risk continues to prevail in the market as of Friday's session. The bearish movement for the EUR/USD currency pair was temporary stopped after the pair reached the lower boundary of a dominant channel.
The trading session on Thursday did not introduce significant changes to the NZD/USD exchange rate position. Bulls made some gains yesterday. However, after testing the upper boundary of a channel down the pair started falling.
The US Dollar has been moving sideways against the Canadian Dollar since April 25. The currency pair has been stranded between a resistance level at 1.2902 set by the monthly R1 and a support at 1.28200 formed by the monthly PP.
The AUD/USD exchange rate has finally revealed a new ascending junior pattern on Friday. The currency pair bounced off the lower boundary of this pattern on May 2 and is gradually gaining strength.
The Bearish movement which had guided the Euro during this week continues on Thursday, thus allowing the exchange rate to hit the lower boundary of a dominant ascending channel.
The yellow metal has broken the previously drawn junior ascending pattern. However, it extended its gains during Thursday's trading sessions before finally being stopped by the 200-hour simple moving average.
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.