On Friday the USD/CAD rate jumped on the release of fundamental news. Namely, the Canadian GDP came in lower than expected by the average forecast.
After the breaking of a dominant resistance level the AUD/USD pair stopped the surge on Tuesday. The reason for that is the weekly resistance, which is located at the 0.7725 mark.
The common European currency during the Christmas period has traded almost flat against the Japanese Yen. However, that seems to be at its end, as the pair is getting squeezed by two hourly simple moving averages.
In result of the surge that was triggered by two disappointing macroeconomic data releases as well as the rising 55- and 100-hour SMAs the price of yellow metal ended up at the 1,273.00 mark.
In the end of the previous week the currency exchange rate made a breakout from the rising wedge formation.
Despite adoption of tax reform and release of various macroeconomic data, the British Pound is continuing to trade against the Dollar in a two-week long symmetrical triangle whose upper boundary simultaneously represents the slope of a larger falling wedge pattern.
The first trading day after Christmas the currency exchange rate started in a resistance zone located between the 1.1865 and 1.1876 levels.
After testing the 55– and 100-hour SMAs mid-Thursday, the New Zealand Dollar tried to regain its upwards momentum.
The US Dollar was pressured southwards against the Loonie in the wake of the combined data release from both the US and Canada mid-Thursday.
Following a breakout of the short-term ascending wedge, the Australian Dollar surged against its American counterpart and thus managed to reach the 0.7720 mark—a level slightly below the weekly R1.
The common European currency spent all session on Thursday above its previous 2016/2017 peak of 134.50.
The previous forecast for the price of the yellow metal was correct. The bullion has passed the support line, which had kept the price surging for a long time. However, that does not mean that a decline of the price is about to occur.
On Friday morning the common European currency had continued the decline against the US Dollar, which started during the late hours of Thursday's trading session.
The bullish sentiment that prevailed this week was stopped abruptly by the weekly R1 at 113.58.
The Pound weakened slightly against the US Dollar on Thursday.
The New Zealand Dollar was stranded between the 200-, 55– and 100-hour SMAs during the most session on Wednesday.
After testing the six-month high of 1.2901 on Tuesday, the US Dollar started depreciating against the Loonie, thus breaching the combined resistance of the monthly PP, the 100– and 200-hour SMAs circa 1.2845 on the following day.
Following three days of trading in a narrow range, the Australian Dollar was unable to breach this lack of momentum on Wednesday and even reduced its volatility.
Contrary to expectations, the common European currency managed to gather enough bullish momentum to dash through the 2016/2017 high of 134.48 mid-Wednesday.
The whole previous trading session the exchange rate spent exactly as expected.
Despite existence of a rising wedge pattern, the Dollar continued to actively appreciate against the Yen.
Although yesterday's fluctuations required some adjustments, the main assumption remained unchanged.
The common European currency continued to rise against the Dollar in a tiny ascending channel. Despite release of improved housing data the pair managed to break through the upper boundary of a one-month long descending channel and end the day at the 61.8% Fibonacci retracement level located at 1.1887.
After testing the 0.7020 mark mid-Tuesday, bears took the upper hand and pushed the New Zealand Dollar down to a support cluster formed by the weekly PP and the 200-hour SMA near 0.6960.