In line with expectations, the falling 55-hour SMA did allow the bullion to recover against buck. As a result, the rate was forced to find support at the 50% Fibonacci retracement level located at 1,240.30.
During yesterday's trading session the currency exchange rate made two attempts to break to the bottom towards the 50% retracement level located at 113.00.
In result of the previous trading session the cable made a rebound from a combination of the 55-, 100- and 200-hour SMAs as well as the weekly PP at 1.3415 just as expected.
Yesterday's trading session ended exactly as expected. Initially, the Euro was climbing against the Dollar.
The New Zealand Dollar was trading below a massive resistance area formed by the 100– and 200-hour SMAs, the weekly and monthly PPs circa 0.6865.
The Greenback has remained in a relatively stable position against the Canadian Dollar for the second consecutive session.
Apart from a minor leap mid-session, the Aussie showed lack of volatility on Friday.
EUR/JPY has been driven by strong upside risks during the past three sessions.
Previous trading session the exchange rate mostly spent in a horizontal movement between the monthly S2 from the bottom and the upper boundary of a medium-term descending channel from the top.
Most of the previous trading session the currency rate spent moving towards the 23.6% Fibonacci retracement level located at 114.03.
In first half of Friday's trading session the Pound was actively appreciating against the Dollar being fuelled by reports about progress made on Brexit divorce bill.
New trading week the currency exchange rate started in a movement towards combined resistance level formed by the weekly PP and the slipping 100-hour SMA.
The New Zealand Dollar was weakening against the Greenback for two trading session.
The US Dollar remained relatively stable against its Canadian counterpart on Thursday, as the pair was fluctuating around the 1.2850 mark.
The movement of the Australian Dollar on Thursday was not influenced by technical indicators that were located in the oversold region, as it managed to edge even lower and reach the weekly S2 at 0.7511.
The common European currency was dominated by bulls during the last trading session.
Even though the exchange rate was moving in a falling wedge formation and was about to reach the bottom trend-line of a medium-term descending channel, the rebound did not happen.
As the Congress managed to avoid government shutdown, the Dollar continued to gain value against the Yen, simultaneously passing the monthly PP and the 50% Fibonacci retracement level at 113.00.
During previous trading session the pair initially slipped to support line located at the 1.3338 mark but then suddenly resumed the surge and ended the day at the 50% Fibonacci retracement level.
In result of the previous trading session the currency exchange rate has expectedly reached the 38.2% Fibonacci retracement level located at 1.1760.
Starting from early Wednesday, the bearish sentiment prevailed in the market and sent the New Zealand Dollar for a significant decline.
The pair's movement during the first half of Wednesday was guided by the 55-hour SMA, as the rate was fluctuating around this line for several hours.
The strong resistance of the 100-, 55– and 200-hour SMAs and the weekly and monthly PPs in the 0.7595/0.7610 area sent the Australian Dollar for a decline on Wednesday.
The rebound from the 132.30 area on Wednesday provided the necessary bottom confirmation of a one-week channel.