The decline of the yellow metal's price has extended itself, as the bullion continue to search for a strong enough support level to continue the surge.
Although on Thursday morning the common European currency traded against the US Dollar near the previous two trading session levels, which is above the 1.1250 mark, there is an additional detail to the rate.
As was anticipated, the US Dollar outperformed the Japanese Yen on Wednesday, with the exchange rate nearing the 110.00 mark.
The British Pound continued to outperform the US Dollar on Wednesday, but with gains limited by the newly-formed ascending channel's resistance line.
The New Zealand Dollar continues its gains against the US Dollar, as the currency exchange rate continues on its path in the ascending channel pattern, which formed only recently.
By the middle of Wednesday's trading session the US Dollar had reached a vital point against the Canadian Dollar.
Better-than-expected Australian q/q GDP early in the morning resulted in the Aussie surging 38 pips up to the 0.7539 mark.
The second half of Tuesday's trading session may be characterised by a consolidation phase, as EUR/JPY fluctuated around the 20-hour SMA and the weekly S1 at 123.39.
On Wednesday morning the yellow metal was in a decline down to the 1,290 mark.
The USD/JPY pair behaved in accordance with expectations yesterday, being that the monthly S1 at 109.22 was the level that managed to prevent the pair from edging lower.
The Cable experienced minor volatility on Tuesday, with the exchange rate mostly gravitating towards the monthly pivot point.
During the early hours of Wednesday's trading session the common European currency remained below the 1.13 mark against the US Dollar.
The only yesterday described pattern on the NZD/USD currency pair has already been broken.
As it can be seen on the chart, the US Dollar failed to score additional gains on Monday against the Canadian Dollar.
Contrary to expectations, AUD/USD did not halt near the 0.7480 level but continued to appreciate, forming a minor resistance area at the 0.7496 mark.
After reaching the 20-hour SMA at 124.42 in the first hours of today's trading session, EUR/JPY was guided by strong downside risks, resulting in the pair dashing through four support levels, namely, the 38.2% and 23.6% Fibo, the monthly PP at 123.90 and the weekly S1 at 123.39.
Positions Today Yesterday % Change Longs 50% 51% -2.00% Shorts 50% 49% 2.00% Indicator 4H 1D 1W MACD
Positions Today Yesterday % Change Longs 49% 47% 4.08% Shorts 51% 53% -3.92% Indicator 4H 1D 1W MACD
Positions Today Yesterday % Change Longs 52% 51% 1.92% Shorts 48% 49% -2.08% Indicator 4H 1D 1W MACD
Positions Today Yesterday % Change Longs 40% 40% 0.00% Shorts 60% 60% 0.00% Indicator 4H 1D 1W MACD
By the middle of Monday's trading the New Zealand Dollar had revealed additional information regarding its future moves against the US Dollar.
By having only one glance at the hourly chart of the USD/CAD currency exchange rate, it can be observed, that the currency pair is trading in an ascending channel pattern.
EUR/JPY has been trading in a downward-sloping wedge in force since mid-May.
AUD/USD is trading in a descending wedge pattern valid since early February.