The yellow metal advanced for the first time in four days on Tuesday, but gains did not exceed even the closest resistance represented by the weekly pivot point at 1,167.
Neither the 55-day nor the 200-day moving average was able to prevent an extension of the decline, meaning the US Dollar is likely to weaken even more in the next few days.
So far this week the bears have been unsuccessful in breaching the monthly PP, but the ‘sell' signals provided by the indicators convince us this is going to happen eventually.
EUR/USD treaded water during the session on Tuesday.
Despite the fact that the Kiwi-Dollar pair dropped through the rising support trend-line, the bears do not seem to be active.
USD/CAD has just established a new accelerated up-trend that suggests a bullish outlook as long as support at 1.3166 (reinforced by the 55-day SMA) remains intact.
Although the price closed above the monthly R1 yesterday, we continue to hold a negative bias with respect to the Aussie.
After a brief correction, which initially was expected to extend back to the 200-day SMA and monthly PP, EUR/JPY has once again come under strong bearish pressure.
Prices of the bullion have been largely unchanged in the past three trading days, even though the metal registered slight losses during each of those 24-hour periods.
Although USD/JPY is currently negating recent gains, the outlook on the currency pair is bullish, as it is undergoing a correction.
The Cable did not extend the latest decline yesterday, as the market confirmed support at 1.53, represented by the monthly PP and 20-day SMA.
A bounce back took place in the one-day chart for EUR/USD.
Although there was still some room for recovery, NZD/USD failed to extend the rally up to the 200-day SMA and violated the accelerate up-trend support line it had been forming since the end of September.
USD/CAD keeps recovering from 1.28. A new challenge for the rally is represented by the 55-day SMA at 1.3160, a close above which will imply a test of the monthly pivot point at 1.3260.
We no longer have a reason to be bullish on the Aussie, as AUD/USD missed an opportunity to recover after forming a double bottom.
The fact that EUR/JPY closed beneath the lower edge of the triangle last week confirmed the bearish bias suggested by the weekly and monthly technical indicators.
Even though the yellow metal's trading range was reaching $20 per ounce on Friday, neither bulls nor bears eventually managed to take control of the market.
Not only did the currency pair manage to close above 120.50, but it also pierced the 200-day SMA last week, meaning we should expect the US Dollar to strengthen even more in the nearest future.
Resistance at 1.55, created by the monthly R1 and 100-day SMA, proved to be a major level after the last two weeks of trading.
EUR/USD prolonged a sell-off below the major upward-sloping 2015 trend-line.
The New Zealand Dollar also benefitted from the ECB's dovish statement yesterday, penetrating the two immediate resistances, but failing to retake the 0.68 mark.
The Canadian Dollar outperformed its US counterpart in Thursday, falling slightly beyond the expected level of 1.31.
The AUD/USD currency pair remained flat on Thursday, thanks to the better-than-expected US Existing Home Sales data.
The European currency suffered from the Mario Draghi's statement a lot more than anticipated, as the third support in face of the 200-hour SMA, monthly PP and weekly S1 was pierced.