The New Zealand Dollar continued to depreciate against the US Dollar for the fourth consecutive trading session on Wednesday. This downside movement has resulted in the pair to breached the 55-hour simple moving average.
Upside risks dominated the US Dollar against the Canadian Dollar on Wednesday, as the exchange rate ended the trading session with 116 base points gain. The price also tested the 38.20% Fibo.
No significant changes were introduced to the AUD/USD exchange rate positioning on Wednesday, as the pair remained trading inside the one-week junior descending channel. The situation, however, remained the same on Thursday, as the price continued to bounce between the upper and lower borders of Monday's trading range of 0.7273/0.7200.
The Eurozone single currency remained stable against the Japanese Yen on Wednesday, as the currency pair was trading with low volatility. Also, the pair breached the 55-hour simple moving average at 126.12.
Gold continues to decline against the US Dollar for the third consecutive session.
Strong downside risks prevailed early on Wednesday which resulted in USD/JPY falling 93 pips until late in the evening when this bearish sentiment reversed back to the upside.
The Sterling has remained relatively unchanged against the US Dollar since the beginning of this week.
Even though the weekly S1 did not hold the Euro mid-Wednesday, its subsequent fall against the US Dollar was not significant due to the psychological 1.13 level being located nearby.
Monday's session did not introduce changes to the NZD/USD currency pair which was mainly due to resistance and support surrounding the rate. As a result, the New Zealand Dollar was trading sideways against the US Dollar.
After hitting the 38.20% Fibonacci retracement level, the US Dollar began to decline against the Canadian Dollar. As a result, the currency pair breached both the 55- and the 100-hour SMAs.
The Australian Dollar traded with low volatility against the US Dollar on Monday, as the currency pair was moving within the range of 0.7309/0.7255 along a junior descending channel pattern.
The Eurozone single currency is gradually gaining strength against the Japanese Yen. The currency pair bounced off its lower boundary of a descending channel on Monday, and as a result, the rate breached the 55-hour simple moving average near the 126.25 mark.
The yellow metal extended gains against the US Dollar on Monday, thus in total losing 2.00% since mid-Friday.
Bulls managed to prevail in the market on Monday and thus send the USD/JPY exchange rate 0.60% higher.
The Sterling has remained stable against the US Dollar for the second consecutive session.
EUR/USD managed to regain some ground following a reversal form the senior channel and the monthly S3 on Monday.
No changes occurred in the overall positioning of the NZD/USD exchange rate. Lack of outside pressure resulted in the pair trading sideways along a narrow descending channel pattern.
Upside momentum prevailed in the market on Friday, thus sending the US Dollar to gained 102 base points against the Canadian Dollar. This gains, however, was limited by the 38.20% Fibonacci retracement level. This retracement can be measured by connecting the July high at 1.3290 and the low at 1.2964.
Downside risks dominated the AUD/USD exchange rate on Friday, as it fell 1.24% by the end of the session. The 55-hour simple moving average guided the currency pair lower during the previous trading day.
EUR/JPY has been diminishing its trading range for the last two consecutive trading session. This bearish momentum has left the currency pair losing around 380 base points or 2.95% of its value.
Gold was consolidating against the US Dollar last week, thus remaining between the 1,206.00 mark and the 61.80% Fibonacci retracement at 1,216.00.
The US Dollar continued to consolidate against the Japanese Yen for the third consecutive session on Friday.
Downside risks have pressured the GBP/USD exchange rate lower for two consecutive weeks.
The common European currency has lost considerable 2.13% against the US Dollar during the last two sessions.