The movement of the common European currency has been guided by a one-week descending channel against the Japanese Yen. The currency pair has been pressured by the 55-hour simple moving average.
Gold grew stronger against the US Dollar on Friday, being boosted by fundamental events.
The global weakening of the US Dollar caused a 0.90% plunge for the USD/JPY exchange rate on Friday.
The combined resistance of the 55-hour SMA and the monthly S1 restricted the Pound from moving above 1.3050 early on Friday.
The last two trading days were beneficial for the EUR/USD exchange rate, with it edging 1.36% higher.
The NZD/USD currency pair has temporarily stopped its decline. By the middle of Friday's trading session, bulls managed to take control of the market and drive the rate toward the upper boundary of a descending channel.
Bullish sentiment continues to drive the US Dollar upward against the Canadian Dollar. By the end of Thursday's session, the currency pair has gained 129 base points or 0.98%.
Bearish momentum dominated the AUD/USD currency pair on Thursday, thus, allowing the exchange rate plummeted 121 base points or 1.63% of its value.
Thursday's session did not introduce significant changes to the exchange rate price range, because any attempts made by bulls and bears to push the currency pair to either direction was restricted by the 55-hour simple moving average north and a support cluster formed by the combination of the weekly and the monthly PPs near 130.85.
The 55-hour SMA continues to lead the yellow metal lower for the second consecutive week.
The most important development which disrupted the steady sideways movement of the USD/JPY pair was the 52-pip plunge during the second part of Thursday.
The stronger US Dollar weighted negatively on the GBP/USD exchange rate yesterday morning, as it was pushed even lower down to the weekly S1 at 1.2960—its lowest position since September 2017.
The Euro weakened against the US Dollar on Thursday morning, driven lower by the combined resistance of the 55– and 100-hour SMAs.
The New Zealand Dollar has declined significantly against the US Dollar during the last 48 hours. During the short period, the currency pair has lost 1.65% of its value. By the middle of Thursday trading session, a breakout from the lower boundary of a triangle pattern has occurred as can be observed on the chart.
The US Dollar continues to gain strength against other major currencies and the Canadian Dollar was no exceptions. However, the currency pair made some brief decline yesterday and as expected, the rate targeted the three SMAs.
The Australian Dollar has shown high volatility against the US Dollar on Wednesday, during this period, the currency pair breached the weekly pivot point near the 0.7423 mark and the AUD/USD exchange rate closed the session with 64 base points gain.
Downside risks dominated the single European currency against the Japanese Yen on Wednesday, as the pair closed the session with 50 pips decline. Along the way. The currency pair broke out from the lower boundary of an ascending channel as can be observed on the chart.
The strong 1% plunge of the XAU/USD exchange rate mid-Tuesday was followed by minor fluctuations in between the monthly S1 and a channel line at 1,320.00 and 1,222.50, respectively.
USD/JPY has been moving in a one-week ascending channel.
Despite hindering the pair for several hours, the weekly S1 was eventually breached at 1.3106 early on Wednesday.
EUR/USD continued its decline during the first part of Wednesday's trading session, thus adding additional 45 pips to the 90 pip fall apparent on the previous day.
After hitting the weekly resistance level at 0.6841, the NZD/USD currency pair began to decline. As a result, the exchange rate breached both the 200-, 55-, and 100-hour SMAs by the end of Tuesday's trading session.
The US Dollar strengthened against other major currency on Tuesday, and the Canadian Dollar was no exception. The reason was that the Federal Reserve Chairman Jerome Powell remarks about the US economic assessment.
Downside risks prevailed in the market on Tuesday and thus sent the Australian Dollar to plummet 62 pips or 0.83% against the US Dollar. This allowed the currency pair to breached the 55-,100-, and 200-hour SMAs.