In line with expectations, the rest of the previous trading session the yellow metal spent in a relatively flat movement against the US Dollar.
The way the currency pair ended up previous trading day shows how it is important in certain cases to take into account the overall market sentiment.
In accordance with one of the scenarios expressed yesterday, the currency exchange rate made a confident breakout from the rectangle formation and slipped to the bottom.
As it was expected, a release of information on the German Economic Sentiment, which appeared to be even less than analysts anticipated, notably affected valuation of the Euro.
The resistance level, which was suggested to be taken into account previously, has stopped the Kiwi's surge against the Greenback once again. Due to that reason the pair has declined.
As expected on Monday, the combined resistance of the 55-hour SMA and the upper trend line of the junior descending channel pattern stopped the pair just before the release of the Canadian Retail Sales.
The suspicions of more than previously known patterns affecting the AUD/USD pair have been confirmed. However, the rate is still expected to surge in the medium term.
As forecasted on Monday, the resistance cluster from the 128.80 to 129.00 levels has forced the EUR/JPY currency pair to decline in the borders of the medium term ascending channel pattern.
As it was expected, previous trading session the yellow metal spent in a steady surge against the American Dollar.
The USD/JPY exchange rate acted exactly as it was expected. Namely, it made the second attempt to break through the monthly S2 at 108.82, but failed.
The latest developments in the GBP/USD currency pair forced to partially review the situation.
In accordance with expectations, the common European currency continued the surge against the US Dollar in a short-term ascending channel until it met a resistance barrier formed by the upper trend-line of a senior descending channel.
The situation on the hourly NZD/USD chart is very similar to the situation on other commodity charts.
After the huge fundamental drop on Friday the USD/CAD currency pair began a short term period of surge. However, the ascent of the Greenback against the Canadian Dollar is highly unlikely.
During the second half of Monday's trading session the Australian Dollar had reconfirmed the lower trend line of an ascending channel pattern against the US Dollar.
The EUR/JPY has begun the weeks trading exactly, as it was forecasted on Friday. The pair has revealed a new junior ascending channel pattern.
After reaching the northern boundary of a one week long ascending channel the yellow metal made a rebound and started to decline against the American Dollar until the pair found a support set up by the 100-hour SMA.
As it was expected, the currency exchange rate reached and bounced off from the monthly S1 located at the 108.82 level.
The British Pound is continuing to lose value against the US Dollar in a four day long descending triangle pattern.
In line with expectations, the common European currency continued to advance against the American Dollar until the pair has encountered a combined resistance level set up by the updated weekly PP and the 200-hour SMA.
In accordance with expectations, the currency exchange rate continued to gradually slide to the downside until it encountered the 0.7279 support level, which was additionally backed up by the 55- and 100-hour SMAs plus the monthly S1 at 0.7294.
In line with expectations, the currency exchange rate tried to rise towards the 1.2711 mark that represents a point from which its Wednesday downfall has started.
As it was expected, the currency exchange rate failed to bypass a combined support level set up by the weekly PP at 0.7895 in conjunction with the 200-, 100- and 55-hour SMAs.
The ongoing fall of the currency exchange rate suggests that it is, indeed, moving in larger descending channel.