The previous long term support line continued to provide resistance to the currency exchange rate in the previous trading session, as it stopped a rebound of the EUR/USD pair.
Downside risks prevailed on Thursday, thus resulting in a 114-pip plunge in one day.
GBP/USD remained between the weekly S1 and the 100-hour SMA on Thursday, thus providing two additional confirmations of a descending triangle.
The way the currency pair moved yesterday slightly exceeded general expectations. After jumping from the weekly S2 at 0.7310, the rate, indeed, reached the 0.7348 mark.
In accordance with prognoses, the currency pair bounced off from a combination of the 55-hour SMA and the bottom trend-line of an ascending channel, and used this impulse to jump to the desired weekly R1 at 1.2738.
As it was expected, the surge of the Aussie once again was stopped by the 55-hour SMA near 0.7901.
In line with expectations, the Euro used the monthly S1 at 128.80 as a trampoline to surge to the weekly S1 at 129.45.
It can be observed on the hourly chart for the yellow metal that the bullion broke out of the descending channel pattern to the upside.
The Euro traded near the previously active long term ascending channel pattern's lower trend line on Wednesday against the US Dollar.
The US Dollar appreciated slightly against the Yen on Wednesday, thus returning near the 110 mark.
No significant changes in GBP/USD was apparent on Wednesday, as the exchange rate remained at a relatively stable level.
An early hours of Wednesday's trading session confirmed that the Kiwi was rapidly depreciating against the buck in a flag pattern.
Tuesday's evening the currency exchange rate spent in an expected horizontal movement along the 55-hour SMA towards the bottom trend-line of an active ascending channel.
As it was expected, the currency pair failed to jump above the 55-hour SMA and spent the rest of the previous trading day near the bottom line of a medium-term descending channel.
Contrary to expectations, the Euro broke out from a symmetrical triangle in the downside direction. In the process, the currency rate managed to bypass the medium-term ascending channel's bottom trend-line, the monthly PP and R1 and the weekly S1 and S2.
Fundamental changes form the US Dollar side have taken place in the financial markets. As a result,
The common European currency depreciated against the US Dollar earlier than expected.
Despite being sticky to the upper boundary of the senior channel down, the USD/JPY exchange rate failed to move past this level (not taking into account the false breakout mid-session).
After breaching the senior channel down on Monday, the Pound managed to retrace from its upper boundary the following day.
A result of the previous trading session showed that the currency pair has entered in a small rectangle pattern.
In line with expectations, the currency exchange rate was gradually slipping towards the bottom trend-line of an ascending channel during second half of the previous trading session.
Fortunately for the Aussie, the currency pair succeeded to bounce off from the lower trend-line of a medium-term descending channel yesterday.
After surging by 30 basis points, the currency exchange rate expectedly fell back towards the 200-hour SMA and the weekly PP at 130.43.
On Monday, the US Dollar was driven by neither bears nor bulls, thus resulting in a movement sideways.