Wednesday's session was spent in a relatively calm manner for EUR/USD, as the rate remained fluctuating between the weekly R1, the 55– and 100-hour SMAs and a strong resistance/support level at 1.2385.
The New Zealand Dollar was pressured by a downside risk yesterday. As a result, the NZD/USD exchange rate breached the lower boundary of a junior ascending channel.
The US Dollar has been driven by two main patterns. The most important of which is the dominant ascending channel. The currency pair re-tested its lower boundary yesterday and made a U-turn north.
The Aussie continues its neat journey in a descending pattern against the Greenback. By the end of Tuesday's trading session, the exchange rate has breached the lower boundary of an ascending channel.
The common European currency continued to decline against the Japanese Yen. By the end of Tuesday's trading session, the currency pair had lost more than 90 basis points.
XAU/USD did not introduce any surprises during Tuesday's trading session.
The US Dollar's movement against the Yen was bounded between the 100– and 200-hour SMAs on Tuesday.
Contrary to the slight period of consolidation which began mid-Monday, the GBP/USD exchange rate was shaken by a strong sell-off during the following session.
Monday's climb of EUR/USD was reversed yesterday, as the market responded negatively to ECB officials who stressed the importance of patience when removing the stimulus.
The New Zealand Dollar has traded with increased volatility against the Greenback since yesterday. The reason was the rate bouncing between two competing level of significance.
The US Dollar was driven by a downside momentum on Monday as a result, the currency pair tested the lower boundary of an ascending trend-line.
The Australian Dollar remained stable against the US Dollar during Monday's trading session. A slight bearish movement took over the market on Tuesday, thus, allowing the pair to test the weekly PP at 0.7718.
By the middle of the European trading session on Tuesday, the EUR/JPY exchange rate had revealed a new medium-term ascending channel. Though, that does not automatically suggest that the pair should rally within the next 24 hours.
Gold continues to appreciate against the US Dollar for the sixth consecutive session.
After reaching a new 2017/2018 low of 104.67 late on Friday, the US Dollar picked up momentum and had therefore shot up to 105.80 by Tuesday morning.
The inability of the US Dollar to gain momentum on Monday had positive impact on the GBP/USD exchange rate.
Despite receding fears of trade wars, the US Dollar failed to pick up momentum on Monday, thus allowing EUR/USD to breach the psychological 1.24 level and reach a new six-week high of 1.2450.
The New Zealand Dollar has extended its gains against the US Dollar. The currency pair breached both the Weekly R1 and the monthly R1 near 0.7277 during the early hours of Monday's session.
Downside risk prevailed in the market on Friday. Bears continue their dominance over the USD/CAD exchange rate. As shown on the chart, the Greenback has remained stable and slowly moving south against the Loonie.
The price movement for the Australian Dollar has been guided mainly by a newly-formed junior ascending pattern. The rate breached the upper boundary of a channel down during the Asian session on Monday.
The common European currency has stopped its decline against the Japanese Yen. The currency pair is gradually moving north and could form a new pattern during the following days.
The yellow metal continues to trade in a five-day ascending channel against the US Dollar.
Following two consecutive sessions of decline, the US Dollar entered a period of consolidation on Friday.
The minor period of consolidation which started on Thursday was not followed by a breakout of the 55-hour SMA near 1.41.