The US Dollar is surging against the Canadian Dollar on Friday, as the currency exchange rate managed to break through a strong resistance cluster from 1.2933 to 1.2949 by midday during Friday's trading session.
The senior downtrend AUD/USD has been respecting for three and a half years already just proved its dominance by denying access to levels on the other side.
EUR/JPY did not slope under the significant 114.36/42 level, where the monthly Pivot Point, the weekly S1, the 38.20% Fibonacci retracement from the Brexit dive and 55-day SMA combine their strength to provide enough demand to offset a further sell-off.
EUR/SEK lost 29 percent over the 2008-2013 period, went on to form a channel up to surge two and a half years, just to fail at the 9.5642 level. The pair has proven this level to have too much supply pressure and has led it to bounce between the aforementioned mark and 9.1776 for almost two years already, forming a
GBP/AUD left the seven-year channel-like down trend amid the 2008 global financial crisis, recessing into an all time low territory in 2012-2013 which resulted in a 50 percent loss of value altogether. An ascending channel then led the 53 percent surge that helped recover the six-year losses, but not for long, as the uptrend proved to be unsustainable and a
Although yesterday in the morning the upside seemed limited, the price managed to mount 102 yen, thus closing above the monthly PP and alleviating some downward pressure.
The Sterling stabilised yesterday between the 23.60% retracement of the post-Brexit-vote sell-off and the falling trendline that was broken during the second half of the previous week.
Gold traded just above the support cluster above 1,335 level on Friday morning due to a failure to break through a resistance cluster on Thursday.
The common European currency appreciated against the US Dollar on early Friday morning.
The New Zealand Dollar continued its rise higher against the US Dollar on Thursday. However, as mentioned yesterday, the currency exchange rate is being slowed down by the 50.00% Fibonacci retracement at 0.7468.
The US Dollar continued to search for support against the Canadian Dollar on Thursday. However, it was not the above the first monthly support level at 1.2846.
The broadening ascending wedge pattern that the pair has developed over the last three months has been pulling AUD/USD towards its upper trend-line at 0.7796, as the pair finally managed to break above the weekly R2 and monthly R1 cluster at 0.7685/87.
EUR/JPY was not successful in continuing its path towards the bottom trend-line of the two-month symmetrical triangle, bouncing from the significant 114.36/37 level which has made the pair struggle several times already.
GBP/USD bounced off of the upper boundary of the emerging ascending channel yesterday, but there is not a lot of room for the sell-off to extend.
The common European currency is surging on Thursday morning against the US Dollar, as the currency exchange rate remains near previously reached heights around the level of 1.1250.
GBP/CAD opened its long-term bearish path in the beginning of 2016, after conquering seven-year highs the month before. The pair posted a 21 percent loss on the plunge in August, developing a strong descending channel on the way, which we expect to continue to restrict the pair's movements. What strengthens this scenario is the multitude of different time-frame patterns which
The USD/CAD exchange rate is struggling at the first monthly support at 1.2846 mid-Wednesday.
Following the 1.4 percent surge over Monday's trading session that confirmed the three and a half year down-trend, AUD/USD put an end to the attempt by developing bearish momentum on Tuesday.
The New Zealand Dollar continues its race northwards against the US Dollar. On Wednesday the currency exchange rate broke what was left of resistance
EUR/JPY was pushed off its path towards the multi-year downtrend, implying a tendency of diminishing lows, and a close anywhere below Wednesday's opening level would add ground to the proposition of a newly developed downward trend-line.
The bullish setup we mentioned in our previous reports is no longer topical. This is due to poor US data released yesterday, as a result of which the currency pair returned within the boundaries of the channel that has been forming since the last months of 2015.
Despite our expectations GBP/USD spiked through the nearby resistances, including the August high, and approached the highest level since July (1.3480).
"Both gold and silver are on the move higher today, with some tailwinds from a considerably weaker USD, precipitated mainly by weaker than expected ECO Data from the ISM Non-Manufacturing Data," – Tim Knight, Prophet Founder (based investing.com)Pair's OutlookThe yellow metal continues to surge on Wednesday, as the commodity broke the resistance put up by the monthly R1 at 1,348.
The Common European currency is trading near the opening price against the US Dollar on Wednesday morning. However, it did fall to the weekly R1 at 1.1230 and rebounded against it during the night to continue a surge, which began on Tuesday.