The yellow metal moved below the 1,320 mark on Monday morning, as the metal is in its seventh consecutive session of decline. During this session, the commodity formed a downward aimed channel pattern, which indicated that the rate is set to reach at least the monthly S1 at 1,315.53 during today's trading session.
The common European currency depreciated against the US Dollar on Friday, as chairwoman of the Federal Reserve, Janet Yellen indicated at two not only one rate the central bank's rate hikes until the end of this year.
The overall outlook on the pair is bearish, as the rate trades under the 10-month trend-line that was initiated back in Q4 of 2015. Recently, the sell-off has intensified, as the price has distanced itself from the resistance line with the help of the Brexit vote.Nevertheless, there are signs that the pair might recover considerably over the upcoming months. Four-hour
The US Dollar is falling against the Canadian Dollar, as the 100-day simple moving average, which was located at 1.2926 mid-Friday, finally pressured the currency exchange rate to fall.
Thursday ended with the Aussie erasing most of its intraday gains, thus, with the pair unable to preserve the up-trend.
The main difference today from yesterday's outlook on the NZD/USD pair is that the upper Bollinger band, which was located previously below the weekly R1, is now located at 0.7349, which is above the first weekly resistance at 0.7347.
The EUR/JPY currency pair behaved in accordance with expectations yesterday, as it climbed over the weekly PP and the 20-day SMA resistance area.
During the previous three days the USD/JPY currency pair remained almost completely muted, awaiting for the Fed president to speak today.
The GBP/USD currency pair declined on Thursday, amid stronger-than-expected US fundamentals boosting the American Dollar that day.
The yellow metal changed direction on early Friday morning, as it found support in the second weekly support level at 1,322.62, and the metal is most likely to surge to the 55-day SMA at 1,328.15.
The common European currency started Friday's trading session just below the weekly pivot point at 1.1281.
The US Dollar traded flat against the Canadian Dollar on Thursday, as the currency exchange remained at 1.2924 by 11:15 GMT.
The EUR/JPY cross experienced mild volatility on Wednesday, but with the European currency weakening against the Japanese Yen that day with an 18-pips shift.
During the first half of Thursday's trading session the Kiwi had no gains to show against the US Dollar.
Although the Aussie failed to outperform the US counterpart on Wednesday, the pair still barely edged lower.
The yellow metal stopped the fluctuations around the 1,340 level, in which it had been in for the past weeks, as the metal fell on Wednesday due to being pressured by the 20-day SMA from the downside.
The USD/JPY currency pair succeeded in remaining above the 100.00 psychological level for another day, but risks of a slump even below that area persist.
The Sterling appreciated against the US Dollar for the third consecutive day yesterday, but with each rally being smaller than the preceding one, suggesting that a reversal is due.
On Thursday morning the currency exchange rate found support in the monthly R1 at 1.1263 and slightly rebounded.
The Greenback continued to gain strength against the Loonie on Wednesday, after the currency rate had rebounded from the weekly PP at 1.2870.
The Australian Dollar retreated from its intraday gains on Tuesday, resulting in a 12-pip loss against the US Dollar over that day.
As previously forecasted, the New Zealand Dollar surged on Tuesday against the US Dollar and met with resistance at 0.7347, where the weekly R1 is located at.
Even though the Euro declined against the Japanese Yen yesterday, the weekly pivot point managed to limit the losses, preventing a slump towards the 113.00 mark.
The Greenback managed to remain above the 100.00 major level on Tuesday, ultimately closing with an eight-pip loss.