The Australian Dollar continued to weaken against the US Dollar on Wednesday after the currency pair breached a significant support cluster set by the combination of the weekly and the monthly pivot points near the 0.74 mark.
Wednesday's session brought weakness to the EUR/JPY currency pair, with the rate losing 107 base points lower from its previous high at 131.15. During this short period of decline, the pair broke out through the bottom border of an ascending channel.
The yellow metal on Wednesday broke all the previously charted trend lines on the hourly chart of the yellow metal's price.
Dukascopy Analytics already wrote in the Trading Idea published on Wednesday that the USD/JPY currency exchange rate, after massively surging on Tuesday and Wednesday, was set to decline or trade sideways.
The medium term trend line, which held its ground on the GBP/USD charts at the end of August, has managed to provide enough downwards momentum for the currency rate to book a certain decline.
The common European currency continued its decline on Thursday against the US Dollar, as the currency exchange rate reached below the cluster of levels of significance near the 1.1680 mark.
Bears picked up momentum on Tuesday after the NZD/USD exchange rate hit the upper boundary of a triangle pattern. However, the decline was not too significant as the pair ended the day with just 31 pips decline.
The downtrend channel that has guided the US Dollar lower against the Canadian Dollar continued on Tuesday. However, the decline was temporarily stopped by the weekly S1 at 1.2992.
The Australian Dollar was guided by the newly drawn ascending channel on Tuesday against the US Dollar. The currency pair traded above a support cluster formed by the combination of the weekly and the monthly pivot point near the 0.7409 mark.
Upside risks prevailed in the market on Tuesday and thus allowing the single European currency to strengthened by 144 base points against the Japanese Yen. This made the exchange rate breached some significant resistance levels. Namely, the weekly and the monthly pivot points and the combination of the 55-, 100-, and 200-hour SMAs.
Gold has been trading sideways against the US Dollar since Friday, as it has been stranded in a narrow range between the 55-, 100– and 200-hour SMAs and the 1,218.50 mark.
USD/JPY gained 83 pips on Tuesday after accelerating from the senior channel near 111.00.
Some bullish momentum was apparent in the market on Tuesday morning.
The Euro edged higher during the morning hours on Tuesday.
The New Zealand Dollar was constrained in a newly drawn junior ascending pattern on Monday against the US Dollar and thus sending the exchange rate to breached the upper boundary of a downtrend line.
Downside risks prevailed in the market on Monday, thus allowing the US Dollar to declined by 82 pips or 0.63% against the Canadian Dollar. This crashed, however, was limited by the weekly support level at 1.2993.
Positions Today Yesterday % Change Longs 70% 70% 0.00% Shorts 30% 30% 0.00% Indicator 4H 1D 1W MACD
The common European currency showed some volatility against the Japanese Yen on Monday, as bulls traders ended the session with 63 base point or 0.49%profit.
Gold trading above the 1,220.00 mark during the following two sessions has revealed a two-week ascending triangle.
The previously-low volatility of USD/JPY changed early today when the Bank of Japan pledged to keep its interest rates at low levels, as the rate started fluctuating between the 200-hour SMA and a senior channel line.
No changes occurred to the positioning of GBP/USD on Monday.
EUR/USD has diminished its trading range in between two trend-lines.
There are almost no changes to the NZD/USD currency pair on the hourly time frame. The 200-hour simple moving average has been providing support for the exchange rate near the 0.6790 mark.
The chart of the USD/CAD pair has not changed since July 26. Namely, the junior descending pattern is still active.