The yellow metal continues to weaken against the US Dollar for the fifth consecutive session.
As apparent on the chart, the US Dollar respected the dashed trend-line and the monthly R1 at 111.00 yesterday.
The Pound remained rather steady against the US Dollar on Thursday morning due to traders awaiting the BOE Monetary Policy Statement released mid-session.
EUR/USD was pressured lower on Thursday morning by the combined resistance of the 55– and 100-hour SMAs.
The New Zealand Dollar spent the first part of Wednesday's session relatively calm against the US Dollar. This lack of direction changed by the middle of the day when the currency pair fell 60-pips and consequently breached the weekly and the monthly pivot points at 0.6885 and 0.6850.
The US Dollar has maintained its upward tendency against the Canadian Dollar since June 14. Despite trading with low volatility, the Greenback has dashed through the weekly pivot point at 1.3280.
The Australian Dollar has remained stable against the US Dollar on Wednesday. A move above 0.74 was limited by the 55-hour simple moving average which is providing resistance for the pair at 0.73.
The movement of the EUR/JPY exchange rate during the past one week has been guided by a medium-term descending channel. The currency pair was pressured down by the monthly pivot point at 123.00.
Gold remains guided by the 55-hour SMA for the second consecutive session.
On Wednesday morning, the US Dollar tested the combined resistance of the 55-, 100– and 200-hour SMAs and the 61.80% Fibonacci retracement.
GBP/USD was moving in line with the short-term falling wedge on Wednesday.
The common European currency failed to accelerate against the US Dollar on Wednesday, being restricted by the 55– and 100-hour SMAs from above.
Even though the New Zealand Dollar decreases its trading range against the US Dollar during the previous session, the exchange rate failed to make a substantial move down due to a support cluster set by the combination of the weekly and the monthly PPs near the 0.6886 mark.
The USD/CAD exchange rate continues to strengthen for the fifth consecutive trading session on Wednesday. The upward movement allowed the currency pair to dashed through the upper boundary of both ascending patterns.
Downside momentum continues to drive the Australian Dollar lower against the US Dollar. As a result, the exchange rate has reached a one-year low level near the 0.7351 mark.
Following a breakout from the lower boundary of an ascending channel on Tuesday, downside risks continued to dominate the EUR/JPY currency pair and thus drove the price lower.
Apart from a 0.52% fall mid-Tuesday, the yellow metal managed to maintain its movement sideways against the US Dollar for the second consecutive session.
The strong plunge of the USD/JPY pair early on Tuesday was stopped by the combined support of the weekly S1, the monthly PP and the senior channel at 109.60.
Despite flashing bullish signals early on Wednesday, the narrow range between the 55-hour SMA and a historic resistance/support level at 1.3232 was breached to the downside.
EUR/USD has been ranging for the third consecutive session with a slight tendency southwards.
After hitting a resistance level set by the 55-hour simple moving average at 0.6938 on Monday, the NZD/USD currency pair continued its journey south. As a result, the pair broke out from an ascending trend line.
The Greenback remained steady against the Canadian Dollar on Monday. The currency pair tried to advance yesterday but was nevertheless stopped by a combined resistance of the monthly pivot point and the upper border of an ascending pattern located near the 1.3243 area.
Slight downside momentum was apparent for the AUD/USD currency pair on Monday. The exchange rate was pressured down by the 55-hour simple moving average and as result, a breakout occurred through the lower boundary of a descending pattern.
The Eurozone single currency spent the first part of Monday's session trading calmly.