The Australian Dollar has plummeted during the last 24 hours against the US Dollar as a brick. Initially it was thought that a strong support cluster near the 0.7780 mark will hold the ground.
The common European currency has retraced from the previous high levels against the Japanese Yen. In fact the rate had reached the lower trend line of a long term ascending channel pattern.
Contrary to expectations, the yellow metal was driven by bearish forces on Thursday.
The trading session on Thursday did not introduce significant changes to the pair's position, as it remained fluctuating between the 55– and 100-hour SMAs and the weekly PP.
Following a 121-pip fall mid-Thursday, the Sterling entered a minor period of consolidation slightly below the 200-hour SMA.
The common European currency was trading along the 55– and 100-hour SMAs and a junior channel on Thursday morning.
The descending pattern, which broke the support of a previously active channel up pattern, has continued to guide the currency exchange rate lower. The movements on the pair have been more or less unexciting. However, they are profitable.
As Dukascopy Analytics already warned our audience, the rate announcement from the Bank of Canada caused massive swings in the USD/CAD currency exchange rate.
After the rebound of Wednesday, on Thursday the AUD/USD currency pair revealed a new junior ascending channel pattern. The pattern reveals that the currency exchange rate is set to reach a new high level.
The Euro has booked a new high level against the Japanese Yen. This event was expected.
After testing the 55– and 100-hour SMAs for a couple of hours, Gold accelerated mid-Wednesday and dashed through a three-day resistance of 1,350.00.
The US Dollar was pushing lower against the Japanese Yen on Wednesday.
The Sterling was trading along the 55-hour SMA early on Wednesday.
EUR/USD was driven by slight upside risks on Wednesday.
The charted channel, which was drawn on Tuesday, on the NZD/USD hourly chart was once more confirmed when the lower trend line managed to force a rebound of the pair.
The previously expected decline in a narrow ranged pattern down to the 1.25 mark did not occur. The reason for that is the existence of a medium term descending pattern, which revealed itself during the last 24 hours.
The previously expected decline of the Australian Dollar against the US Dollar occurred on Wednesday morning. However, before the target area of 0.7750 was reached, the pair lingered horizontally for most part of Tuesday's trading.
The recently discovered now dominant channel up pattern on the EUR/JPY currency pair's charts has been once more confirmed. Moreover, the expected decline of Tuesday occurred exactly as forecast by our analysts.
The yellow metal has been trading below the 1,350.00 mark for the third consecutive session.
Tuesday was rather uneventful for the USD/JPY exchange rate, as it spend the majority of the session slightly below the 100– and 200-hour SMAs.
After hitting the upper boundary of a short-term channel and a trend-line at 1.4370, the Sterling began its decline towards the 1.43 mark.
On Tuesday, the common European currency once again failed to overcome the psychological 1.24 mark which has worked as a strong resistance this month.
The NZD/USD is another pair, which has fallen down due to the strength of the US Dollar. However, that is not the most important fact to note.
On Monday it was spotted that the US Dollar had no support levels left against the Canadian Dollar. The event resulted in a decline of the pair.