The US Dollar was pressured southwards against the Loonie in the wake of the combined data release from both the US and Canada mid-Thursday.
Following a breakout of the short-term ascending wedge, the Australian Dollar surged against its American counterpart and thus managed to reach the 0.7720 mark—a level slightly below the weekly R1.
The common European currency spent all session on Thursday above its previous 2016/2017 peak of 134.50.
The previous forecast for the price of the yellow metal was correct. The bullion has passed the support line, which had kept the price surging for a long time. However, that does not mean that a decline of the price is about to occur.
On Friday morning the common European currency had continued the decline against the US Dollar, which started during the late hours of Thursday's trading session.
The bullish sentiment that prevailed this week was stopped abruptly by the weekly R1 at 113.58.
The Pound weakened slightly against the US Dollar on Thursday.
The New Zealand Dollar was stranded between the 200-, 55– and 100-hour SMAs during the most session on Wednesday.
After testing the six-month high of 1.2901 on Tuesday, the US Dollar started depreciating against the Loonie, thus breaching the combined resistance of the monthly PP, the 100– and 200-hour SMAs circa 1.2845 on the following day.
Following three days of trading in a narrow range, the Australian Dollar was unable to breach this lack of momentum on Wednesday and even reduced its volatility.
Contrary to expectations, the common European currency managed to gather enough bullish momentum to dash through the 2016/2017 high of 134.48 mid-Wednesday.
The whole previous trading session the exchange rate spent exactly as expected.
Despite existence of a rising wedge pattern, the Dollar continued to actively appreciate against the Yen.
Although yesterday's fluctuations required some adjustments, the main assumption remained unchanged.
The common European currency continued to rise against the Dollar in a tiny ascending channel. Despite release of improved housing data the pair managed to break through the upper boundary of a one-month long descending channel and end the day at the 61.8% Fibonacci retracement level located at 1.1887.
After testing the 0.7020 mark mid-Tuesday, bears took the upper hand and pushed the New Zealand Dollar down to a support cluster formed by the weekly PP and the 200-hour SMA near 0.6960.
Despite the slow start of Tuesday's session, the US Dollar managed to strengthen against the Loonie and test the six-month high of 1.2909 by mid-session.
AUD/USD has shown low volatility this week, as it has remained in the 0.7683/45 area for the third consecutive session.
The Euro appreciated 111 pips against the Yen on Tuesday, showing no reluctance before various resistance levels.
In result of the previous trading session, the pair made a breakout from rising wedge pattern that formed at the intersection of two junior ascending channels.
In the middle of previous trading session, the currency exchange rate made a confident breakout from a symmetrical triangle pattern.
Yesterday's plunge to the 1.3330 level with the subsequent return to the 1.3400 mark points out that fluctuations of the cable are framed by the minor symmetrical triangle pattern.
Despite the fact that tax bill passed through the House, the currency exchange rate continued to move upwards and ended the day in the previously specified resistance zone located around the 1.1845 level.
On Tuesday it was possible to finally exactly pinpoint the borders of the expected new medium term descending pattern on the charts of the NZD/USD currency pair.