Despite generally bearish indicators, the Sterling eventually gathered the necessary upside momentum to dash through the 55– and 100-hour SMAs and reach the weekly PP at 1.36 on Wednesday.
Following a slight period of weakness on Wednesday morning, the Euro picked up momentum against its American counterpart and reached the 55-hour SMA.
The New Zealand Dollar has stopped its decline against the US Dollar. The pair reverse after reaching the lower boundary of a junior descending channel.
The weekly pivot point at 1.2970 proved to have enough strength to drive the USD/CAD exchange rate south. Though, the 55– hour simple moving average is currently providing support for the rate at 1.2918.
Even though the Australian Dollar made a little effort to appreciate against the US Dollar on Tuesday, the exchange rate was driven by a downside risk by the end of business day.
The previously described scenario on Tuesday regarding the common European currency actually came to reality. After the exchange rate reached the weekly support level at 129.40 it made the corrective move north.
The yellow metal remained tangled around the 55-, 100– and 200-hour SMAs for the third consecutive session on Tuesday.
Tuesday's trading session was spent in a calm manner for the USD/JPY exchange rate, as it remained pressured to the downside by the 200-hour SMA.
If looking from an intraday perspective, the Pound remained stable against the US Dollar on Tuesday.
The common European currency was not able to surpass the strong resistance of the 55-hour SMA on Tuesday morning as a result of which bears saw an opportunity to push the rate lower.
The New Zealand Dollar has been depreciating in a descending channel against the US Dollar after the pair touched the upper boundary of a junior channel down on April 19.
The Greenback continue its movement in an ascending channel against the Canadian Dollar. By the end of trading day on Monday, the currency pair has moved past the double-header resistance level at 1.2920.
The Australian Dollar has shown high volatility against the US Dollar today. During this period, the currency pair has reached the lower boundary of a dominant descending channel.
Downside risks dominated the single European currency on Monday, as the currency pair ended the day with a 63 base point lose. Along the rate breakout from the monthly pivot point at 130.10.
Gold's three-day appreciation against the US Dollar was stopped by the 200-hour SMA and the 38.20% Fibonacci retracement on Monday.
Despite attempts to edge higher during the previous two trading sessions, the US Dollar failed to overcome the 200-hour SMA and thus entered a minor period of consolidation.
GBP/USD continues to trade sideways for the fifth consecutive session.
After failing to surpass the resistance of the 55– and 100-hour simple moving averages, the common European currency went for another decline against the US Dollar on Monday.
The New Zealand Dollar has been confined by a descending channel against the US Dollar since mid-April. The upper boundary of the descending channel was reached on April 19 and the exchange rate has since been moving along the aforementioned pattern.
The Greenback continues to move sideways against the Japanese Yen for the fifth consecutive trading session.
The AUD/USD currency pair was driven by downside risks during the first part of Monday's trading session. The move above 0.7537 was restricted by the 200– hour simple moving average.
The first part of Monday's trading session was relatively calm for the EUR/JPY exchange rate, as the pair continues to trade with low volatility for the second consecutive session.
The XAU/USD pair has broken the previously drawn descending pattern. However, during the first part of Monday's trading session, a new junior ascending channel has been revealed.
The US Dollar has been trading in a narrow channel down against the Japanese Yen since May 2. This channel is being considered as a temporary retracement from the upper border of a dominant pattern.