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.
The situation on the AUD/USD charts after the breaking of various trend lines had not become clear in the second part of Tuesday's trading session.
On Monday Dukascopy analysts spotted what was initially though to be a junior pattern on the EUR/JPY currency exchange rate. That pattern has become the dominant one.
Gold entered a minor period of consolidation late on Friday, as a move below the 1,342.00 was restricted by the 55– and 100-hour SMAs.
Despite technical indicators flashing bullish signals, the US Dollar was driven by strong downside momentum on Monday.
The GBP/USD currency pair closed Monday's trading session with a solid 91-pip gain.
The Euro gained enough momentum to dash through the 55– and 100-hour SMAs and a short-term channel down early on Monday.
On Friday Dukascopy analysts expected a corrective move south to occur on the NZD/USD currency pair's charts. This has happened and the move has even extended itself more than expected.
The US Dollar has fallen below the last notable support of the Dukascopy technical analysis system against the Canadian Dollar.
The Australian Dollar has been acting immensely strange against the US Dollar since Friday.
The previous review of the EUR/JPY currency exchange rate concentrated on the fact that the currency pair had passed the resistance of the monthly pivot point at the 132.67 level.
XAU/USD did not introduce massive changes to its positioning during the previous session, as its movement was stranded by the 55-, 100– and 200-hour SMAs.
The US Dollar continued to appreciate against the Yen for the second consecutive session on Friday.
The Sterling remained steady against the US Dollar on Friday except for a slight 54-pip surge early in the day.
The Euro was trading along the 100-hour SMA on Friday, with the 200-hour moving average working as a strong support.
The US Dollar has been trading in a descending channel against the Canadian Dollar since mid-March. The currency pair tested the upper boundary of a dominant channel on March 19 and began a new wave down.
The upside risk continues to prevail in the market as of Friday's. The New Zealand Dollar has accumulated more points against the US Dollar. The currency pair has pierced the weekly S2 at 0.7390 during the European session.
The Australian Dollar has been trading in a medium-scale triangle against the US Dollar. The lower boundary of the triangle was touched on April 9. A breakout occurred through the upper border during the early hours of Friday's trading session.