The Australian Dollar continues its decline against the US Dollar in a descending channel pattern. This downward movement was not very distinct throughout the previous session, as traders were reluctant to enter into massive trades during the holidays season.
The last trading days of 2018 was dominated by the bearish sentiment. After testing the combined resistance level of the 200-hour simple moving average and the upper boundary of a descending channel pattern at 127.07, the common European currency began to depreciate against the Japanese Yen and shot down to the 124.34 area.
The yellow metal's price has surged above the 1,285.00 level by the middle of Wednesday's trading session. Moreover, the surge was expected to continue.
Dukascopy Analytics were surprised to find out that the previously drawn descending pattern, which was in focus of the daily reviews before Christmas, was still holding at the start of January.
On Wednesday, the GBP/USD was piercing one support level after another near the 1.2690 mark. Namely, various SMAs and pivot points were being passed.
The EUR/USD first daily review reveals that the currency exchange rate was standing at a strong technical support cluster at 1.1420. The cluster was made up of the 100 and 200-hour simple moving averages and the weekly pivot point.
The New Zealand Dollar traded sideways movement against the US Dollar on Friday. The currency pair was moving within a narrow range of 0.6725 and 0.6700 during Friday's trading session.
The US Dollar appreciated more than 60 base points against the Canadian Dollar on Friday. The 50-hour simple moving average provided support for the pair during the previous trading session.
The Australian Dollar has been appreciating in a descending channel pattern against the US Dollar since December 27. The currency pair tested the upper boundary of the channel down at 0.7074 during the first half of Monday's trading session.
The common European currency depreciated about 85 base points against the Japanese Yen on Friday. The currency pair breached the lower boundary an ascending channel during the end of Friday's trading session.
The New Zealand Dollar depreciated about 45 base points against the US Dollar on Thursday. The 50– and 100-hour SMAs continued to pressure the currency pair lower.
The US Dollar appreciated about 92 base points against the Canadian Dollar on Thursday. The surge was stopped by a resistance level formed by the upper boundary of a medium-term ascending channel pattern at 1.3650 during yesterday's trading session.
Positions Today Yesterday % Change Longs 70% 74% -5.71% Shorts 30% 26% 13.33% Indicator 4H 1D 1W MACD
The single European currency has continued to appreciate in an ascending channel against the Japanese Yen. The currency pair tested the upper boundary of the channel pattern at the end of yesterday's trading session.
The 50-, 100-, and 200-hour SMAs pressured the New Zealand Dollar lower against the US Dollar on Wednesday.
The US Dollar has been moving sideways against the Canadian Dollar since December 23. The currency pair continued its movement in the narrow range during Wednesday's trading session.
The Australian Dollar traded sideways movement against the US Dollar on Wednesday. The currency pair was moving within a trading range of 0.7077 and 0.7032 during the previous trading session.
The common European currency appreciated about 70 base points against the Japanese Yen on Wednesday. The currency pair breached the 50– hour simple moving average at 126.05 during yesterday's session.
Bearish sentiment has been dominating the New Zealand Dollar against the US Dollar since December 24.
The 50-hour simple moving average has guided the US Dollar higher against the Canadian Dollar since December 24.
The Australian Dollar has continued to trade in a one-week descending channel pattern against the US Dollar. The currency pair tested the upper boundary of the channel pattern during the Asian session on Wednesday.
Downside risks have been dominating the single European currency against the Japanese Yen since December 24. the currency pair depreciated more than 110 base points during the last two days.
The New Zealand Dollar has continued to edge lower against the US Dollar. The exchange rate plunged by about 83 base points during the end of Friday's trading session.
The US Dollar has continued its upside momentum against the Canadian Dollar. The currency pair appreciated about 110 base points during the end of Friday's trading session.