For almost a month Dukascopy Analytics stated that on the larger scale the yellow metal is heading to the 1,260.00 level. The move has occurred and fully ended on Friday.
The USD/JPY continued its decline until the rate almost reached the 111.80 level. That point suddenly forced a retracement of the currency exchange rate. By using this point new descending patterns were drawn.
On Friday, the GBP/USD traded still below the 1.2700 level, which continued to provide resistance.
The EUR/USD currency exchange rate has revealed an ascending channel pattern. The pattern represents the rate's surge following the bounce off from the lower trend line of a dominant descending pattern.
The New Zealand Dollar deprecated about 111 base points against the US Dollar on Wednesday. The decline was temporarily stopped by the weekly S1 at 0.6747 during the end Wednesday's session.
The US Dollar ended Wednesday's trading session with 92 points gains against the Canadian Dollar. The surge occurred after the US Federal Reserve hiked interest rates during the end of yesterday's session.
The Australian Dollar depreciated about 112 base points against the US Dollar on Wednesday. This decline started after the US Federal Reserve raised interest rates during yesterday's trading session.
The common European currency depreciated about 81 base points against the Japanese Yen on Wednesday. The decline was stopped after the currency pair pierced the weekly S1 at 127.75.
Upside risks prevailed in the market on Tuesday, thus sending the New Zealand Dollar to appreciated about 77 base points against the US Dollar.
Upside risks dominated the USD/CAD currency pair on Tuesday. The US Dollar appreciated about 105 base points against the Canadian Dollar by the end of yesterday's trading session.
The price movement of the AUD/USD currency pair was guided by a junior ascending channel pattern. The exchange rate bounced off its lower boundary of the channel pattern during the end of the previous session.
The price movement of the single European currency versus the Japanese Yen was guided by a junior descending channel pattern on Tuesday. The exchange rate bounced off its lower boundary at 127.72 during yesterday's session.
The New Zealand Dollar traded below the 50-hour simple moving average at 0.6820 against the US Dollar on Monday.
The US Dollar has continued to gain strength against the Canadian Dollar in an ascending trendline. The currency pair appreciated about 48 base points during Monday's trading session.
The Australian Dollar traded sideways movement against the US Dollar on Monday. The 50-hour simple moving average was providing resistance for the currency pair at 0.7185 during yesterday's session.
The Decline of the common European currency against the Japanese Yen continued during Monday's trading session. The currency pair fell about 76 base points during the end of yesterday's session.