As many other US Dollar involving currency pairs, the GBP/USD has bounced off a resistance line. However, if one zooms out the chart, it can be observed that the currency exchange rate has bounced off a medium term resistance line.
The common European currency after the large Friday's jumps against the US Dollar met with the resistance of a dominant descending channel.
The New Zealand Dollar continues its bearish path against the US Dollar, the currency pair is gradually moving down in descending channel.
Downside risk dominated the USD/CAD currency pair on Thursday, as the rate closed the session with 109 pips or –0.81% fall. Along the way, some significant support levels, namely, 55-,100-,200-hour SMAs and the weekly pivot point were breached.
Bulls managed to regain some of their lost positions on Thursday, as the currency pair bounced off from the monthly support level at 0.7336 and managed to break out from the upper boundary of a descending pattern.
Following a breakout from a resistance cluster formed by the weekly and the monthly PPs and the combination of the 55-,100–,200– hour SMAs located near the 127.87 mark, bulls took control of the market and managed to push the EUR/JPY exchange rate 137 pips or 1.07% higher.
Gold still shows some weakness against the US Dollar, as it is being pressured lower since mid-June.
The US Dollar was driven by slight upside momentum on Thursday.
The GBP/USD exchange rate showed no changes to its positioning on Thursday, thus trading near the monthly S1 and the bottom channel line circa 1.3080 for the whole session.
Following the strong depreciation of EUR/USD on Wednesday, the pair stabilised and was trading slightly above the weekly S1 at 1.1553 yesterday.
The New Zealand Dollar continues losing ground against the US Dollar. The currency pair breached a support cluster formed by the combination of the weekly and the monthly PPs near 0.6775.
Bulls continue their dominance in the market on Wednesday. After a brief period of consolidation, the USD/CAD currency pair continued to rally and dashed through the 55– and 100– hour SMAs.
The previous expectations for the AUD/USD currency pair have been fulfilled. The pair continued to depreciate throughout Wednesday's session and also breached the monthly S2 at 0.7336.
As expected, the Eurozone single currency continues to decline substantially against the Japanese Yen. This bearish movement could continue until the end of this week as the exchange rate revealed a kings crown pattern.
The yellow metal has failed to pick up momentum against the US Dollar even despite having edged lower for the second consecutive week.
Following a reversal from the senior channel on Monday, the US Dollar has since continued to appreciate against its Japanese counterpart for the fourth consecutive session.
As already expected, the GBP/USD exchange rate was unable to breach the 200-hour SMA and the weekly PP at 1.3232 on Wednesday.
Downside risks pushed EUR/USD lower on Wednesday even despite technical indicators being generally bullish.
Bears prevailed on Tuesday, thus pushing the New Zealand Dollar lower against the US Dollar. The currency pair has been maintaining the junior descending pattern since June 14.
Tuesday's trading session did not introduce significant changes to the USD/CAD exchange rate price level, as any attempts for the pair to move south was limited by the 55– and 100– hour SMAs.
Bears dominated the AUD/USD currency pair on Tuesday. This downside momentum began after the rate hit a resistance cluster formed by the 55– hour simple moving average and the weekly pivot point near the 0.7415 mark.
The EUR/JPY exchange rate showed some volatility on Tuesday but it did not leave it daily trading range opening level near 128.36. Any significant move was restricted by the 55-,100-, and 200-hour simple moving averages.
The yellow metal has been depreciating against the US Dollar in a descending channel for the seventh consecutive trading session.
The weekly S1 and the monthly PP at 109.45 provided strong support for the US Dollar during the first part of this week.