The Downside risks dominated the AUD/USD currency pair on Tuesday and thus sent the Australian Dollar to erased previously gained points against the US Dollar. However, the decline has been temporarily stopped by the weekly pivot point near the 0.7445 mark.
The common European currency spent most of Tuesday on a negative note, thus breached the 55-, 100-, and the 200– hour SMAs. The Euro surrendered all it gains it has accumulated during the last three days.
The inability of the yellow metal to surpass the 200-hour SMA on Tuesday morning was followed by a significant 1.85% plunge down to the 1,290.00 level.
The US Dollar managed to maintain its upside momentum on Tuesday, thus gaining 0.55% against the Japanese Yen.
Bearish momentum prevailed during the first part of Tuesday, thus sending the Sterling 112 pips lower against the Greenback.
Following a breakout of the 55-, 100– and 200-hour SMAs early on Tuesday, downside risks prevailed and thus pushed the EUR/USD exchange rate down to the weekly S1 at 1.1840.
The downside momentum continues to push the New Zealand Dollar lower against the US Dollar. The exchange rate has lost all gains it accumulated during the last two trading sessions.
The Greenback has been trading in a channel down against it Canadian counterpart since May 8. However, the currency pair has formed a new junior ascending channel within this short period and can be observed on the chart.
Despite a brief attempt for the AUD/USD exchange rate to surge yesterday, the currency pair was driven by a downside momentum which resulted for a breakout through the lower boundary of newly formed ascending channel.
The single European currency continues to gain strength against the Japanese Yen. The pair bounced off the lower boundary of an ascending channel on May 8 and has since gained more than 200 base points.
Gold remained stable against the Greenback during the most session on Monday, as it was restricted by the 55-hour SMA from below.
Despite facing strong resistance of the 55-, 100– and 200-hour SMAs near 109.40, bulls managed to gather enough strength to push USD/JPY above this level on Monday.
GBP/USD continued to strengthen for the third consecutive session on Monday.
The Euro was able to appreciate against the Greenback during the first part of Monday, with gains being capped at the 1.20 mark.
By the middle of the European trading session on Monday, the New Zealand Dollar has revealed a new ascending channel against the US Dollar. Though, that does not automatically indicate that the pair should surge within the next 24hrs.
The US Dollar continues to depreciate against the Canadian Dollar for the third consecutive trading session. The pair had a slight period of consolidation during the middle of European session on Monday.
The AUD/USD exchange rate did not introduce any significant change during Friday's trading session. The currency pair bounced off the lower boundary of a one-week ascending channel and has remained trading along the pattern.
The EUR/JPY currency pair has been moving in a narrow ascending channel since early May. The Euro bounced off the lower boundary of a junior channel on May 8 and has since surged against the Japanese Yen.
Similarly to other major pairs against the US Dollar, XAU/USD showed no massive changes to its position during the previous trading session.
As apparent on the chart, the USD/JPY exchange rate remained stable on Friday and fluctuated in a narrow range between the 50.0% Fibonacci retracement and the 100– and 200-hour simple moving averages.
The Sterling has been trading in a channel down against the US Dollar since early May.
The EUR/USD exchange rate has managed to uphold its upward momentum since last Wednesday.
The New Zealand Dollar remained stable and gradually moving north against the US Dollar. During the middle of Friday's trading session, the exchange rate tested the upper boundary of a channel down.
The US Dollar spent Thursday's trading session with low volatility against its Canadian counterpart. The currency pair was pressured south by the weekly pivot point at 1.2794.