Despite flashing bullish signals on Monday morning, the Sterling managed to maintain its downward-sloping movement throughout the day.
The Euro remained under the bearish pressure on Monday.
By the middle of Monday's trading session the NZD/USD currency exchange rate had reached the vital support levels near the 0.7150 mark. Coincidentally at that level a dominant support line was located together with the freshly calculated first weekly support level.
The US Dollar has continued to gain even more ground against the Canadian Dollar. The reason for the surge is double sided.
As the US Dollar has kept appreciating the AUD/USD is no exception to the phenomenon. On Monday it could be seen that the rate was going down in a junior, narrow descending pattern.
The common European currency passed the long term support against the Japanese Yen almost as soon, as such a move was speculated on Friday. Since then the rate has fluctuated even above the previous support and made two attempts to surge.
Bears were the main driving force of the XAU/USD exchange rate for the second consecutive session on Friday as a result of which the pair closed the day slightly above the bottom boundary of a medium-term and the 23.60% Fibonacci retracement.
The US Dollar continued its fourth day of appreciation against the Yen on Friday.
Despite the massive plunge on Thursday, the Sterling failed to accelerate against the US Dollar during the following day.
Strong downside potential drove EUR/USD considerably lower on Friday.
The picture of the broken pattern on the NZD/USD hourly chart for the traders, who shorted the pair already on Monday is a picture of joy.
Another data release has caused the USD/CAD to jump. Namely, the release of the Canadian CPI and Retail Sales caused a jump of almost 50 base points.
The Australian Dollar has plummeted during the last 24 hours against the US Dollar as a brick. Initially it was thought that a strong support cluster near the 0.7780 mark will hold the ground.
The common European currency has retraced from the previous high levels against the Japanese Yen. In fact the rate had reached the lower trend line of a long term ascending channel pattern.
Contrary to expectations, the yellow metal was driven by bearish forces on Thursday.
The trading session on Thursday did not introduce significant changes to the pair's position, as it remained fluctuating between the 55– and 100-hour SMAs and the weekly PP.
Following a 121-pip fall mid-Thursday, the Sterling entered a minor period of consolidation slightly below the 200-hour SMA.
The common European currency was trading along the 55– and 100-hour SMAs and a junior channel on Thursday morning.
The descending pattern, which broke the support of a previously active channel up pattern, has continued to guide the currency exchange rate lower. The movements on the pair have been more or less unexciting. However, they are profitable.
As Dukascopy Analytics already warned our audience, the rate announcement from the Bank of Canada caused massive swings in the USD/CAD currency exchange rate.
After the rebound of Wednesday, on Thursday the AUD/USD currency pair revealed a new junior ascending channel pattern. The pattern reveals that the currency exchange rate is set to reach a new high level.
The Euro has booked a new high level against the Japanese Yen. This event was expected.
After testing the 55– and 100-hour SMAs for a couple of hours, Gold accelerated mid-Wednesday and dashed through a three-day resistance of 1,350.00.
The US Dollar was pushing lower against the Japanese Yen on Wednesday.