As Jerome Powell's testimony's text was released on Tuesday, the US Dollar began its march of strength against the rest of the financial markets.
Downside momentum continues to push the Kiwi lower against the US Dollar. The pair has lost almost all gains it accumulated during the past two days.
The US Dollar has been trading in a channel up against its Canadian counterpart since February 2. The currency pair has formed a new junior channel during this period, and can be observed on the chart.
Despite a brief attempt to appreciate against the US Dollar yesterday, the Australian Dollar continued to be driven by a downside momentum for the second consecutive session.
The common European currency is gradually gaining strength against the Japanese Yen. The pair bounced off the lower boundary of a channel down on February 23 and has since gained 120 base points.
Following a period of strong appreciation on Monday morning, Gold was halted by the combined resistance of the 200-hour SMA and the monthly PP near the 1,340.00 mark.
Weaker US Dollar put downward pressure on USD/JPY early on Monday, thus allowing the pair to plunge down to the 106.50 mark.
The Pound showed high volatility against the US Dollar on Monday, as the pair was trading in the 1.4063/1.3941 area during this time.
The common European currency was fluctuating around the 55– and 100-hour SMAs during the previous session.
The Kiwi has stopped its surge against the Greenback. The currency pair encountered a short period of consolidation during Monday's trading session.
The US Dollar continues its bearish path against the Canadian Dollar, the pair is gradually moving in a newly drawn downtrend line.
The Australian Dollar maintained a stable position against the US Dollar on Friday, thus trading within range the whole session.
As expected, the Euro continues to decline against the Japanese Yen. The bearish movement is maintaining a smooth channel down.
The yellow metal was consolidating in a narrow range against the US Dollar on Friday, as neither bulls nor bears could overcome the 55– and 100-hour SMAs that bounded at the time.
Despite two attempts to breach 107.20 during the previous 24 hours, the strong resistance of the 55–, 100- and 200-hour SMAs and the monthly S1 was strong enough to limit any gains above this mark.
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Lack of fundamentals on Friday resulted in the Euro trading sideways against the US Dollar.
After touching the upper boundary of a dominant channel, the New Zealand Dollar began declining against the US Dollar. This fall started on February 16.
The US Dollar has been trading in an ascending narrow channel against the Canadian Dollar since February 16.
It was expected that the Aussie would begin a surge against the Greenback after the pair reached the monthly pivot point and the lower boundary of a medium-scale triangle.
The common European currency has been trading in a channel down against the Japanese Yen since early February. The movement south was guided by the weekly R1 at 137.45.
Following a test of the weekly S1 at 1,320.70, bulls took over the market and managed to push the yellow metal 0.8% higher within a couple of hours.
Downside risks dominated USD/JPY on Thursday, as the pair closed the session with a 100-pip fall.
Despite a minor decline during the first part of Thursday's trading session, the Sterling gained momentum and surged 83 pips against its American counterpart within a couple of hours.