Bulls managed to regain some of their lost positions on Thursday, as the pair bounced off the bottom boundary of the junior channel and tested the 1.2350 mark later in the day.
The movement of the Kiwi on Wednesday was guided mainly by the 55—hour simple moving average and the weekly pivot point.
The US Dollar maintained a stable position against the Canadian Dollar on Wednesday, thus trading within the range for the whole session.
Although it was expected that the Australian Dollar would begin to surge against the US Dollar after meeting with the lower boundary of an up trend-line, where the weekly S1 was located, the situation did not come into reality as the pair remain relatively calm and was trading with low volatility.
There has been some major development in the situation on the EUR/JPY pair. By the end of Wednesday's trading session, the currency pair has extended it lost, which began during the Asian session
After breaching the 200-hour SMA late on Tuesday, the yellow metal has since been moving lower.
Despite several attempts to edge lower on Wednesday, the movement of the US Dollar was guided by the 200-hour SMA.
The resistance cluster which limited a move above the 1.40 mark provided a strong barrier for the Pound on Wednesday.
The Euro was trading with low volatility during the first part of Wednesday.
The New Zealand Dollar continues to lose strength against the US Dollar after the pair re-tested the upper boundary of a medium-term pattern on February 16.
As shown on the chart, the Buck has remained stable against the Loonie during the previous trading session.
The Australian Dollar edged lower on Tuesday. This depreciation was stopped by the monthly S1 near the 0.7855 area, which provided temporary pressure for the rate head back north.
By mid-Wednesday, the Euro had managed to erase all gains reached during yesterday.
Tuesday's morning session was spent calmly, as the pair was fluctuating between the 23.60% Fibo and the weekly PP.
The US Dollar continues to gain momentum against the Yen for the third consecutive session.
Despite some minor fluctuations, the Pound has maintained the same price level for the second day.
Despite flashing bullish signals on Tuesday, the bearish momentum took over the market during the first part of the day, as the Euro managed to gather enough momentum to breach the 200-hour SMA and the 23.6% Fibo retracement.
The previously described scenario on Monday regarding the NZD/USD did not come into reality.
During the early hours of Tuesday's trading session, the USD/CAD pair breached the upper boundary of a large-scale triangle.
As expected, the AUD/USD pair broke the support of the 100—hour SMA, which was located near 0.7909 at the end of yesterday trading session.
The Euro maintained its gradual movement northwards during Monday's session. It gained 60 base points against the Japanese Yen yesterday.
The first part of Monday's session was spent with no changes to the overall market price, as Gold was fluctuating in a narrow range between the 55– and 100-hour SMAs.
The US Dollar continues to gain value against its Japanese counterpart for the third consecutive session.
The British Sterling was confined by the 55– and 200-hour SMAs on Monday.