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.
As already expected, the common European currency remained stable against the US Dollar which was caused by lack of fundamental events that could introduce volatility in the market.
The New Zealand Dollar has stopped its rally against the US Dollar. The currency pair encountered a short period of consolidation at the end of Monday trading day.
The US Dollar reached the upper boundary of a large-scale triangle against the Canadian Dollar.
The Australian Dollar continues its bullish path against the US Dollar, and the currency pair is gradually moving in an ascending channel.
A resistance cluster near the 132.45 mark, which is formed by the combination of the weekly pivot point and the 55—hour simple moving average is restricting the EUR/JPY pair from making an upward movement.
The yellow metal has remained stable against the US Dollar during the following two weeks.
The US Dollar managed to regain some lost positions against the Japanese Yen on Friday, thus reversing its period of decline apparent since February 2.
Following a test of 1.4150 on Friday morning, downside risks took over the market and pushed the rate 0.92% lower during the following hours.
The strong bullish momentum that prevailed in the market last week allowed the Euro to hit a new 2015/2018 high of 1.2550 against the US Dollar early on Friday.
The Kiwi continues to surge against the Greenback for the second trading day in a roll. However, the surge was stopped by a resistance cluster near 0.7437.
The US Dollar is still showing weakness against major currencies and the Canadian Dollar is no exception. The currency exchange rate breached the lower boundary a large-scale triangle during the first part of Friday's trading session.
The Aussie tried to edge higher mid-Thursday. This appreciation was stopped by the monthly pivot point at 0.7996 which pressured the rate to make a U-turn south.
The common European currency continues to depreciate against the Japanese Yen for the third consecutive sessions. The currency pair fell down to the monthly support near 131.52.
Following the massive hourly advance mid-Wednesday, the yellow metal has made no significant changes to its price level, thus remaining in the 1,350.00/1,360.00 range ever since.
Bears have managed to take advantage of the weaker US Dollar, thus pushing USD/JPY to a new 2017/2018 low of 105.65.
The Sterling continues to advance against the US Dollar for the second consecutive day, driven by weaker US Dollar in the global market.