Contrary to expectations, the Euro managed to maintain its strong upward momentum during the previous session and climb to a three-year high of 1.2550 by Friday morning.
The Kiwi has continued to surge against the Greenback for the past few days. On Thursday, it was noticed that the surge occurred in a pronounced channel up a pattern.
The USD/CAD pair made some miraculous movement upside after the US data release on Wednesday. However, the surge was unable to hold due to the weakness of the US Dollar.
Upside momentum continues to push the Aussie even higher against the US Dollar. By the early hours of Thursday's trading session, the AUD/USD pair tested the upper a boundary of a dominant channel.
Wednesday's trading session was dominated by the bullish sentiment. After testing the combined resistance of the 55– and the 100—hour SMAs early on Thursday, the common European currency retraced briefly.
Gold spent the first part of Wednesday's trading session calmly, as it managed to reverse the from 23.60% Fibo retracement and approach the upper boundary of the breached three-week channel.
Despite a brief attempt to appreciate against the Japanese Yen on Wednesday morning, the Greenback continued to be driven by downside risks for the second consecutive session.
After hitting the weekly PP at 1.3915 on Wednesday morning, the Pound began edging lower and eventually breached the support of the 55– and 100-hour SMAs.
The Euro failed to move above its weekly high of 1.24 on Wednesday, as it reversed from the bottom boundary of the three-week channel down.
The New Zealand Dollar strengthened against the US Dollar after the Reserve Bank of New Zealand boosted its inflation expectation on Tuesday morning.
Despite showing some signs of strengthening on Tuesday, the US dollar failed to breach the upper boundary of the junior channel.
During the second part of Wednesday's trading session, the Australian Dollar broke the support of the 55-, 100-, and the 200-hours SMAs due to the US data release at 1330GMT.
The strong downside momentum continued to prevail during Wednesday's trading session. The Yen managed to erase almost all gains reached during the US trading session on Tuesday
Contrary to expectations, the upper channel boundary and the 200-hour SMA near 1,330.00 did not provide enough resistance to pressure the rate south on Tuesday.
The strong bearish pressure that dominated the USD/JPY exchange rate on Tuesday continued to prevail in this session, as well.
The Sterling closed the previous trading session by gaining 56 pips against the US Dollar.
Upside momentum prevailed in the market on Tuesday, as the Euro closed the day with a 64-pip gain against the US Dollar.
As expected, the NZD/USD pair breached the upper boundary of the dominant channel.
The US Dollar has breached the lower boundary of the previously-active junior channel against the Canadian Dollar
As it was expected, the Australian Dollar continued to rally against the US Dollar.
Despite signals showing possible recovering during the previous trading session, the EUR/JPY pair failed to overcome the bearish pressure, and by the end of the European trading session, the currency pair lost 124 points.
The yellow metal was stranded between the bounds of the 55– and 100-hour SMAs during the first part of Monday.
The US Dollar remained steady against the Japanese Yen on Monday, as it was trading in a narrow 108.70/50 range.
Lack of fundamantal events on Monday resulted in the Pound moving sideways against the US Dollar.