The Euro's movement during the previous session reveals the strengthening of the bearish sentiment
The New Zealand Dollar has extended the decline against the US Dollar, and pressed for a larger review. Namely, the decline confirmed that the previous forecast was wrong.
To do the review of the USD/CAD currency exchange rate Dukascopy Analysts expected and first covered the Bank of Canada rate announcement.
The Australian Dollar has traded with increased volatility against the US Dollar since the last review. The reason was the pair's bouncing between two competing levels of significance.
By the middle of Wednesday's trading session the common European currency had revealed a new medium term channel down pattern against the Japanese Yen.
Following a minor period of consolidation during the first half of Tuesday, the bearish sentiment prevailed in the market and thus sent Gold down to the 1,332.00 area.
Similarly to other major currency pairs that include the US Dollar, it is apparent that the latter's weakness has allayed during the previous trading session.
Downside risks prevailed during the first half of Tuesday.
Even though the Euro has increased its trading range against the US Dollar during the previous session, the pair has failed to form a distinctive movement either direction.
As it was forecast the New Zealand Dollar extended its gains until it finally reached the next resistance level against the Greenback.
The consolidation, which started on Monday, on the USD/CAD currency pair has broken the previously speculated channel down pattern. Namely,
As it was expected, the Australian Dollar continued to consolidate against the US Dollar in the last 24 hours up to the middle of Tuesday's trading. Moreover,
The common European currency continued to surge against the Japanese Yen, as it was forecast on Monday, until it reached the monthly resistance level at the 136.00 mark.
Gold was stable against the US Dollar on Monday.
The bearish pressure continued to prevail on Monday, thus sending USD/JPY towards the combined support of the monthly S2 and the weekly S1 circa 110.30.
Similarly to other major currency pairs involving the US Dollar, GBP/USD was trading sideways for the most session on Monday.
Apart from a 50-pip surge md-Monday, the common European currency showed no intention to leave its narrow trading range, thus leaving the market at a relative equilibrium.
After the plunging of the New Zealand Dollar against the US Dollar, which took place on Friday, the currency exchange rate suddenly recovered.
The US Dollar stopped its depreciation against the Canadian Dollar on Monday. The reason for the stop of the surge and a resulted short term surge was the encountering of a combined support level at the 1.24 mark.
The Australian Dollar on Monday stopped the surge against the US Dollar, as the pair encountered medium term ascending channel pattern's resistance line. Moreover, the resistance was strengthened by the weekly R1 at the 0.7960 level.
There have been minor developments in the situation on the EUR/JPY hourly chart. By the middle of Monday's trading session the currency exchange rate had extended the surge, which began last week.
The yellow metal continues to gain momentum against the US Dollar for the fourth consecutive session.
Driven by its broad-based weakness against a basket of currencies, including the Yen, the US Dollar continues to approach a four-month descending channel with its lower boundary located near the 110.00 mark.
GBP/USD is likewise taking advantage of the weaker US Dollar, thus managing to surge 1.49% in a matter of one session.