Yesterday's plunge to the 1.3330 level with the subsequent return to the 1.3400 mark points out that fluctuations of the cable are framed by the minor symmetrical triangle pattern.
Despite the fact that tax bill passed through the House, the currency exchange rate continued to move upwards and ended the day in the previously specified resistance zone located around the 1.1845 level.
On Tuesday it was possible to finally exactly pinpoint the borders of the expected new medium term descending pattern on the charts of the NZD/USD currency pair.
Just as expected the US Dollar has extended its surge against the Canadian Dollar and revealed the trend lines of the dominating medium term pattern. In general, this analysis concentrates on the new information.
The Australian Dollar extended its surge against the Greenback, as it was expected during the middle of Monday.
By the middle of Tuesday's trading session the common European currency had extended its gains against the Japanese Yen.
In accordance with expectations, a support zone formed near the 1,254.00 mark did not allow the buck to gain value, while the rising 55-hour SMA pushed the yellow metal higher.
In line with expectations, the currency exchange rate did not make any significant moves yesterday.
In first half of the previous trading session the currency pair struggled to bypass a combination of the weekly and monthly PP as well as the 55-, 100- and 200-hour SMAs, as expected.
Despite increasingly positive stance on the Dollar, the Euro continued to inch higher yesterday, being driven by the minor head and shoulders pattern.
Instead of the expected breakout of the triangle pattern on the NZD/USD pair's charts to the downside, a slow lived breaking occurred.
As described before the break out of a triangle on the USD/CAD pair was stopped and a surge began on Friday.
The Australian Dollar is declining as expected against the US Dollar. However, there are new pieces of information to be analysed.
The EUR/JPY met the goals set on Friday. However, the surge of the Euro against the Japanese Yen went further than previously expected. During the surge the watched junior channel down pattern's resistance line was broken.
During the last trading session the exchange rate expectedly tried to break through the upper boundary of a senior descending channel.
An absence of any significant news in first half of the previous trading session expectedly led to a rebound from support zone located near the 112.10 mark.
Due to existence of a strong selling pressure in the area between 1.3440 and 1.3450 marks, the cable could not climb higher and was forced to make a rebound.
Due to bearish pressure exercised by the 55-, 100- and 200-hour SMAs the currency exchange rate ended previous trading session below the 38.2% Fibonacci retracement level at 1.1760.
Initially Thursday's forecast for the Kiwi against the US Dollar continued on, as forecast. However, something strange occurred after the initial move was complete.
The USD/CAD forecast was precise. The pair broke out of the developed triangle down pattern to the downside. Moreover, the breakout has revealed additional patterns
As it was expected the AUD/USD pair surged eventually up to the 0.7690 level, where it was met by one of the weekly resistance levels.
After the initial jump and writing of the previous analysis of the EUR/JPY currency pair, the forecast failed pretty fast.
Even though the US House and Senate came to agreement on tax reform while the Census Bureau showed an increase in the Core Retail Sales, the exchange rate did not even pass the 1,250.00 mark.
Because of release of better than anticipated information on the American Core Retail Sales as well as the pressure from 55-, 100- and 200-hour SMAs, the currency rate broke through support zone located between the 112.70 and 112.62 marks.