After testing a significant resistance cluster formed by the monthly PP, the 100– and 200-hour SMAs circa 1.2750 mid-Friday, the bearish sentiment took the upper hand and guided the US Dollar lower.
As apparent on the chart, the Aussie was testing the senior channel for two consecutive sessions, thus signalling to a possible breakout.
Contrary to expectations, the common European currency was driven by strong upside momentum mid-Friday, thus surging 92 pips within four hours.
During the previous trading session the exchange rate indeed formed and made a breakout from junior symmetrical triangle pattern.
In line with expectations, by the end of the previous trading session the currency rate has reached the upper boundary of a currently active descending channel.
On hourly chart the British Pound is continuing to gain value against the Dollar in a two-week long ascending channel.
Even though the Euro climbed more sharply than expected amid the news that Angela Merkel agreed to form large coalition with the Social Democrats, the movement remained in line with general expectations.
Traders were reluctant to push the New Zealand Dollar past the psychological 0.69 mark on Thursday, thus allowing for the bearish sentiment to take over the market.
Following a disappointing Canadian data release mid-Thursday, the US Dollar strengthened 31-pips against the Loonie within one hour.
After testing the weekly R1 at 0.7634 mid-Thursday, the Aussie started trading along the upper boundary of the senior channel.
The common European currency was stranded between the 55– and 100-hour SMAs during the second half of Thursday.
On the one hand, in first half of the previous trading session the exchange rate expectedly tried to slip to the weekly PP at 1,287.22.
Due to beginning of Thanksgiving holidays in the United States, which led to reduced liquidity, the currency rate indeed spent previous trading session between the weekly S1 at 111.40 and support at the 111.10 level.
In line with expectations, the cable continued to gradually moving to the bottom after making a rebound from the upper edge of a currently active ascending channel that was additionally secured by resistance line at the 1.3338 mark.
After making a rapid advance two days ago the currency exchange rate entered into consolidation phase, fluctuating between the 1.1837 support and the 1.1860 resistance levels.
The New Zealand Dollar was testing a medium-term channel down during the first half of Wednesday.
The USD/CAD currency pair was stranded between the 100– and 200-hour SMAs during the first half of Wednesday, as traders were reluctant to push in any direction.
The Australian Dollar continues to appreciate against the US Dollar for the second consecutive session.
As apparent on the chart, the Euro was trading along the 55-hour SMA on Tuesday.
The yellow metal continued to rally against the buck after making a rebound from the bottom trend-line of a medium-term ascending channel.
In line with expectations, a release of data on the US Durable Goods Orders as well as the Fed Meeting Minutes only bolstered the breakthrough through the monthly S1 at 112.05.
Although initially the Pound was hit by first lines of the budget announcement, the subsequent revelation of details changed the sentiment lifted the rate to the weekly R1 at 1.3300, as expected.
A release of the disappointing US Core Durable Goods data created an upside momentum that enabled the pair to break through combined resistance formed by the 100-hour SMA, the weekly PP and the 38.2% Fibonacci retracement level.
As apparent on the chart, the New Zealand Dollar was guided entirely by the 100-hour SMA and the weekly PP during the last session.