On Wednesday, gold price ignored the 55 and 200-hour simple moving averages. The price fluctuated around them freely. Meanwhile, the resistance of the 100-hour SMA was still able to push the pair lower.
The US Dollar had extended its decline against the Japanese Yen on Wednesday.
As it was expected, the GBP/USD surged during the last 24-hours. However, the surge was a lot bigger than expected. The reason was another fundamental Brexit announcement.
The EUR/USD reached the targeted 1.1380 soon after yesterday's publications. Moreover, three hours after reaching the weekly R1 at 1.1380 the pair continued to surge and reached the resistance levels of the daily chart at the 1.1400 level.
On Tuesday, the yellow metal pierced the support of the 200-hour SMA. With that the commodity price was signalling that it will decline.
The USD/JPY has crashed the short and medium term patterns. Namely, it jumped suddenly on Monday when the pair broke the resistance of a medium scale descending pattern.
The GBP/USD surged, as soon as it passed the resistance of the 1.3100 level. Soon after the event the rate touched the weekly R1 at the 1.3149 level. By the middle of Tuesday's trading the rate was testing a strong resistance cluster at the 1.3160 level.
On Tuesday the EUR/USD had remained in the previous trading session's range between 1.1365 and 1.1345. It had retreated to once more confirm the support of a dominant ascending pattern.
The gold price is listening to the simple moving averages of the hourly chart. Namely, the 200-hour SMA is providing support and keeping the rate from falling lower. In the meantime the 55 and 100-hour SMAs are providing resistance.
The US Dollar has followed the technical patterns against the Japanese Yen. Namely, the pair has bounced off the upper trend line of a dominant pattern and passed below the support of a junior ascending channel.
The GBP/USD pair is struggling to pass the resistance of the 1.3100 level. The round mark was providing a psychological resistance to the rates surge.
On Monday, the EUR/USD no longer had close by resistance levels on the hourly chart. Namely, the weekly pivot points had changed, and the closest by technical resistance was located at the 1.1380 mark.