Gold remained steady against the US Dollar for the second consecutive session on Wednesday.
Any technical signals about USD/JPY's possible direction on Wednesday were shuttered by a 1.17% plunge during the morning hours.
The first part of Wednesday's trading session for GBP/USD was spent under the bearish pressure.
The pair failing to accelerate mid-Tuesday following a bullish breakout from the 55– and 100-hour SMAs was an early indication of a soon weakening of EUR/USD.
The New Zealand Dollar began to decline on Tuesday against the US Dollar. However, initially there seemed to be no reason for the decline. Due to that reason a larger review was conducted.
During the last 24 hours up to the review of the USD/CAD pair, the currency exchange rate had erased all of the decline, which had occurred since the middle of May 18th trading session.
On Wednesday, following the sudden short term surge of the Australian Dollar against the US Dollar during the first half of the day's trading session, a larger look was taken at the pair.
The common European currency has plummeted against the Japanese Yen. That can be deducted by an initial look. However, it is the other way around. The Japanese Yen has skyrocketed on Wednesday due to a massive change in monetary policy.
Tuesday's trading session introduced no changes to Gold's movement against the US Dollar.
The US Dollar remained steady against the Yen on Tuesday, as it was pressured from both sides by the 100– and 55-hour SMAs.
The movement of GBP/USD was dominated primarily by the 55– and 100-hour SMAs during the previous session.
Even though the Euro managed to surpass the 100-hour SMA on Tuesday morning, further advance did not follow, thus leading the rate back in the narrow range between the 100– and 55-hour moving averages.
The New Zealand Dollar movement against the US Dollar has been constrained by a junior ascending channel. The exchange rate reversed from it lower boundary during the middle of Monday's trading session and has since gained 84 base point or 1.21%.
Downside risks prevailed in the market yesterday, thus sending the USD/CAD currency pair to end the session with a 125-pip decline. This fall was so significant that the pair breached the 55-, 100-, 200– hour SMAs and lower boundary of a dominant ascending channel.
Following a short period of the AUD/USD currency pair trading sideways, Bulls has managed to take over the movement. This surge is likely to continue until the pair reaches the upper boundary of a junior pattern.
The Single European currency continues to appreciate against the Japanese Yen for the past few days. However, the rally has been stopped temporarily by the weekly R1 at 131.35.
Following an upside breakout of the short-term triangle, Gold was expected to surge towards the 1,300.00 area.
Bulls guided USD/JPY during the first part of Monday, thus pushing the Greenback 43 pips higher against the Yen.
After breaching the previous 2018 low and a strong support level, GBP/USD remained under bearish pressure until the psychological 1.34 level and the bottom channel line were reached.
The common European currency started the week on a weak note against the Greenback, as it fell down to a fresh 2018 low at 1.1725.
The downside risk continues to push the New Zealand Dollar lower against the US Dollar. By the end of last week trading sessions, the NZD/USD exchange rate has reached a six-month low level.
Positions Today Yesterday % Change Longs 55% 48% 12.73% Shorts 45% 52% -15.56% Indicator 4H 1D 1W MACD
The Australian Dollar continues to move sideways against the US Dollar for the third consecutive session. The currency pair has been trading within the range of 0.7534 and 0.7489 since May 17.
The common European currency spent the first part of Monday's trading session calmly, as it manages to reverse from the lower boundary of a junior ascending pattern.