Contrary to expectations, the common European currency was guided by bears on Thursday.
As expected, the New Zealand Dollar has continued to decline against the US Dollar. The currency pair has breached both the 55– and 100-hour SMAs. Nevertheless, the overall dominant ascending channel still holding.
Upside momentum continues to push the Greenback higher against the Loonie. The pair is gradually moving north to test the upper boundary of a dominant channel. However, this surge has encountered a short period of consolidation.
Despite showing signs of a possible recovery yesterday, the Australian Dollar Failed to overcome the bearish momentum, and by the of the US trading session on Wednesday, the currency pair breached the lower boundary of a channel up.
Downside risks prevailed in the market yesterday and thus sent the common European currency to plummet against the Japanese Yen. As a result, the exchange rate breached the lower boundary of an ascending channel.
The yellow metal has made no significant advances during the previous session, as any attempts to move below the 1,322.90 area was restricted by the strong support of the 55-, 100– and 200-hour SMAs.
The USD/JPY exchange rate has been guided by bearish sentiment for the second consecutive session.
Even though the general tendency for the pair was southwards on Wednesday, GBP/USD failed to make a notable advance in this direction.
The Euro managed to remain near 1.24 during the Asian session early on Wednesday, thus trying to gain enough strength to surpass the weekly R1 at 1.2412.
Bulls continue their dominance over the NZD/USD pair. The currency pair bounced off the lower boundary of a channel up on March 1 and has since maintained a dominant ascending pattern.
The Greenback strengthened against the Loonie following a Canadian fundamental event, which occurred yesterday. Namely, immediately as the Governor of the Bank of Canada started to speak, the Canadian Dollar began to lose value.
The Australian Dollar introduced no significant changes to its overall price range against the US Dollar on Wednesday as its remained stable.
The common European currency was stable against the Japanese Yen during the first part of Wednesday's, as it was supported by the 55-hour simple moving average.
Gold was driven by bears early on Tuesday who pushed the yellow metal down to the upper boundary of the breached wedge pattern and the 38.20% Fibo near 1,316.70.
Despite showing high volatility on Tuesday, USD/JPY had returned near the 106.40 mark by Wednesday morning.
The market was calm on Tuesday morning, as traders were awaiting the British Annual Budget report and the US inflation data.
The first part of Tuesday's trading session was uneventful, as the Euro was fluctuating in a narrow range against the US Dollar.
Following a short period of decline during the previous session, the New Zealand Dollar has managed to regain some of its lost positions on Tuesday. Gains, however, were limited due to the upper boundary of a dominance channel.
The Buck has maintained its gradual movement northwards. By mid-Tuesday its gained 60 basis points against the Canadian Dollar.
The Australian Dollar continues its smooth journey in an ascending channel against the Greenback. The currency pair breached the monthly pivot point at 0.7863 during the middle of the US trading session yesterday.
The Euro has managed to regain some of its lost positions during the first part of Tuesday's trading session. The decline of the currency pair was stopped by the weekly pivot point at 130.94.
Following two sessions of decline, the yellow metal has allayed its bearish sentiment.
Minor downside risks dominated the USD/JPY exchange rate on Monday, as it closed the session with a 60-pip fall.
As previously expected, the Pound continues moving closer to a downward-sloping trend-line located near the 1.3910 mark for the third consecutive session.