The Asian session was relatively calm for EUR/USD on Tuesday.
The New Zealand Dollar has stopped its decline against the US Dollar. The currency pair encounter low volatility during the first part of Tuesday's trading session.
Bulls continue their dominance over the USD/CAD pair. As shown on the chart, the US Dollar has remained stable and gradually moving north against the Canadian Dollar.
The movement of the Australian Dollar on Monday was guided mainly by a newly formed junior ascending channel.
Bulls managed to regain some of its lost positions yesterday, as the rate bounced off the bottom border of a junior pattern and made a double breakout.
Despite surpassing the 200-hour SMA early on Monday, the yellow metal returned below this line several hours later to test the 55– and 100-hour SMAs located circa 1,318.00.
Upside risks prevailed in the market on Monday, thus allowing the US Dollar to advance by 1.0% against the Yen.
The Sterling managed to advance 85 pips against the US Dollar during the first past on Monday.
As previously expected, the combined support of the 55– and 200-hour SMAs and the weekly PP provided un unbreakable barrier circa 1.2275.
Bears continue their dominance over the NZD/USD pair. Overall, the dominant descending channel still holding.
The USD/CAD pair introduced no significant changes to its overall price range on Monday, as it remained trading with low volatility.
The Australian Dollar has been bound by a descending channel against the US Dollar since mid-February.
The common European currency remained stable against the Japanese Yen on Friday, as it was confined within the bounds of the weekly pivot point at 130.67 and the 55-hour simple moving average.
The yellow metal was stable against the US Dollar on Friday morning, as it was supported by the 55-hour SMA and the 38.20% Fibo retracement.
The market has not introduced notable changes to the Pound's price level against the Greenback during the previous trading session, as the pair remained fluctuating in a narrow 1.3772/1.3810 range.
Following an unsuccessful test of the 55-, 100– and 200-hour SMAs mid-Thursday, the US Dollar managed to maintain its southward movement during the following session, as well.
Following a test of a five-month ascending channel circa 1.2170, the common European currency was driven by strong upside potential.
Following a test of the monthly pivot point at 0.7187, bulls took control of the market and manage to push the NZD/USD pair higher yesterday.
The US Dollar has extended its gains against the Canadian Dollar. Nevertheless, the surged was stopped by the monthly pivot point at 1.2771.
Upside momentum prevailed yesterday and thus sent the Australian Dollar rallying against the US Dollar. As a result, the pair was able to breach the 55-hour simple moving average.
The previously described scenario on Thursday regarding the EUR/JPY had occurred.
The support levels just above the 1,300.00 mark where reached even faster than it was expected.
The Dukascopy research team has abandoned the idea to map the USD/JPY with a short term pattern. The reason for the decision is that the US Dollar is too volatile against the Japanese Yen. The volatility is largely caused by politics and monetary policy.
Finally the exact location of the dominant support can be marked, as the Pound has fully confirmed the trend line by surging against the US Dollar.