Contrary to expectations, the lower trend-line of a one-month long ascending channel did not managed to stop the currency rate from falling, even though it was additionally backed up by the weekly S1 and the 200-hour SMA.
The New Zealand Dollar increased gradually against the US Dollar on Friday.
The slight period of consolidation apparent on Friday morning was disrupted significantly by the combined data release from the US and Canada mid-session.
Following three session of constant tests of the 55– and 100-hour SMA, the Australian Dollar finally managed to gather enough momentum and push below this support cluster.
By mid-Monday, the common European currency had managed to erase almost all gains reached during the second part of the previous week.
In result of the previous trading session the exchange rate slipped to the lower trend-line of a junior ascending channel, as expected.
Despite release of mostly negative employment data on Friday, the currency exchange rate managed to break through 50% Fibonacci retracement level located at 113.00 and the upper-boundary of one-month long symmetrical triangle.
As most of the American macroeconomic data released on Friday did not justify expectations, the cable ended the week in a green zone.
New trading week the common European currency started with depreciation against the American Dollar.
After testing the two-month high at 0.7126 on Thursday, the New Zealand Dollar went for a strong hourly surge that pushed the rate up to the weekly R1 at 0.7156.
Despite showing some signs of strengthening on Wednesday, the US Dollar failed to breach the resistance cluster of the 55– and 100-hour SMAs for the second time yesterday.
The Australian Dollar tried to edge higher mid-Thursday.
The common European currency accelerated notably against the Yen during the second half of Thursday.
Despite positive developments on the American labour market the bullion continued to advance against buck.
Because of release of better than expected information on employment change in the United States, the buck took the lead and in the first hours of this trading session successfully bypassed combined resistance put by the weekly PP and the 200-hour SMA.
Although the ADP released some positive information on employment change yesterday, the Dollar continued to lose value against the Sterling.
In accordance with expectations, the common European currency continued to rise against the Dollar and by the end of the previous has reached the weekly R1 at 1.2074.
The movement of the New Zealand Dollar on Wednesday was guided primarily by the 55-hour SMA and the weekly PP.
As apparent on the chart, the US Dollar has remained stable against its Canadian counterpart during the previous trading session.
Following a minor decline late on Wednesday, the Australian Dollar failed to breach the support of the 100-hour SMA near 0.7830.
The Euro failed to surpass the combined support of the 100-hour SMA and the lower channel line circa 134.85 during the second half of Wednesday.
During the early hours of new trading session the yellow metal continued to lose value against the buck in a junior descending channel.
In early hours of this trading session the buck stopped the surge and bounced off from the 112.79 level.
Previous trading session the Pound ended with a 104-pip fall against the Dollar. The support was provided by the 100-hour SMA.