Downside risks prevailed in the market on Tuesday and thus sent the Australian Dollar to plummet 62 pips or 0.83% against the US Dollar. This allowed the currency pair to breached the 55-,100-, and 200-hour SMAs.
The EUR/JPY exchange rate has made no significant advances during the last trading session, as any attempts made by bulls to above the 132.02 mark was restricted by the weekly resistance level.
The yellow mental shown high volatility against the US Dollar on Tuesday. This decline occurred after the commodity price hit a strong resistance level formed by the 100-hour simple moving average.
The 55– and 100-hour simple moving averages have guided the US Dollar up against the Japanese Yen since July 11. The pair has been more stable during the past few days which might point to a possible change in market sentiment.
Downside risks prevailed in the market on Tuesday, thus sending the British Pound to crashed by 198 base points or 1.49% against the US Dollar.
Downside risks have prevailed in the market since yesterday thus allowing the common European currency to decline 94 pips against the US Dollar.
The New Zealand Dollar was constrained mainly by bullish sentiment on Monday against the US Dollar and thus sending the currency pair to breached the upper boundaries of both descending channels.
As expected, the US Dollar has continued to lose strength against the Canadian Dollar on Monday and as a result, the currency pair fell below the three SMAs which resulted in a breakout through the lower boundary of an ascending channel.
The Australian Dollar continues its journey in an ascending channel against the US Dollar. By the end of trading session on Monday, the currency pair has breached the weekly resistance level at 0.7423.
The common European currency was guided mainly by bullish momentum against the Japanese Yen on Monday. Bulls continue to strengthen their position in the market during the first part of today session.
It is apparent that the strong downside momentum which prevailed last week is starting to allay.
Traders have not introduced big changes in the USD/JPY exchange rate for the past three sessions.
The GBP/USD exchange rate remained steady on Monday apart from some minor fluctuations mid-session.
Despite breaching the weekly PP and the 200-hour SMA to the upside early on Monday, the Euro failed to accelerate against its American counterpart and remained trading along this long-term moving average during the remaining session, as well.
The AUD/USD exchange rate has been driven by a downside risk since July 10. the currency pair was pressured down after hitting the monthly pivot point at 0.6859 and the upper boundary of a descending channel.
Bears picked up momentum on Friday after the USD/CAD currency pair hit the upper boundary of a downtrend channel and as a result, the rate decline by 60 base points or 0.45%.
Upside and downside risks dominated the market on Friday as the AUD/USD currency pair fluctuated between 0.7414 and 0.7362. However, a breakout from this trading range had occurred.
Friday's trading session went in favour of bears, as the common European currency decline by 60 base points during the end of the day. This decline began after the tested the upper boundary of an ascending trendline.
Bearish momentum has guided the XAU/USD exchange rate since last Monday.
The US Dollar has remained steady against the Japanese Yen for the third consecutive session.
Downside risks dominated the Pound during the first part of Friday's trading session.
The previous trading week brought weakness to the EUR/USD exchange rate, with the pair losing 102 pips lower from its weekly high of 1.1730.
The New Zealand Dollar has been depreciating against the US Dollar in a descending channel pattern for the third consecutive trading session. The currency pair has already fallen 1.41% since the beginning of this week.
The US Dollar began to weaken against the Canadian Dollar on Wednesday after the currency pair failed to move above the upper boundaries of both a descending trendline and the upper trendline.