The Pound managed to breach its three-day range to the downside on Tuesday, thus forming a new short-term descending channel.
The Euro began to weaken against the US Dollar early on Tuesday after failing to move above the considerable resistance of the weekly R1 and the senior channel near 1.1720.
The New Zealand Dollar spent Monday session moving sideways against the US Dollar. However, during the Asian trading session on Tuesday, a downside breakout occurred.
Lack of fundamentals event on Monday resulted in the US Dollar to trade sideways against the Canadian Dollar. The currency pair was unable to surpass the 55– and 100-hour SMAs.
Even though flashing bullish signs on Monday, bearish sentiment took control of the market during the second part of the day, as the 200-hour simple moving average pressurized the currency pair lower toward the lower boundary of an ascending junior pattern.
Despite several attempts were made by bears to push the rate lower on Monday, the movement of the common European currency was guided by bulls and the 100-hour simple moving average.
The 55– and 100-hour SMAs have guided the yellow metal since the massive fall on June 15.
Despite strong bearish sentiment which prevailed early on Monday, the US Dollar failed to move below the combined support of the 55-day SMA, monthly PP and weekly S1 at 109.40.
GBP/USD has not left the 1.3215/1.3310 range for three consecutive sessions.
The common European currency continues to strengthen against its American counterpart in a short-term ascending channel.
The New Zealand Dollar has been depreciating in a descending channel against the US Dollar after the currency pair hit the upper boundary of a channel down on June 13.
The Greenback continues its movement in an ascending pattern against the Canadian Dollar. By the close of Friday's trading session, the currency pair had formed a new ascending channel as can be observed on the chart.
The Aussie has shown high volatility against the US Dollar on Friday, during this period, the pair breached the weekly pivot point located near the 0.7415 mark. Also, the currency pair is trading in a rising wedge pattern.
Downside risk dominated the common European currency on Friday, as the pair closed the session with approximately 80-pips lost. Along the way, the exchange rate breached the 55– and 100– hour SMAs.
On Monday morning the bullion found support in the lone trend line of a short term ascending channel pattern. However, the surge was unlikely set to continue.
After breaching the strong support line of a dominant ascending pattern, the US Dollar on Monday morning had paused the decline against the Japanese Yen.
The Pound has reached the targeted support cluster near the 1.3220 mark against the US Dollar.
After the breaking of the previously mapped channel down pattern, the common European currency has traded sideways against the US Dollar. However, as the consolidation occurred, a new junior channel pattern was spotted.
The New Zealand Dollar managed to advance 88-pips or 1.29% against the US Dollar since Thursday session. Further upside momentum was disrupted after the pair hit the upper boundary of a descending pattern.
The US Dollar introduced no significant changes to its overall price range against the Canadian Dollar on Monday, as the USD/CAD currency pair remained trading with low volatility.
Upside risk has prevailed in the market since yesterday thus sending the Australian Dollar to advance by 91-pips or 1.24% against the US Dollar.
Bulls managed to regain some of its lost positions yesterday, as the rate bounced off the lower boundary of an ascending trend line and made a breakout. The exchange rate breached the up border of a downtrend channel during the early hours of Friday's trading session.
The yellow metal continues to weaken against the US Dollar for the fifth consecutive session.
As apparent on the chart, the US Dollar respected the dashed trend-line and the monthly R1 at 111.00 yesterday.