Following a rather calm Tuesday morning, bulls started to dominate Gold later in the session, thus dashing through the 55– and 100-hour SMAs.
The US Dollar was trading sideways against the Yen for the second consecutive session on Tuesday.
Strong upside risks prevailed on Tuesday, thus sending the Sterling 96 pips higher against the US Dollar.
The common European currency was guided lower mid-Tuesday where it was stopped by the strong support of the 200-hour SMA and a junior channel circa 1.660.
Monday's trading session was relatively calm for the NZD/USD currency pair with the exchange rate trading in an extremely low volatility. The upside potential was limited by the weekly R1 at 0.7047.
The US Dollar continues to trade sideways against the Canadian Dollar for the fourth consecutive trading session. The rate was trading along the line of the 55-, 100-, and 200– hour SMAs.
The Australian Dollar was guided by upside risks against the US Dollar on Monday. However, these gains were limited by the upper boundary of an ascending channel and the weekly pivot point at 0.76.
Monday's trading session did not introduce significant changes to the pairs price range, as any attempts to move either direction were hindered by the monthly pivot point at 128.45. Also, the currency pair breached the aforementioned PP early Tuesday session.
The yellow metal has generally maintained its position against the US Dollar during the previous two sessions.
The USD/JPY exchange rate was tended north on Monday but wit no large gains apparent during this session.
The Pound was relatively steady against the US Dollar early on Monday.
Upside risks prevailed during the first part of Monday with the Euro breaching the 55-hour SMA and an eight-week channel down.
The price movement of the NZD/USD currency pair during the last one week has been guided by a medium-term channel. The exchange rate was supported by the 100– hour simple moving average at 0.69.
The USD/CAD exchange rate has been mostly affected by the fundamental event. The reason for this is because of the US president Donald Trump's administration slapping tariffs on aluminum and steel for its close allies. Namely, Canada, Mexico, and the European Union.
The Australian Dollar accelerated against its Canadian counterpart late last week when the pair bounced off it lower boundary of an ascending channel. The rate has since strengthened by 1.99%, thus reaching a six-week high near the 0.7664 mark on Monday.
The EUR/JPY currency pair is trading in a one-week ascending channel. The pair tested its lower boundary near 124.50 on May 29 prior to reversing its sentiment and gradually moving toward the up border.
The yellow metal was stranded in a narrow range between the 55-, 100– and 200-hour SMAs early on Friday.
Following two sessions of sideways movement, the Greenback eventually managed accelerated against the Yen on Friday
Bulls prevailed on Friday, thus pushing the GBP/USD exchange rate past the 55-, 100– and 200-hour SMAs and the prevailing five-week channel down.
The common European currency remained stable against the US Dollar for the third consecutive session on Friday, as the pair continued to fluctuate around the 55– and 200-hour SMAs.
The NZD/USD exchange rate did not introduce significant changes to its positioning during the previous session, as the pair movement was restricted by the weekly pivot point at 0.70.
Following a 170-pip or 1.33% gain on Thursday, the USD/CAD exchange rate entered a minor period of consolidation slightly above the 200– hour simple moving average. The pair has moved closer to the upper boundary of a descending pattern.
The AUD/USD exchange rate closed Thursday's trading session finding support at the 200– hour simple moving average. The aforementioned SMA has been providing support for the pair since May 30.
After a rebound on Thursday, the EUR/JPY exchange rate revealed a new junior ascending channel. This pattern indicates that the Euro is set to moved past a two-week resistance level at the 129.00 mark.