By the middle of the European trading session on Tuesday, the EUR/JPY exchange rate had revealed a new medium-term ascending channel. Though, that does not automatically suggest that the pair should rally within the next 24 hours.
Gold continues to appreciate against the US Dollar for the sixth consecutive session.
After reaching a new 2017/2018 low of 104.67 late on Friday, the US Dollar picked up momentum and had therefore shot up to 105.80 by Tuesday morning.
The inability of the US Dollar to gain momentum on Monday had positive impact on the GBP/USD exchange rate.
Despite receding fears of trade wars, the US Dollar failed to pick up momentum on Monday, thus allowing EUR/USD to breach the psychological 1.24 level and reach a new six-week high of 1.2450.
The New Zealand Dollar has extended its gains against the US Dollar. The currency pair breached both the Weekly R1 and the monthly R1 near 0.7277 during the early hours of Monday's session.
Downside risk prevailed in the market on Friday. Bears continue their dominance over the USD/CAD exchange rate. As shown on the chart, the Greenback has remained stable and slowly moving south against the Loonie.
The price movement for the Australian Dollar has been guided mainly by a newly-formed junior ascending pattern. The rate breached the upper boundary of a channel down during the Asian session on Monday.
The common European currency has stopped its decline against the Japanese Yen. The currency pair is gradually moving north and could form a new pattern during the following days.
The yellow metal continues to trade in a five-day ascending channel against the US Dollar.
Following two consecutive sessions of decline, the US Dollar entered a period of consolidation on Friday.
The minor period of consolidation which started on Thursday was not followed by a breakout of the 55-hour SMA near 1.41.
The strong support of the 200-hour SMA allowed the the Euro bulls to grow stronger during the second part of Friday.
Bulls continue their dominance over the NZD/USD exchange rate. As shown on the chart, the Australian Dollar is gradually moving upward against the US Dollar.
The US Dollar has been trading in a medium-scale triangle against the Canadian Dollar. The currency pair made a swing during the European trading session on Friday due to the US data released. As a result, the pair lost 87 basis point.
The downside risk dominated the price movement on Thursday and thus sent the Aussie to decline further against the Greenback. As a result, the rate breached both the 55– and 100– hours SMAs.
The bearish momentum has guided the common European currency down against the Japanese yen. By the end of Thursday's trading session, the currency pair has reached a nine-month low at 129.02.
Gold was moving south during the first part of Thursday's trading session. It was fluctuating around the 1,330.00 mark which had previously provided a strong resistance level.
The US Dollar continued to trade lower against the Yen for the second consecutive session.
The Sterling was trading at its seven-week high of 1.4170 on Thursday morning, as the strong resistance of the weekly R3 did not allow it to push above this mark for several hours.
After reaching this week's high of 1.2380 early on Thursday, EUR/JPY started a new decline.
As expected, the New Zealand Dollar made a swing yesterday due to the US data release which was scheduled at 13:30 GMT on Wednesday as a result, the NZD/USD pair made an upside movement and breached the upper boundary of the newly-formed pattern.
The resistance cluster set by the 55– and 100-hour SMAs which limited a move above the 1.3050 area provided a barrier for the Buck to surge yesterday. Thus bears took over the market.
Following a short period of downturn during the past week, the Australian Dollar has managed to regain some of its lost positions against the US Dollar.