Downside risks prevailed in the market on Wednesday and thus sent the Australian Dollar for a fall against the US Dollar. As a result, the rate was able to breach the monthly support at 0.7778.
Despite signals pointing to a possible recovery during the previous session, the Euro failed to overcome the bearish sentiment, and by the end of the day, the pair lost 60 pips.
The expected decline of the yellow metal has occurred. However, it did not come into reality exactly as it was expected.
The support level described on Wednesday did not manage to hold its ground. As a result one can spot a large, red hourly candle on the USD/JPY currency pairs charts. Although,
The patterns drawn on Wednesday have held their ground, as the Pound continues to trade against the Greenback in a narrow channel down pattern.
During the early hours of Thursday's trading session the common European currency continued to lose ground against the US Dollar.
The New Zealand Dollar has been depreciating in a descending channel against the US Dollar after it touched the upper boundary of the channel down on February 16.
Positions Today Yesterday % Change Longs 62% 64% -3.23% Shorts 38% 36% 5.26% Indicator 4H 1D 1W MACD
The Australian Dollar has shown high volatility against the US Dollar on Tuesday, during this period, the pair breached the lower boundary of a large-scale triangle.
Downside risks dominated the Euro yesterday, as the pair closed the session with a 140 base point lost. Along the way, the currency pair breached the 55-, and the 100-hour SMAs.
After the massive drop caused by the appreciation of the US Dollar on Tuesday, the yellow metal's price traded sideways between two pivot point levels. However, it was about to continue the decline.
Due to the fluctuations caused by Jerome Powell's testimony on Tuesday, which broke all previous junior and medium scale patterns, a broader look at the USD/JPY currency exchange rate is done.
Due to large volatility caused by various events in the recent trading sessions a broader look has been taken at the GBP/USD currency exchange rate.
As Jerome Powell's testimony's text was released on Tuesday, the US Dollar began its march of strength against the rest of the financial markets.
Downside momentum continues to push the Kiwi lower against the US Dollar. The pair has lost almost all gains it accumulated during the past two days.
The US Dollar has been trading in a channel up against its Canadian counterpart since February 2. The currency pair has formed a new junior channel during this period, and can be observed on the chart.
Despite a brief attempt to appreciate against the US Dollar yesterday, the Australian Dollar continued to be driven by a downside momentum for the second consecutive session.
The common European currency is gradually gaining strength against the Japanese Yen. The pair bounced off the lower boundary of a channel down on February 23 and has since gained 120 base points.
Following a period of strong appreciation on Monday morning, Gold was halted by the combined resistance of the 200-hour SMA and the monthly PP near the 1,340.00 mark.
Weaker US Dollar put downward pressure on USD/JPY early on Monday, thus allowing the pair to plunge down to the 106.50 mark.
The Pound showed high volatility against the US Dollar on Monday, as the pair was trading in the 1.4063/1.3941 area during this time.
The common European currency was fluctuating around the 55– and 100-hour SMAs during the previous session.
The Kiwi has stopped its surge against the Greenback. The currency pair encountered a short period of consolidation during Monday's trading session.
The US Dollar continues its bearish path against the Canadian Dollar, the pair is gradually moving in a newly drawn downtrend line.