The Australian Dollar maintained a stable position against the US Dollar on Friday, thus trading within range the whole session.
As expected, the Euro continues to decline against the Japanese Yen. The bearish movement is maintaining a smooth channel down.
The yellow metal was consolidating in a narrow range against the US Dollar on Friday, as neither bulls nor bears could overcome the 55– and 100-hour SMAs that bounded at the time.
Despite two attempts to breach 107.20 during the previous 24 hours, the strong resistance of the 55–, 100- and 200-hour SMAs and the monthly S1 was strong enough to limit any gains above this mark.
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Lack of fundamentals on Friday resulted in the Euro trading sideways against the US Dollar.
After touching the upper boundary of a dominant channel, the New Zealand Dollar began declining against the US Dollar. This fall started on February 16.
The US Dollar has been trading in an ascending narrow channel against the Canadian Dollar since February 16.
It was expected that the Aussie would begin a surge against the Greenback after the pair reached the monthly pivot point and the lower boundary of a medium-scale triangle.
The common European currency has been trading in a channel down against the Japanese Yen since early February. The movement south was guided by the weekly R1 at 137.45.
Following a test of the weekly S1 at 1,320.70, bulls took over the market and managed to push the yellow metal 0.8% higher within a couple of hours.
Downside risks dominated USD/JPY on Thursday, as the pair closed the session with a 100-pip fall.
Despite a minor decline during the first part of Thursday's trading session, the Sterling gained momentum and surged 83 pips against its American counterpart within a couple of hours.
Bulls managed to regain some of their lost positions on Thursday, as the pair bounced off the bottom boundary of the junior channel and tested the 1.2350 mark later in the day.
The movement of the Kiwi on Wednesday was guided mainly by the 55—hour simple moving average and the weekly pivot point.
The US Dollar maintained a stable position against the Canadian Dollar on Wednesday, thus trading within the range for the whole session.
Although it was expected that the Australian Dollar would begin to surge against the US Dollar after meeting with the lower boundary of an up trend-line, where the weekly S1 was located, the situation did not come into reality as the pair remain relatively calm and was trading with low volatility.
There has been some major development in the situation on the EUR/JPY pair. By the end of Wednesday's trading session, the currency pair has extended it lost, which began during the Asian session
After breaching the 200-hour SMA late on Tuesday, the yellow metal has since been moving lower.
Despite several attempts to edge lower on Wednesday, the movement of the US Dollar was guided by the 200-hour SMA.
The resistance cluster which limited a move above the 1.40 mark provided a strong barrier for the Pound on Wednesday.
The Euro was trading with low volatility during the first part of Wednesday.
The New Zealand Dollar continues to lose strength against the US Dollar after the pair re-tested the upper boundary of a medium-term pattern on February 16.
As shown on the chart, the Buck has remained stable against the Loonie during the previous trading session.