Downside risks started to prevail the market when USD/CAD hit the 55-hour SMA mid-Tuesday.
The Australian Dollar had maintained a rather stable position against the US Dollar for the last two trading sessions prior to accelerating up to the 0.7770 mark during the first part of Wednesday.
Following two sessions of minor consolidation, the Euro picked up some speed today and therefore approached a 2016/2017 high of 134.17 reached on December 21.
Despite existence of a strong resistance barrier formed by the monthly PP and the upper trend-line of a four-month long dominant descending channel the yellow metal continued to rally against the buck and managed to reach the weekly R1 at 1,283.37.
In line with expectations, first half of the previous trading session the currency rate spent in a limbo between the 55- and 100-hour SMAs and then slipped to the weekly PP at 113.10.
Yesterday's trading session did bring any notable changes, as expected.
In accordance with expectations, previous trading session the currency rate mostly spent fluctuating between support and resistance zones located near the 1.1848 and 1.1876 levels.
There are more than few developments on the NZD/USD currency pair.
On Friday the USD/CAD rate jumped on the release of fundamental news. Namely, the Canadian GDP came in lower than expected by the average forecast.
After the breaking of a dominant resistance level the AUD/USD pair stopped the surge on Tuesday. The reason for that is the weekly resistance, which is located at the 0.7725 mark.
The common European currency during the Christmas period has traded almost flat against the Japanese Yen. However, that seems to be at its end, as the pair is getting squeezed by two hourly simple moving averages.
In result of the surge that was triggered by two disappointing macroeconomic data releases as well as the rising 55- and 100-hour SMAs the price of yellow metal ended up at the 1,273.00 mark.
In the end of the previous week the currency exchange rate made a breakout from the rising wedge formation.
Despite adoption of tax reform and release of various macroeconomic data, the British Pound is continuing to trade against the Dollar in a two-week long symmetrical triangle whose upper boundary simultaneously represents the slope of a larger falling wedge pattern.
The first trading day after Christmas the currency exchange rate started in a resistance zone located between the 1.1865 and 1.1876 levels.
After testing the 55– and 100-hour SMAs mid-Thursday, the New Zealand Dollar tried to regain its upwards momentum.
The US Dollar was pressured southwards against the Loonie in the wake of the combined data release from both the US and Canada mid-Thursday.
Following a breakout of the short-term ascending wedge, the Australian Dollar surged against its American counterpart and thus managed to reach the 0.7720 mark—a level slightly below the weekly R1.
The common European currency spent all session on Thursday above its previous 2016/2017 peak of 134.50.
The previous forecast for the price of the yellow metal was correct. The bullion has passed the support line, which had kept the price surging for a long time. However, that does not mean that a decline of the price is about to occur.
On Friday morning the common European currency had continued the decline against the US Dollar, which started during the late hours of Thursday's trading session.
The bullish sentiment that prevailed this week was stopped abruptly by the weekly R1 at 113.58.
The Pound weakened slightly against the US Dollar on Thursday.
The New Zealand Dollar was stranded between the 200-, 55– and 100-hour SMAs during the most session on Wednesday.