After testing the six-month high of 1.2901 on Tuesday, the US Dollar started depreciating against the Loonie, thus breaching the combined resistance of the monthly PP, the 100– and 200-hour SMAs circa 1.2845 on the following day.
Following three days of trading in a narrow range, the Australian Dollar was unable to breach this lack of momentum on Wednesday and even reduced its volatility.
Contrary to expectations, the common European currency managed to gather enough bullish momentum to dash through the 2016/2017 high of 134.48 mid-Wednesday.
The whole previous trading session the exchange rate spent exactly as expected.
Despite existence of a rising wedge pattern, the Dollar continued to actively appreciate against the Yen.
Although yesterday's fluctuations required some adjustments, the main assumption remained unchanged.
The common European currency continued to rise against the Dollar in a tiny ascending channel. Despite release of improved housing data the pair managed to break through the upper boundary of a one-month long descending channel and end the day at the 61.8% Fibonacci retracement level located at 1.1887.
After testing the 0.7020 mark mid-Tuesday, bears took the upper hand and pushed the New Zealand Dollar down to a support cluster formed by the weekly PP and the 200-hour SMA near 0.6960.
Despite the slow start of Tuesday's session, the US Dollar managed to strengthen against the Loonie and test the six-month high of 1.2909 by mid-session.
AUD/USD has shown low volatility this week, as it has remained in the 0.7683/45 area for the third consecutive session.
The Euro appreciated 111 pips against the Yen on Tuesday, showing no reluctance before various resistance levels.
In result of the previous trading session, the pair made a breakout from rising wedge pattern that formed at the intersection of two junior ascending channels.
In the middle of previous trading session, the currency exchange rate made a confident breakout from a symmetrical triangle pattern.
Yesterday's plunge to the 1.3330 level with the subsequent return to the 1.3400 mark points out that fluctuations of the cable are framed by the minor symmetrical triangle pattern.
Despite the fact that tax bill passed through the House, the currency exchange rate continued to move upwards and ended the day in the previously specified resistance zone located around the 1.1845 level.
On Tuesday it was possible to finally exactly pinpoint the borders of the expected new medium term descending pattern on the charts of the NZD/USD currency pair.
Just as expected the US Dollar has extended its surge against the Canadian Dollar and revealed the trend lines of the dominating medium term pattern. In general, this analysis concentrates on the new information.
The Australian Dollar extended its surge against the Greenback, as it was expected during the middle of Monday.
By the middle of Tuesday's trading session the common European currency had extended its gains against the Japanese Yen.
In accordance with expectations, a support zone formed near the 1,254.00 mark did not allow the buck to gain value, while the rising 55-hour SMA pushed the yellow metal higher.
In line with expectations, the currency exchange rate did not make any significant moves yesterday.
In first half of the previous trading session the currency pair struggled to bypass a combination of the weekly and monthly PP as well as the 55-, 100- and 200-hour SMAs, as expected.
Despite increasingly positive stance on the Dollar, the Euro continued to inch higher yesterday, being driven by the minor head and shoulders pattern.
Instead of the expected breakout of the triangle pattern on the NZD/USD pair's charts to the downside, a slow lived breaking occurred.