Ignoring fundamentals from both Euro area and US, the most traded FX cross decided to have some rest for one more day on Tuesday.
The New Zealand Dollar edged lower yesterday, breaching the immediate support cluster, but managing to close trade above 0.65.
On Monday, upon getting reached, the second resistance cluster pushed the USD/CAD back down.
As was anticipated, the Australian Currency bounced back from the down-trend yesterday, losing a total of 40 pips over the day.
Although the EUR/JPY failed to appreciate on Monday, the descending channel pattern was not broken.
Yesterday the bullion was pushed below July low at 1,070.
Poor US fundamentals caused the Greenback to erase all intraday gains and ultimately remain unchanged against the Japanese Yen yesterday.
Although no significant level was crossed yesterday, the Cable still suffered a rather serious decline.
EUR/USD attempted to develop beyond 1.06 on Monday, but the Euro's bulls managed to stabilize the situation and sent the currency pair back to 1.0650.
Upon reaching the 20-day SMA at 0.6604 on Friday, the NZD/USD currency pair was pushed back, eventually resulting in a five-pip loss.
The Greenback confirmed the up-trend by rebounding at the end of last week, breaching the tough resistance at 1.3328 and erasing all last week's losses.
The Aussie easily pierced the 100-day SMA and ended up closing at the down-trend on Friday.
The European currency declined against the Japanese Yen on Friday, piercing the weekly S1 and finding support only near the trend-line and the levels bolstering it.
After moderate losses at the end of last week, gold opened substantially lower Monday morning.
Although the USD/JPY edged lower at the end of last week, the loss was only nine pips big.
Last Friday the Sterling suffered a heavier-than-anticipated loss against the US Dollar, slumping over 100 pips, therefore, erasing all weekly gains.
EUR/USD bounced back from 1.0730 on Friday and posted an 80-pip loss during the trading session.
NZD/USD is rapidly recovering after a test of the monthly S1. The pair managed to pierce through a combination of the 55 and 100-day SMAs, which paved the way for a rally towards 0.6650, where we expect the Kiwi to probe the falling resistance line it has established in October.
USD/CAD appears to be in a good position advance. Although there is a tough resistance level at 1.3328, represented by the monthly R1, since mid-October the currency pair has established a reliable up-trend, which should prevent losses beyond 1.3250.
The Australian Dollar slightly overshot our target, as the exchange rate reached the 100-day SMA, rather than the expected 0.72 level yesterday.
"We have had some more dovish comments from Draghi and that has driven the euro down just now. It does now seem like the ECB is heading down this road and the market is positioning for it."- Rabobank (based on CNBC)Pair's OutlookAs was expected, the Euro remained relatively unchanged against the Japanese Yen, as it added only 11 pips over the
Gold surged the most since Oct 14 on Thursday, by jumping from July low at 1,070 towards the weekly pivot point at 1,084.
The US currency lost over 75 pips against the Yen yesterday, caused by the FOMC meeting minutes results, in spite of the December hike possibility remaining in play.
The GBP/USD reached as high as the 200-day SMA on Thursday, but lost some of the gains and closed under 1.53.