The US Dollar is gradually gaining strength against the Canadian Dollar. The currency pair has breached a resistance level formed by the 50-, 100– and 200-hour simple moving averages.
A one-week descending channel pattern has guided the Australian Dollar lower against the US Dollar. The currency pair breached a support level formed by the weekly S1 at 0.7127 during the first part of Tuesday's trading session.
The 200-hour simple moving average has pressured the common European currency lower against the Japanese Yen. The currency pair tested the bottom border of an ascending channel pattern at 125.60 during the Asian session on Tuesday.
On Friday, gold broke the resistance of the 55-hour simple moving average at 1,275.50. Due to that reason a surge up to the 1,280.00 level.
The USD/JPY is trading with high volatility during the last 24 hours. Moreover, the rate has begun to largely ignore short term technical levels.
GBP/USD was surging on Friday. The currency exchange rate had begun to surge on Thursday when it found support in a pivot point at 1.2978.
On Friday, after the large drop caused by the German PMI data on Wednesday, the EUR/USD was recovering.
Yesterday, the XAU/USD exchange rate tried to surpass the support level formed by a combination of the monthly S1 and the Fibonacci 38.20% retracement at 1,275.00.
During previous trading session, the USD/JPY currency pair resumed trading sideways between the resistance level—the monthly R1 at 112.11 and the support level at 111.85.
On Wednesday, the GBP/USD exchange rate tested the support level—the weekly S1 at 1.3027. During today's morning, the rate surpassed the given support.
Yesterday, the EUR/USD currency pair tried top surpass the support level formed by the 55– and 100-hour SMAs at 1.1299. During Thursday's morning, the Euro significantly depreciated against the US Dollar.
The New Zealand Dollar tested a resistance cluster formed by the combination of the weekly and the monthly pivot points at 0.6724 during the first part of Thursday's trading session.
The weekly support level at 1.3276 has propelled the US Dollar by 0.70% increase in value against the Canadian Dollar on Wednesday. The surge was stopped by a resistance cluster formed by the three simple moving averages at 1.3350.
During Wednesday's trading session, the 100-hour simple moving average provided support for Australian Dollar versus the US Dollar. The currency pair re-tested the moving average during the first half of today's session.
As apparent on the 1(H) chart, the common European currency versus the Japanese Yen tried to surpass a resistance level at 126.69 during Wednesday's trading session.
During Tuesday's trading session, the XAU/USD exchange rate breached the descending triangle pattern south and reached the support level formed by a combination of the monthly S1 and the Fibo 38.20% at 1,274.13.
Previous forecast worked—the USD/JPY currency pair continued to trade sideways around the 112.00 level.
Yesterday, the GBP/USD exchange rate slipped to the psychological level at the 1.3040 mark.
On Tuesday, the EUR/USD currency pair reached the lower boundary of the short-term channel at 1.1281. During today's morning, the pair reversed north to the resistance level at 1.1320.
Bearish momentum dominated the New Zealand Dollar versus the US Dollar on Tuesday, thus sending the currency pair to decline about 100 base points by the end of yesterday's trading session.
Downside sentiment has prevailed in the market since the previous trading session. Thus, allowing the US Dollar to edged lower about 91 base points against the Canadian Dollar.
Upside risks have dominated the Australian Dollar versus the US Dollar since Tuesday's trading session. The currency pair gained about 0.90% in value during the last 24 hours.
The single European currency depreciated about 45 base points against the Japanese Yen on Tuesday. The 50-hour simple moving average provided resistance for the currency pair during the previous trading session.
During the previous trading session, the price for gold reached the lower boundary of the descending triangle pattern at 1,282.56.