Downside risks dominated the NZD/USD currency pair on Monday, thus allowing the pair to breach a medium-term descending channel.
Upside momentum has been dominating the USD/CAD currency pair since August 30 and the pair has reached the upper boundary of a medium-term descending channel at 1.3128.
Bulls guided the Australian Dollar towards the upper boundary of a descending channel against the US Dollar. However, the 55-hour SMA pushed the rate downwards.
Bullish momentum pushed the Euro towards the 55-hour SMA at 129.10 against the Japanese Yen yesterday. However, the exchange rate could not surpass this resistance.
Bearish momentum pushed the New Zealand Dollar towards the lower boundary of a medium-term ascending channel against the US Dollar on Friday. The currency pair was guided down by a narrow descending channel pattern.
Upside risks prevailed in the market on Friday, thus allowing the US Dollar to surged by 102 base points against the Canadian Dollar. As a result, the currency pair breached both the weekly and the monthly PPs at 1.3007 and 1.3036 during the end of the trading session.
Downside risks dominated the AUD/USD currency pair on Friday, thus allowing the Australian Dollar to lose 1.12% of its values against the US Dollar. However, the lower boundary of a junior descending channel stopped the decline.
The common European currency has been moving in a junior descending channel against the Japanese Yen since late August. The currency pair made a U-turn south from the upper boundary of a medium-term ascending channel on August 29, and this decline could be considered to be a brief retracement down.
The New Zealand Dollar edged lower during the previous trading session. During this short period of decline, the currency pair breached both the 50-, 100-, and 200-hour simple moving average.
Bulls guided the US Dollar towards the upper boundary of a descending channel against the Canadian Dollar, following the Canadian GDP release on Thursday at 12:30 GMT. The currency pair gained about 50 base points.
Downside momentum has been dominating the AUD/USD currency pair since August 28. This bearish movement began when the Austrian Dollar hit the upper boundary of a descending channel.
Positions Today Yesterday % Change Longs 49% 50% -2.04% Shorts 51% 50% 1.96% Indicator 4H 1D 1W MACD