As expected, the US Dollar continues to lose ground against the Canadian Dollar. By the end of Friday's trading session, the currency pair fell below 1.3019 and also depreciated by 70 pips.
Upside risks prevailed in the market on Friday, thus allowing the Australian Dollar to gained 63 base points or 0.86% against the US Dollar. The surge, however, was due to the US macroeconomic data released on Friday.
The 55-, 100-, and 200-days simple moving averages have been guiding the common European currency down against the Japanese Yen since August 2. A crossover signal occurred during the previous trading session. This could indicate a further decline for the exchange rate.
Bears guided Gold to a new one-year low on Friday morning.
USD/JPY extended losses on Friday, driven by rather strong bearish momentum mid-session.
It is apparent on the chart that bears who were guiding GBP/USD on Thursday have lost some of their positions, thus leaving the rate rather stable during the last week's final trading session.
Downside risks continue to prevail with the EUR/USD exchange rate, thus pushing it lower for the third consecutive session.
The NZD/USD currency pair decline on Thursday was stopped by a support cluster formed by the combination of the weekly and the monthly PPs at 0.6720 when the rate made a U-turn to the upside.
The US Dollar trading above the 1.2993 mark which is the monthly pivot point during the last one week, and has revealed a two-week descending channel pattern. The USD/CAD currency pair, however, failed to accelerate from that support line, being bounded by the 100-hour simple moving average.
AUD/USD lost 56 pips on Thursday after accelerating downward from a resistance level at 0.7409. By the middle of the day, the currency pair has reached the monthly support level at 0.7354. Technical indicators flash mixed signals today.
As expected, the common European currency continued its free fall against the Japanese Yen on Thursday, thus allowing the currency pair to lose further 103 base points of its value by the end of trading session.
The resistance of the simple moving averages managed to force gold prices lower. The descent had almost reached the 1,200.00 level by the middle of Friday's trading session.
The USD/JPY on Friday morning remained near the previous levels as on Thursday. However, there was a new very important detail revealed about the currency exchange rate.
Although the Bank of England hiked their interest rate, which caused a jump of almost 50 base points in the GBP/USD, the rate retreated after encountering resistance.
In the second half of Thursday's trading session the Euro declined below the lower trend line of a dominant pattern against the US Dollar. Namely, the rate dropped below the support of the large scale triangle pattern.
The triangle pattern of the NZD/USD exchange rate which was drawn on Wednesday has been broken by strong bearish momentum. The pair dashed through the lower boundary of the pattern during the early hours of Thursday's session.
Despite several attempts made by bulls to take control of the market and push the rate higher on Wednesday, the movement of the US Dollar was guided by bearish sentiment and the 55-hour simple moving average.
The Australian Dollar continued to weaken against the US Dollar on Wednesday after the currency pair breached a significant support cluster set by the combination of the weekly and the monthly pivot points near the 0.74 mark.
Wednesday's session brought weakness to the EUR/JPY currency pair, with the rate losing 107 base points lower from its previous high at 131.15. During this short period of decline, the pair broke out through the bottom border of an ascending channel.
The yellow metal on Wednesday broke all the previously charted trend lines on the hourly chart of the yellow metal's price.
Dukascopy Analytics already wrote in the Trading Idea published on Wednesday that the USD/JPY currency exchange rate, after massively surging on Tuesday and Wednesday, was set to decline or trade sideways.
The medium term trend line, which held its ground on the GBP/USD charts at the end of August, has managed to provide enough downwards momentum for the currency rate to book a certain decline.
The common European currency continued its decline on Thursday against the US Dollar, as the currency exchange rate reached below the cluster of levels of significance near the 1.1680 mark.
Bears picked up momentum on Tuesday after the NZD/USD exchange rate hit the upper boundary of a triangle pattern. However, the decline was not too significant as the pair ended the day with just 31 pips decline.