The US Dollar continues to gain strength against other major currencies and the Canadian Dollar was no exceptions. However, the currency pair made some brief decline yesterday and as expected, the rate targeted the three SMAs.
The Australian Dollar has shown high volatility against the US Dollar on Wednesday, during this period, the currency pair breached the weekly pivot point near the 0.7423 mark and the AUD/USD exchange rate closed the session with 64 base points gain.
Downside risks dominated the single European currency against the Japanese Yen on Wednesday, as the pair closed the session with 50 pips decline. Along the way. The currency pair broke out from the lower boundary of an ascending channel as can be observed on the chart.
The strong 1% plunge of the XAU/USD exchange rate mid-Tuesday was followed by minor fluctuations in between the monthly S1 and a channel line at 1,320.00 and 1,222.50, respectively.
USD/JPY has been moving in a one-week ascending channel.
Despite hindering the pair for several hours, the weekly S1 was eventually breached at 1.3106 early on Wednesday.
EUR/USD continued its decline during the first part of Wednesday's trading session, thus adding additional 45 pips to the 90 pip fall apparent on the previous day.
After hitting the weekly resistance level at 0.6841, the NZD/USD currency pair began to decline. As a result, the exchange rate breached both the 200-, 55-, and 100-hour SMAs by the end of Tuesday's trading session.
The US Dollar strengthened against other major currency on Tuesday, and the Canadian Dollar was no exception. The reason was that the Federal Reserve Chairman Jerome Powell remarks about the US economic assessment.
Downside risks prevailed in the market on Tuesday and thus sent the Australian Dollar to plummet 62 pips or 0.83% against the US Dollar. This allowed the currency pair to breached the 55-,100-, and 200-hour SMAs.
The EUR/JPY exchange rate has made no significant advances during the last trading session, as any attempts made by bulls to above the 132.02 mark was restricted by the weekly resistance level.
The yellow mental shown high volatility against the US Dollar on Tuesday. This decline occurred after the commodity price hit a strong resistance level formed by the 100-hour simple moving average.
The 55– and 100-hour simple moving averages have guided the US Dollar up against the Japanese Yen since July 11. The pair has been more stable during the past few days which might point to a possible change in market sentiment.
Downside risks prevailed in the market on Tuesday, thus sending the British Pound to crashed by 198 base points or 1.49% against the US Dollar.
Downside risks have prevailed in the market since yesterday thus allowing the common European currency to decline 94 pips against the US Dollar.
The New Zealand Dollar was constrained mainly by bullish sentiment on Monday against the US Dollar and thus sending the currency pair to breached the upper boundaries of both descending channels.
As expected, the US Dollar has continued to lose strength against the Canadian Dollar on Monday and as a result, the currency pair fell below the three SMAs which resulted in a breakout through the lower boundary of an ascending channel.
The Australian Dollar continues its journey in an ascending channel against the US Dollar. By the end of trading session on Monday, the currency pair has breached the weekly resistance level at 0.7423.
The common European currency was guided mainly by bullish momentum against the Japanese Yen on Monday. Bulls continue to strengthen their position in the market during the first part of today session.
It is apparent that the strong downside momentum which prevailed last week is starting to allay.
Traders have not introduced big changes in the USD/JPY exchange rate for the past three sessions.
The GBP/USD exchange rate remained steady on Monday apart from some minor fluctuations mid-session.
Despite breaching the weekly PP and the 200-hour SMA to the upside early on Monday, the Euro failed to accelerate against its American counterpart and remained trading along this long-term moving average during the remaining session, as well.
The AUD/USD exchange rate has been driven by a downside risk since July 10. the currency pair was pressured down after hitting the monthly pivot point at 0.6859 and the upper boundary of a descending channel.