Bears picked up momentum on Friday after the USD/CAD currency pair hit the upper boundary of a downtrend channel and as a result, the rate decline by 60 base points or 0.45%.
Upside and downside risks dominated the market on Friday as the AUD/USD currency pair fluctuated between 0.7414 and 0.7362. However, a breakout from this trading range had occurred.
Friday's trading session went in favour of bears, as the common European currency decline by 60 base points during the end of the day. This decline began after the tested the upper boundary of an ascending trendline.
Bearish momentum has guided the XAU/USD exchange rate since last Monday.
The US Dollar has remained steady against the Japanese Yen for the third consecutive session.
Downside risks dominated the Pound during the first part of Friday's trading session.
The previous trading week brought weakness to the EUR/USD exchange rate, with the pair losing 102 pips lower from its weekly high of 1.1730.
The New Zealand Dollar has been depreciating against the US Dollar in a descending channel pattern for the third consecutive trading session. The currency pair has already fallen 1.41% since the beginning of this week.
The US Dollar began to weaken against the Canadian Dollar on Wednesday after the currency pair failed to move above the upper boundaries of both a descending trendline and the upper trendline.
Bears dominated the Australian Dollar against the US Dollar on Friday. This downward movement began after the currency pair reached near the 100-hour simple moving average at 0.7424.
Despite several attempts were made by bulls to push the rate higher on Thursday, the movement of the common European currency was constrained by bears and by the middle of trading day on Friday,
On Friday, the junior channel down pattern was adjusted, as it turned out that it had a slightly different shape.
The narrow ascending pattern of the USD/JPY currency pair, which was drawn on Thursday, has held its ground, as the surge of the currency exchange rate has extended into Friday. Namely, on Friday morning the rate had reached above the 112.75 level.
The Pound bounced off the upper trend line of a medium term descending channel pattern against the US Dollar in the second half of Thursday's trading session. The event resulted into the rate plummeting as low as the 1.3120 mark on Friday morning.
The common European currency has extended its decline against the US Dollar even more than it as initially expected. Moreover, significant support levels were passed on Friday morning.
Downside risks dominated the NZD/USD currency pair on Wednesday, as the rate closed the session with 73 pips lost or 1.07%. Along the way, the exchange rate breached the 200-hour simple moving average.
Bulls managed to regain their lost positions on Wednesday after the pair initially crashed due to the fundamental event.
On Thursday the AUD/USD currency pair traded below the 0.7403 mark. It had retreated down to that level after it had passed the support set by the 200-hour simple moving average and the weekly pivot point.
On Thursday the direction of the common European currency against the Japanese Yen was finally revealed. A new junior ascending channel was spotted and mapped on the 1H trading chart.
The yellow metal's price began to surge at midnight to Thursday, which lasted until the middle of the day's trading session. However, that was not expected to last.
The US Dollar has jumped against the Japanese Yen in the second part of Wednesday's trading session. The jump resulted in the pair suddenly being above the upper trend line of a medium term ascending pattern.
On Wednesday the Pound passed a significant support level against the US Dollar, which marked the full breaking of a previously active medium term ascending channel pattern.
After the recent fundamental events and releases a broader review of the EUR/USD currency pair was conducted on Thursday. Namely, all previous patterns were deleted and a fresh look was taken at the situation to capture the new fundamental information.
In the aftermath of the break out to the downside by the NZD/USD pair, a new junior descending pattern was discovered on Wednesday. Namely, there exists a pattern