Following a reversal from the senior channel on Monday, the US Dollar has since continued to appreciate against its Japanese counterpart for the fourth consecutive session.
As already expected, the GBP/USD exchange rate was unable to breach the 200-hour SMA and the weekly PP at 1.3232 on Wednesday.
Downside risks pushed EUR/USD lower on Wednesday even despite technical indicators being generally bullish.
Bears prevailed on Tuesday, thus pushing the New Zealand Dollar lower against the US Dollar. The currency pair has been maintaining the junior descending pattern since June 14.
Tuesday's trading session did not introduce significant changes to the USD/CAD exchange rate price level, as any attempts for the pair to move south was limited by the 55– and 100– hour SMAs.
Bears dominated the AUD/USD currency pair on Tuesday. This downside momentum began after the rate hit a resistance cluster formed by the 55– hour simple moving average and the weekly pivot point near the 0.7415 mark.
The EUR/JPY exchange rate showed some volatility on Tuesday but it did not leave it daily trading range opening level near 128.36. Any significant move was restricted by the 55-,100-, and 200-hour simple moving averages.
The yellow metal has been depreciating against the US Dollar in a descending channel for the seventh consecutive trading session.
The weekly S1 and the monthly PP at 109.45 provided strong support for the US Dollar during the first part of this week.
The Pound managed to breach its three-day range to the downside on Tuesday, thus forming a new short-term descending channel.
The Euro began to weaken against the US Dollar early on Tuesday after failing to move above the considerable resistance of the weekly R1 and the senior channel near 1.1720.
The New Zealand Dollar spent Monday session moving sideways against the US Dollar. However, during the Asian trading session on Tuesday, a downside breakout occurred.
Lack of fundamentals event on Monday resulted in the US Dollar to trade sideways against the Canadian Dollar. The currency pair was unable to surpass the 55– and 100-hour SMAs.
Even though flashing bullish signs on Monday, bearish sentiment took control of the market during the second part of the day, as the 200-hour simple moving average pressurized the currency pair lower toward the lower boundary of an ascending junior pattern.
Despite several attempts were made by bears to push the rate lower on Monday, the movement of the common European currency was guided by bulls and the 100-hour simple moving average.
The 55– and 100-hour SMAs have guided the yellow metal since the massive fall on June 15.
Despite strong bearish sentiment which prevailed early on Monday, the US Dollar failed to move below the combined support of the 55-day SMA, monthly PP and weekly S1 at 109.40.
GBP/USD has not left the 1.3215/1.3310 range for three consecutive sessions.
The common European currency continues to strengthen against its American counterpart in a short-term ascending channel.
The New Zealand Dollar has been depreciating in a descending channel against the US Dollar after the currency pair hit the upper boundary of a channel down on June 13.
The Greenback continues its movement in an ascending pattern against the Canadian Dollar. By the close of Friday's trading session, the currency pair had formed a new ascending channel as can be observed on the chart.
The Aussie has shown high volatility against the US Dollar on Friday, during this period, the pair breached the weekly pivot point located near the 0.7415 mark. Also, the currency pair is trading in a rising wedge pattern.
Downside risk dominated the common European currency on Friday, as the pair closed the session with approximately 80-pips lost. Along the way, the exchange rate breached the 55– and 100– hour SMAs.
On Monday morning the bullion found support in the lone trend line of a short term ascending channel pattern. However, the surge was unlikely set to continue.