The US Dollar continues to trade in a descending channel against the Japanese Yen for the third consecutive session.
During the first part of Thursday's trading session, the Sterling managed to maintain its upward movement which started mid-Wednesday.
Following two days of decline which started on Tuesday, the Euro tried to regain some of the lost positions yesterday.
The previous assumptions about the NZD/USD pair were false, as the rate surged in the second half of Wednesday only to be squeezed in between various hourly simple moving averages.
The US Dollar, as expected on Wednesday, managed to gain more ground against the Canadian currency. However, the surge was stopped eventually near mid-day by the monthly pivot point at 1.2917.
In the aftermath of the previously described finding of support in the medium pattern's lower trend line, the Australian Dollar has surged against the Greenback. However, on Thursday
By the middle of Thursday's trading session the EUR/JPY currency exchange rate had respected the lower trend line of the large scale channel, which was drawn by Dukascopy analysts on Wednesday.
Gold remained steady against the US Dollar for the second consecutive session on Wednesday.
Any technical signals about USD/JPY's possible direction on Wednesday were shuttered by a 1.17% plunge during the morning hours.
The first part of Wednesday's trading session for GBP/USD was spent under the bearish pressure.
The pair failing to accelerate mid-Tuesday following a bullish breakout from the 55– and 100-hour SMAs was an early indication of a soon weakening of EUR/USD.
The New Zealand Dollar began to decline on Tuesday against the US Dollar. However, initially there seemed to be no reason for the decline. Due to that reason a larger review was conducted.
During the last 24 hours up to the review of the USD/CAD pair, the currency exchange rate had erased all of the decline, which had occurred since the middle of May 18th trading session.
On Wednesday, following the sudden short term surge of the Australian Dollar against the US Dollar during the first half of the day's trading session, a larger look was taken at the pair.
The common European currency has plummeted against the Japanese Yen. That can be deducted by an initial look. However, it is the other way around. The Japanese Yen has skyrocketed on Wednesday due to a massive change in monetary policy.
Tuesday's trading session introduced no changes to Gold's movement against the US Dollar.
The US Dollar remained steady against the Yen on Tuesday, as it was pressured from both sides by the 100– and 55-hour SMAs.
The movement of GBP/USD was dominated primarily by the 55– and 100-hour SMAs during the previous session.
Even though the Euro managed to surpass the 100-hour SMA on Tuesday morning, further advance did not follow, thus leading the rate back in the narrow range between the 100– and 55-hour moving averages.
The New Zealand Dollar movement against the US Dollar has been constrained by a junior ascending channel. The exchange rate reversed from it lower boundary during the middle of Monday's trading session and has since gained 84 base point or 1.21%.
Downside risks prevailed in the market yesterday, thus sending the USD/CAD currency pair to end the session with a 125-pip decline. This fall was so significant that the pair breached the 55-, 100-, 200– hour SMAs and lower boundary of a dominant ascending channel.
Following a short period of the AUD/USD currency pair trading sideways, Bulls has managed to take over the movement. This surge is likely to continue until the pair reaches the upper boundary of a junior pattern.
The Single European currency continues to appreciate against the Japanese Yen for the past few days. However, the rally has been stopped temporarily by the weekly R1 at 131.35.
Following an upside breakout of the short-term triangle, Gold was expected to surge towards the 1,300.00 area.