Bulls guided USD/JPY during the first part of Monday, thus pushing the Greenback 43 pips higher against the Yen.
After breaching the previous 2018 low and a strong support level, GBP/USD remained under bearish pressure until the psychological 1.34 level and the bottom channel line were reached.
The common European currency started the week on a weak note against the Greenback, as it fell down to a fresh 2018 low at 1.1725.
The downside risk continues to push the New Zealand Dollar lower against the US Dollar. By the end of last week trading sessions, the NZD/USD exchange rate has reached a six-month low level.
Positions Today Yesterday % Change Longs 55% 48% 12.73% Shorts 45% 52% -15.56% Indicator 4H 1D 1W MACD
The Australian Dollar continues to move sideways against the US Dollar for the third consecutive session. The currency pair has been trading within the range of 0.7534 and 0.7489 since May 17.
The common European currency spent the first part of Monday's trading session calmly, as it manages to reverse from the lower boundary of a junior ascending pattern.
Gold managed to break out from the short-term triangle and consequently move above the 55-hour SMA mid-Friday.
Strong upside risks remain dominant for the USD/JPY exchange rate, as the rate has been supported by the 55-hour SMA since early last week.
The Sterling continues to weaken against the US Dollar for the second consecutive session.
Despite attempting to edge higher early on Friday, the Euro lost momentum against the Greenback and thus had reached the 1.1740 mark on Monday morning.
The NZD/USD exchange rate was guided by downside risks on Thursday trading session. Nevertheless, this decline was stopped by the lower boundary of a junior ascending channel.
The USD/CAD currency pair remained stranded between the 55-, 100-, 200– hour SMAs on Friday, As a result, the rate was not able to make a distinctive movement to either direction.
Likewise to other major currencies against the US Dollar, the AUD/USD pair showed no significant changes to its position during the previous session. Slight downside movement resulted in the pair to fall back to a support cluster formed by the combination of the weekly and the monthly PPs near 0.7511.
Thursday's trading session was relatively calm for the EUR/JPY currency pair, as it remained pressured to the upside by the 100– hour simple moving average. Meanwhile, the rate was supported by the 100– hour SMA.
The slight period of consolidation during the past few trading sessions has formed a triangle-like formation, thus stranding the rate in a diminishing trading range.
Upside momentum continues to drive the USD/JPY exchange rate for the fourth consecutive session.
Despite breaching the massive resistance of the 100– and 200-hour SMAs, the weekly PP and the 61.80% Fibonacci retracement at 1.3550 early on Thursday, the pair had returned below this cluster by mid-session.
Thursday's trading session did not introduce massive changes to the direction of EUR/USD.
Contrary to expectations of the analyst, the New Zealand Dollar was guided by bullish forces on Wednesday. This decline was not significant due to a nearby resistance level.
The overall strength of the Canadian Dollar put bearish pressure on the USD/CAD exchange rate on Wednesday, thus sending the pair's to losses for the second consecutive trading session. This decline was stopped at the bottom border of an ascending pattern.
The Australian Dollar has been strengthening against the US Dollar after the pair made a U-turn from the 0.7445 mark set by the weekly support level during the early hours of Wednesday's session.
The first half of Wednesday's session was spent under the bearish pressure, as the common European currency lost 102 base point against the Japanese Yen. However, this decline was stopped after the rate pierced through the weekly support level at the 129.67 area.
Following the massive decline mid-Tuesday, Gold entered a period of consolidation which was still apparent on the market this morning.