On the hourly chart the EUR/USD had made a big dip down to the 1.1170 level. During the move it revealed that the various technical support levels have only minor strength. Namely, they are not strong enough to keep the pair from falling.
During the past 24 hours, the New Zealand Dollar has depreciated about 103 base points against the US Dollar. The decline was attributed to the New Zealand Central Bank.
The US Dollar appreciated about 77 base points against the Canadian Dollar on Tuesday. The surge was stopped by a resistance level formed by the weekly pivot point at 1.3484.
The Australian Dollar made 0.91% gain during the first part of yesterday's trading session. However, by the end of the day, bears have regained some of their lost positions.
The common European currency depreciated about 110 base points against the Japanese Yen on Tuesday. The currency pair was pressured south by the 50-hour simple moving average.
On Monday, the XAU/USD exchange rate tried to breach the short-term descending channel north.
During the previous trading session, the Japanese Yen appreciated gradually against the US Dollar. On Tuesday's morning, the currency pair traded near the support level—the weekly S1 at 110.51.
Yesterday, the GBP/USD exchange rate declined to the support level formed by the weekly PP at 1.3089.
On Monday, the EUR/USD currency pair tried to surpass the resistance level formed by a combination of the Fibo 38.20%, the weekly PP and the 100-hour SMA at 1.1200.
The New Zealand Dollar was pressured by the 50-hour simple moving average during yesterday's trading session.
The US Dollar depreciated about 0.43% in value against the Canadian Dollar during yesterday's trading session. Tuesday's trading session began with the bearish sentiment, the currency pair breached the lower boundary of an ascending channel pattern at 1.3420.
The Australian Dollar made a strong upside movement against the US Dollar during the early hours of Tuesday's trading session. The currency pair appreciated about 0.91% in value during the European trading session on Tuesday. This surge was attributed to the Australian macroeconomic data release.
The single European currency appreciated about 91 base points against the Japanese Yen on Monday. The currency pair tested a resistance level formed by the 50-hour simple moving average near the 124.20 area during yesterday's trading session.
Gold started the week by surging and breaking the resistance of a descending channel pattern. The move was expected, as already on Friday the pair clearly bounced off the support of a dominant pattern and began to surge.
The USD/JPY started the week's trading with a large drop at the start of Monday's trading. It traded with large volatility until it finally found equilibrium near 110.70. In general, the rate has two possible scenarios.
On Friday, the GBP/USD managed to break the ascending pattern that guided it in two ways just in a couple of hours. Namely, after declining just below the 1.3000 level, the rate began a surge, which reached 1.3170.
EUR/USD is facing a strong resistance cluster on Monday. Namely, at the 1.12000 level there are three technical levels that keep the rate down.
Downside risks have pressured the New Zealand Dollar versus the US Dollar since the beginning of May. The currency pair has depreciated about 1.22% in value during this short period.
The US Dollar has appreciated about 115 base points against the Canadian Dollar since the beginning of May. The currency pair has breached both the 50-, 100– and 200-hour SMAs during the period.
The Australian Dollar has depreciated about 1.34% in value against the US Dollar since the beginning of May. The currency pair was pressured south by the 50-hour simple moving average.
The common European currency has depreciated about 1.46% in value against the Japanese Yen since the beginning of May. The currency pair opened with a gap during the morning hours of today's trading session.
During the previous trading session, the price for gold traded sideways between the Fibonacci 38.20% retracement and the lower boundary of the falling wedge pattern, located at 1,273.68 and 1,269.55 respectively.
Yesterday, the USD/JPY currency pair tried to surpass the resistance level formed by the 100-hour SMA and the monthly PP at 111.55.
On Thursday, the GBP/USD exchange rate traded sideways around the monthly PP at the 1.3033 mark.