The European Single Currency depreciated against the US Dollar on Thursday morning. The currency pair bounced off the bottom of the trend line and the monthly pivot point near 1.1690. In addition, the currency pair was supported by 55-hour SMA. The EUR/ USD rate was trading lower than the previous high of 1.1730 which we could see on Tuesday
No significant changes occurred in the positioning of the NZD/USD currency pair on Tuesday. Lack of outside pressure resulted in the rate to remain within a trading range. However, the price still managed to breakout out through the upper boundary of a dominant descending channel by the end of the session.
Bears guided the US Dollar to a two-month low level on Tuesday. The currency pair managed to reverse from its two months low at the end of the trading session. However, the weekly S2 limited the momentum of the bulls.
The Australian Dollar made no significant changes to its overall position against the US Dollar during the previous trading session. As the 0.7360 marks limited any attempts made by bulls traders to move the rate higher.
The common European currency edged higher during the morning hours on Tuesday. This surge was stopped near the monthly pivot point at 130.40 which introduced downside pressure considerably on the rate. As a result, the currency pair tested the 50-hour simple moving average during the Asian session on Wednesday.
The GBP/USD broke the senior descending pattern during Tuesday's trading session. However, the resulting surge was stopped by the monthly pivot point at 1.2940, which made the rate to go back into the senior ascending channel.
The NZD/USD exchange rate has been trading in a medium-term ascending channel since mid-August. The New Zealand Dollar bounced off the lower boundary of the ascending channel for the second time on August 23 and had since gained about 87 base points or 1.31% against the US Dollar.
As expected, a resistance level formed by the 200-hour simple moving average hindered the USD/CAD currency pair to move past the upper border of a descending channel. After reaching near the resistance level, the exchange rate made a U-turn south, and as a result, the pair breached both the bottom boundaries of the junior and senior ascending channels.
The Australian Dollar has been moving in a two-week ascending channel against the US Dollar. The rate reversed from a support cluster at 0.7328 mid-session on Monday and began to appreciate. As a result, the price breached the upper boundary of a medium-term descending channel.
Upside risks prevailed in the market on Monday, thus allowing the currency pair to breached the 23.60% Fibonacci retracement level. The rate continued to be pressured by the 50-hour SMA.
Gold prices have reached new high levels during the second half of Monday's trading session. During the surge the rate reached above the 1,210.00 mark.
The US Dollar found support against the Japanese Yen on Tuesday morning. Namely, the lower trend line of a medium term channel up pattern provided the needed support to stop the recent short lived decline.
The Pound has broken the resistance of a medium term descending pattern against the US Dollar. However, the resulting surge was stopped by a dominant descending pattern's resistance line together with the 61.80% Fibonacci retracement level at the 1.29 mark.
The previously observable dominant descending patterns on the EUR/USD chart were removed on Tuesday, as the surging momentum of the rate has managed to break both of them.
Upside momentum dominated the market on Friday, thus allowing the New Zealand Dollar to gained 74 base points against the US Dollar. The surge, however, was due to Fed Chairman Jerome Powell speech.
Downside risks dominated the US Dollar against the Canadian Dollar on Friday, as it fell 0.73% during the end of the trading session. The resulted in the currency pair to breached both the 50–, 100-, and 200-hour SMAs.
A reversal from the lower boundary of a junior ascending channel was followed by 106 pips surge on Friday. The Australian Dollar managed to push through the three SMAs.
The EUR/JPY exchange rate remained stable on Friday, as it was pressured higher by the 55-hour simple moving average and monthly pivot point. The pair reached a three-week high level during the end of the previous session.