The Australian Dollar was trading sideways against the US Dollar during the second half of Wednesday's session stranded between the monthly pivot point and the 55-, 100-, 200– hour SMAs. In addition, the exchange rate was likewise moving along the upper border of a downtrend channel.
Wednesday's trading session was very calm for the EUR/JPY currency pair with the rate trading in a narrow range slightly below the 55– hour simple moving average.
After the sudden surge on Tuesday, a full review of the yellow metal's charts has been conducted on Thursday.
It was already speculated on Wednesday that there should exist a long term ascending pattern dominant to the junior downwards aimed channel on the USD/JPY chart. That pattern was revealed on Thursday.
The Pound has extended its gains against the US Dollar on Thursday. Moreover, the rate has managed to pass the resistance of the PP at 1.3247.
On Thursday there are new notable updates to the situation on the EUR/USD hourly chart.
The NZD/USD exchange rate temporarily stopped its decline. By the middle of Tuesday's trading session, bulls managed to take control of the market.
Bearish momentum continues to direct the US Dollar downward against the Canadian Dollar. By the middle of Wednesday's trading session, the currency pair has lost 92 base points or 0.70%.
Bullish sentiment dominated the AUD/USD currency pair during the pair part of Tuesday's session. The upside momentum was stopped after the pair pierced the monthly PP at 0.7392.
Tuesday's trading session did not introduce significant changes to the currency pair price range, as any attempts to move either direction were limited by the three SMAs and the weekly and the monthly PPs. However, all barrier was breached late Tuesday and also by mid-Wednesday.
The bullion broke the upper trend line of the long term descending channel, which had pierced a dominant support level.
The US Dollar has stopped the surge against the Japanese Yen. Moreover, the long running, rather narrow range ascending channel pattern has been broken.
There are more than couple of new developments on the GBP/USD charts. First of all the pair has pierced the medium term resistance line, as it was expected before.
On Wednesday morning the common European currency pierced the long standing resistance against the US Dollar. However, the following surge was quickly stopped. It was stopped by the resistance of the pivot point at the 1.1682 level.
The New Zealand Dollar continues its smooth journey in a descending channel pattern against the US Dollar. The currency pair breached the monthly support level at 0.6703 during the US trading session on Monday.
The Greenback has maintained its gradual movement south. By mid-Tuesday, it has lost 75 base points against the Canadian Dollar.
Following a short period of decline during the first part of Monday's session, the Eurozone single currency has managed to regain some of its lost positions against the Japanese Yen on Tuesday.
As the headline states, the bullion has booked a new low level. Namely, the commodity price had fallen below the 1,340.00 mark. Moreover, during the move, the bullion passed the support of the dominant long term descending channel.
There are no notable updates to the hourly chart of the USD/JPY. Namely, the currency exchange rate continues higher in the narrow ranged junior ascending pattern.
Very similarly to the EUR/USD the GBP/USD pair has retraced back up to the medium term resistance line. Due to that reason it was of utmost importance on Tuesday to watch whether or not the combined resistance level near the trend line will hold its ground
Although the common European currency did pass the combined support of the 55, 100 and 200-hour simple moving averages against the US Dollar, the rate did not decline down to the weekly S1 at 1.1569
The NZD/USD currency pair stood standstill on Friday, as no significant price changes occurred throughout the day. Instead, it was fluctuating in a range between 0.6780 and 0.6743.
Bears continue to take advantage on the weaker US Dollar, thus the USD/CAD currency pair has reached a three-week low at 1.31. As a result, the exchange rate tested the weekly PP and the lower boundary of a descending pattern late on Friday.