Downside momentum continues to drive the Australian Dollar lower against the US Dollar. As a result, the exchange rate has reached a one-year low level near the 0.7351 mark.
Following a breakout from the lower boundary of an ascending channel on Tuesday, downside risks continued to dominate the EUR/JPY currency pair and thus drove the price lower.
Apart from a 0.52% fall mid-Tuesday, the yellow metal managed to maintain its movement sideways against the US Dollar for the second consecutive session.
The strong plunge of the USD/JPY pair early on Tuesday was stopped by the combined support of the weekly S1, the monthly PP and the senior channel at 109.60.
Despite flashing bullish signals early on Wednesday, the narrow range between the 55-hour SMA and a historic resistance/support level at 1.3232 was breached to the downside.
EUR/USD has been ranging for the third consecutive session with a slight tendency southwards.
After hitting a resistance level set by the 55-hour simple moving average at 0.6938 on Monday, the NZD/USD currency pair continued its journey south. As a result, the pair broke out from an ascending trend line.
The Greenback remained steady against the Canadian Dollar on Monday. The currency pair tried to advance yesterday but was nevertheless stopped by a combined resistance of the monthly pivot point and the upper border of an ascending pattern located near the 1.3243 area.
Slight downside momentum was apparent for the AUD/USD currency pair on Monday. The exchange rate was pressured down by the 55-hour simple moving average and as result, a breakout occurred through the lower boundary of a descending pattern.
The Eurozone single currency spent the first part of Monday's session trading calmly.
XAU/USD introduced no changes to its overall price level on Monday.
Monday's trading session was spent with very low volatility in the 110.40/60 range, thus leaving USD/JPY fluctuating around the 55– and 100-hour SMAs at 110.50.
GBP/USD continues to trade sideways for the second consecutive session.
The Euro gained slight advantage against the US Dollar on Monday.
Following a 122-pips or 1.7% decline since June 14, the NZD/USD currency pair has started gaining strength. The decline was stopped by the bottom border of an ascending trend line.
The US Dollar has been appreciating against the Canadian Dollar since mid-June. The currency pair bounced off the lower boundary of a junior ascending channel on June 14 and has since gained more than 200 base points.
The AUD/USD currency pair has been driven by downside risks since June 13. The exchange rate was pressured south after hitting the upper boundary of a descending channel.
The single European currency has started gaining strength against the Japanese Yen since the early hours of Monday's trading session.
Gold lost value against the US Dollar significantly on Friday, thus closing the day with a 1.81% plunge.
USD/JPY was trading sideways on Friday, being restricted by the monthly R1 from above and the 55– and 100-hour SMAs—from below.
The Pound continued to weaken against the US Dollar on Friday morning, thus re-testing its seven-month low of 1.3232.
After the massive 2.28% plunge against the US Dollar on Thursday, the common European currency was expected to accelerate during the following trading session.
The New Zealand Dollar has been depreciating significantly against the US Dollar since Yesterday. As a result, the currency pair has reached the lower boundary of a dominant ascending channel.
Strong bullish momentum drove the USD/CAD currency pair higher on Thursday. The strength of the US Dollar against other major currencies has a significant effect on the exchange rate.