Near midnight from Monday to Tuesday the New Zealand Dollar met with the resistance of the long term channel up pattern against the US Dollar. The event resulted in a Kiwi decline against the Greenback.
The US Dollar on Tuesday morning was heading lower against the Canadian Dollar until it hit what seemed to be the support line of the most junior and almost horizontal pattern.
After bouncing off a medium term patterns resistance line on early Tuesday morning the Australian Dollar began a decline against the Greenback. By the middle of the day's trading session the pair was about to reach a lower trend line of the active dominant channel up pattern.
After the Euro encountered the medium term descending channel's upper trend line against the Japanese Yen, the currency exchange rate began a decline.
A sudden cleansing in the Saudi establishment enhanced uncertainly about the situation in the Middle East and, as a result, magnified demand for gold.
From technical point of view, the currency rate had all means to make a rebound near the 114.24 mark and make one more attempt to reach the monthly R1 at 114.84.
Due to quite active sell-off of the buck yesterday, the cable managed to break to the top instead of falling to support zone near the 1.3030 mark.
During the previous trading session the currency rate slipped to support area near the 1.1580 mark, as expected, made a rebound and returned to the place from which it started.
The New Zealand Dollar continues to trade within a junior ascending channel.
Following the massive plunge in the wake of combined data release from the US and Canada at 1230GMT on Friday, the US Dollar made a slight recovery up to the 1.2780 mark.
The Aussie was driven by strong downside risks on Friday that sent AUD/USD for a fall down to 0.7640.
EUR/JPY was stranded between the 100– and 200-hour SMAs on Friday.
As it was expected, formation of a symmetrical triangle pattern embodied anticipation of release of the American data on Friday.
A release of data that beat analysts' expectations not only signified a breakout from symmetrical triangle pattern but also provided a necessary impulse to reach the maximum of July 2017 located at the 114.50 level.
Initially, the Pound tried to restore some and even used a momentum provided by release of better than expected UK Services PMI to climb to the 1.3107 mark.
A release of better that expected data on the US ISM Non-Manufacturing PMI led to sharp appreciation of the buck against the common European currency and resulted in a breakout from two junior ascending channels.
The 55-, 100– and 200-hour SMAs have been leading the Kiwi's movement during the past three sessions.
The 1.2910/1.2815 trading range that had confined the rate since October 27 once again proved to be a strong barrier on Thursday.
AUD/USD was trading between the weekly and monthly PPs for most of the session on Thursday.
The movement of the European common currency during the past session has been guided by the 200-hour SMA, as the pair was unable to move away from the given moving average.
In result of the previous trading session, the exchange rate has formed symmetrical triangle pattern. A combination of the 55-, 100- and 200-hour SMAs in conjunction with the weekly PP located at 1,274.00 suggests that the pair most probably is going to make a breakout in the upward direction.
Contrary to expectations, none of the yesterday's events, including disclosure of some insights about the new tax reform, created an impulse strong enough to force the pair to make a breakout from the rectangle pattern.
A long awaited decision to raise the interest rate led to 110 points depreciation of the Sterling against the Dollar.
The US President Donald Trump named Governor Powell as the new Fed Chair yesterday. However, markets showed little response to this decision, as it was widely expected.