The key conclusion that can be derived from the yesterday's trading session is that the NZD/USD has finally left the senior ascending channel.
Even though the USD/CAD breaks out from a symmetrical triangle upwards, the further ascension was stopped at the 1.3004 mark.
Wednesday's trading session showed that the currency rate has broken the new descending channel even before it got a second confirmation point from the bottom.
In accordance with technical theory, the EUR/JPY left the descending triangle downwards despite the barriers set up by the 55- and 100-hour SMAs.
On Thursday morning the yellow metal still traded near the 1,225 mark.
The US Dollar appreciated strongly against the Yen on Wednesday morning, reaching intraday high circa 113.60.
After bouncing off the lower channel boundary, the Pound appreciated gradually against the US Dollar on Wednesday.
The common European currency is trading against the US Dollar as expected. The pair surged on Wednesday and hit the resistance put up by the 55-hour SMA just above the 1.1350 mark.
Even though the NZD/USD expectedly breaks out of the junior descending channel yesterday, it did not manage to stay within the dominant ascending channel as well.
Beginning of the new trading session reveals that the 100-hour SMA, indeed, served as a resistance level, which broke an ascending channel.
In line with expectations, the currency pair bounced off from the weekly S1 at 0.7600 and tried to clear the path upwards.
A result of the previous trading day suggests that the upward momentum given by the Mario Draghi speech last week is moving to an end, as the currency pair could not set the new record high and stopped at the same level, where it finished on Monday.
The yellow metal finally encountered the resistance of the 55-hour SMA just below the 1,230 mark. This resistance level managed to force the bullion into a short term retreat.
USD/JPY was trading in the 112.85/113.30 area on Tuesday's trading session.
On Tuesday, the Sterling was restrained by a combination of the 55– and 100-hour SMAs that limited its gains until the 1.2950 mark.
After a more thorough analysis, a short term descending channel was discovered on the hourly chart for the EUR/USD currency pair.
Contrary to prognoses, a release of the US ISM Manufacturing PMI did not push the currency rate out from an ascending channel.
The market reaction to a release of the US ISM Manufacturing PMI was not as high as expected and amounted only to 16.5 basis points.
A an announcement of the RBA's interest rate early this morning caused a 51-pip depreciation of the Aussie, which pushed the currency pair out of the channel and threw it though the 200-hour SMA at 0.7616.
In line with expectations, the EUR/JPY made a breakout from an ascending triangle upwards and began Tuesday trading session above the 128.65 mark.
As it was expected, the bullion's price continued to plummet during Monday's trading ssession.
USD/JPY was driven by strong upside momentum that resulted in the rate breaking the down-trend on Monday.
The Pound responded negatively to weak UK Manufacturing PMI mid-Monday, thus pushing the rate through the bottom channel boundary.
On Tuesday morning, the common European currency had retreated below the 1.1350 mark against the US Dollar.