The yellow metal has declined once more to the lower trend line of the long term descending channel pattern.
Following the hourly surge on Friday morning, the US Dollar lost its strong upside momentum against the Yen and continued to trade with moderate gains.
Despite technical indicators being bullish on Friday morning, GBP/USD plunged 98 pips within couple of hours mid-session.
The common European currency bounced off a long term descending channel's resistance line against the US Dollar.
Contrary to other major currency pairs, the NZD/USD was not affected by release of a set of the US macroeconomic data at 12:30 GMT.
In line with expectations, the USD/CAD broke though the upper trend-line of a descending channel yesterday.
The Australian Dollar was trading against the American Dollar in a descending triangle.
In the first hours of today's trading session an unexpected 50-pip large green candle threw the currency pair out of an ascending channel.
Due to a rebound that occurred on Friday morning, the borders of the previously discovered ascending channel pattern on the hourly chart of the yellow metal can be adjusted.
On Thursday, USD/JPY failed to form a distinctive trend either direction, thus remaining in the 112.90/113.44 range the whole trading session and being supported by the 100-hour SMA.
Positions Today Yesterday % Change Longs 58% 61% -5.17% Shorts 42% 39% 7.14% Indicator 4H 1D 1W MACD
On Friday morning the common European currency traded above the 1.14 mark against the US Dollar.
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.