Although it was possible that the metal's price will break out of the ascending triangle pattern to the upside, as it should have been in accordance with this pattern's theoretical framework that did not occur.
Following the massive plunge mid-Thursday, USD/JPY entered in a minor consolidation phase, thus being stranded between the 55– and 200-hour SMAs at 111.69 and 112.21, respectively.
Thursday's trading session was characterized by strong upside momentum that was stopped by the monthly R1 near the 1.3036 mark.
Due to the fact that the EUR/USD pair was not jumping in the free range up to the combined resistance of the monthly R2 at 1.1546 and the upper trend line of the massive scale descending channel pattern at 1.1550, a review of the short term situation was done.
The New Zealand Dollar continues to trade in line with expectations against the US Dollar.
The fall of the Greenback against the Canadian Dollar stopped in the second half of Wednesday's trading session.
The Australian Dollar seemed to have begun a retreat during the second half of Thursday's trading against the US Dollar.
The surge of the Euro continues on all pairs, in which the common European currency is involved.
A third attempt of the yellow metal to break through the resistance levels, which are located just above the 1,250 mark.
It can be observed that the USD/JPY currency pair did not increase its volatility massively during the panel discussion of the top central bankers. Instead the US Dollar once more attempted to break above the 112.40 mark against the Japanese Yen.
On the chart for the GBP/USD currency pair a surprise jump can be observed. The surge of the Pound was caused by comments made by the Bank of England Governor Mark Carney.
On Thursday morning the common European currency scored new heights against the US Dollar, as the currency pair managed to break a strong resistance cluster.
In line with expectations, the NZD/USD left the rising wedge in a south direction.
As it was assumed yesterday, the USD/CAD made a short correction and came back into the descending triangle with the subsequent breakout downwards.
Movement of the pair during today's early morning confirmed an existence of a large descending channel.
An impulse given by the ECB President Mario Draghi's speech was strong enough to push the common European currency through the last notable resistance level formed by the monthly R1 at 126.48.
On Wednesday morning the yellow metal continued to trade in the range between the support provided by the weekly S1 at 1,246 and the combined resistance of the weekly PP at 1,252.57 and the monthly PP, which is located at the 1,253 mark.
Contrary to expectations, USD/JPY was driven by moderate upside momentum that lead to the US Dollar for an appreciation up to 112.40 against the Yen on Tuesday.
The US Dollar's continuous weakness resulted in GBP/USD surging up to a three-week high at 1.2828 on Tuesday.
Just like recently all the patterns on gold were broken, everything previously created is now irrelevant on the EUR/USD charts.
The Kiwi continues to trade against the US Dollar in an ascending channel.
Contrary to expectations, the USD/CAD did not left a descending triangle downwards, but instead broke its upper trend-line.
As it was projected, a combined support level formed by the weekly PP at 0.7578 and the 200-hour SMA at 0.7582 served as a basis for a further surge of the pair, which has set the goal to reach the weekly R1 at 0.7622.
In line with expectations, the common European currency continued to surge against the Japanese Yen.