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The US dollar continued to weaken against most of its major counterparts, despite stronger than expected data from the US economy.
AUDUSD has been in a steady downtrend since December last year and has been trading below a descending trend line connecting its recent highs on the 4-hour chart.
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The US dollar continued to lose ground against its forex counterparts, as risk appetite extended its stay in the financial markets.
NZDUSD has recently formed a double bottom pattern on its 4-hour time frame and seems to be confirming the potential reversal, as price has already broken above the neckline of the chart pattern at the .7600 major psychological resistance.
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The US dollar was unable to shake off the downbeat vibes brought forth by the cautious FOMC statement, forcing the currency to end lower against most of its forexcounteparts for the week.
GBPUSD could be in for a reversal, as a double bottom pattern formed on its 1-hour forex chart.
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The US dollar made a bit of a recovery to most of its forex counterparts in recent trading, as traders realized that the Fed is still the only central bank moving closer to hiking interest rates.
NZDUSD seems to be starting an uptrend on its short-term time frames, as the pair is creating an ascending trend channel on its 1-hour chart.
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The US dollar gave up a lot of ground as most market participants weren’t too convinced that the Fed is ready to hike in June.
GBPUSD made a strong bounce during the FOMC statement, as dollar bulls were disappointed to find out that the Fed lowered their growth and inflation forecasts.