technical

The Australian Dollar (AUD) has lost some of its recent upside momentum in recent sessions, prompting AUD/USD to give back part of its earlier gains.

The EUR/USD exchange rate pulled back slightly even after Christine Lagarde opened doors for interest rate hikes by the European Central Bank (ECB). It was trading at 1.1560, a few points below this week’s high of 1.1630.

The US Dollar (USD) advances alongside Oil, and as the risk sentiment deteriorates. The picture is not new, as financial markets are trading on headlines coming from the Middle East, as they have in the last three weeks.  

The USD/CAD pair attracts some follow-through buyers for the fourth consecutive day and climbs to over a three-month high, around the 1.3835 region, during the first half of the European session on Thursday.

The Euro tried to rally against the Aussie dollar, but it looks like the momentum is starting to run out. With this, we ask whether or not the momentum is able to continue?

Following the bullish action seen at the beginning of the week, EUR/USD turned south on Wednesday and erased a large portion of its weekly gains. The pair stays in a consolidation phase at around 1.1550 on Thursday, while the near-term technical outlook highlights a lack of buyer interest.