The Australian Dollar has been guided by an ascending channel against the Japanese Yen since late June. This movement began after the currency pair reached the weekly pivot point at 80.84.
The Swiss Franc has been constrained by a junior ascending channel against the Japanese Yen since the end of June.
Following a reversal from the upper boundary of a dominate descending channel on June 6, the Australian Dollar has been moving in a one month channel down against the Swiss Franc.
The bullish momentum which dominated the GBP/JPY currency pair since early July has resulted in the pair to revealed a new junior ascending pattern.
The long-term movement of the GBP/NZD exchange rate is being guided by an ascending wedge.
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After reaching the lower boundary of a downtrend channel on July 3, the New Zealand Dollar changed its market sentiment against the Swiss Franc and started to retrace to the upside.
The bearish sentiment which guided the NZD/JPY currency pair during the first half of June has changed its direction. The pair has formed a new junior ascending channel which has steered the rate higher.
Following a retracement from the senior channel near 21.00 mid-June, the US Dollar began depreciating against the Mexican Peso in a channel-like pattern.
The dominant pattern which has constrained the NZD/CHF exchange rate since early April is a descending channel.
The Canadian Dollar has been gaining strength against the Swiss Franc since late June. The upside momentum has sent the currency pair to move from the lower boundaries of both the short and long-term patterns to the upper line and the monthly pivot point.
Following up on last week analysis of the CAD/JPY currency pair. Bulls continued their dominance in the market and sending the exchange rate to breached the upper boundary of a long-term descending pattern.
The US Dollar continues to lose ground against the South African rand in a large scale descending channel pattern. However, not the pattern, but other aspects are to be noted more importantly.
The US Dollar, as expected previously, surged against the Danish Krona. However, the surge did not occur exactly as expected. Namely, the currency exchange rate surged more than expected.
The Pound Sterling was driven by strong downside sentiment against its Canadian counterpart since June 22 and thus fell by 2.59%.
The British Pound has been trading in a junior ascending channel against the Australian Dollar. The exchange rate bounced off the bottom border of the pattern on June 5 and has since rallied.
The previously described ascending channel pattern of the EUR/RUB currency exchange rate was broken last week. With the breaking of that pattern a new massive scale descending pattern was revealed.
The situation on the USD/ILS charts is initially hard to understand, as the already broken patterns are still drawn on the chart.
The CAD/CHF exchange rate has been moving in a descending channel since early May. The currency pair pullback from the upper dominant ascending channel pattern on May 10 and followed by a period of decline.
The Canadian Dollar has strengthened against the Japanese Yen since late June. This upside movement has sent the pair to move from the lower boundary of a medium-term ascending pattern to its upper line and the weekly pivot point located near the 85.06 mark.
The common European currency found support against the Polish Zloty. Namely, the previous decline has ended and the junior ascending pattern was broken on early Wednesday morning.
As the US Dollar finally found support against the Danish Krona after reaching its target on Monday, a new pattern was spotted.
The Australian Dollar began to depreciate against the Canadian Dollar after hitting a four-month high at 1.0242 in mid-March. During this long period of decline, the currency pair fell by 5.71%.
The AUD/NZD exchange rate has been guided by two opposing channels. The dominant pattern was formed in October 2017. The medium-term ascending channel has bounced the pair within the bounds of this aforementioned dominant channel.