The hourly chart reveals that fluctuations of the American Dollar against the Turkish Lira during this trading week formed a descending triangle. More specifically, the pattern began to develop after a sharp depreciation of the Greenback on May 30, which most probably is associated with release of the Consumer Confidence Index. For the moment, the pair is aiming to break
Due to rebounding against a Fibonacci retracement level the common European currency has surged against the Singapore Dollar and formed an ascending channel pattern. The currency pair is set to surge up to the 50.00% Fibonacci retracement level, which is located at the 1.5682 level. In accordance with the pattern, it is most likely going to occur by the end
During the recent review of the EUR/USD currency exchange rate some newly formed patterns were spotted. First of all it has to be noted that in the short and medium term the currency pair is in two ascending channel patterns. However, both of the patterns are not fully confirmed, as one of their trend lines has been touched only once.
The Australian Dollar is trading against the Swiss Franc in a short term descending channel pattern, which is about to reach the lower trend line of the most dominant long term channel down pattern. However, on the way down there are various medium term channel support lines, which can be observed. It is highly likely that they will hinder the
The Greenback is depreciating against the Danish Krona simultaneously in three descending channel patterns. However, most recently the currency exchange rate hit the combined support of all of the channels. As a result of that rebound it can be expected that the most junior patterns will become obsolete during the next quarter. Meanwhile, concentrating on a shorter term, it can
The Euro is trading against the Swedish Krona simultaneously in two ascending channel patterns. However, the situation is about to change. Due to the fact that the currency pair has hit and bounced off the upper trend line of the dominant channel, it can be assumed that the currency rate is in the process of forming a new medium term
The common European currency is losing value against the New Zealand Dollar in a medium scale rather narrow descending channel. However, the situation is about to change soon, as the pair is approaching the lower trend line of a larger pattern's lower trend line. It is most likely that the currency pair will support in the line and begin a
The common European currency is gaining value in the short term ascending channel against the Australian Dollar. The four hour timeframe reveals that the pair failed to break the support put up by the 61.8% Fibonacci retracement level and weekly S1 at 1.4942 and 1.4937. The retracement levels for this pair are measured by connecting the 2016 high and 2015
The British Pound is trading against the Canadian Dollar in the short term descending channel, which began to form after the currency pair broke through the bottom line of the previous medium term descending channel near 1.7503. In the nearest future the pair is about to face a strong support on its way consisting of the bottom trend line of
The common European currency does not fluctuate much in large scale against the Swiss Franc, as the economies of the underlying countries are too much tied together. However, on the four hour timeframe a symmetrical triangle can be observed. The hypothesis of a breakout to the downside is assumed, as the currency exchange rate recently failed to break the resistance
The Greenback is simultaneously losing value in three descending channel patterns against the Singapore Dollar. However, the main attention should be fixated on the two junior patterns. Most recently the pair bounced off the combined resistance of the two channels, which indicates that a short term surge is about to occur. The target of the surge is most likely going
The New Zealand Dollar continues to trade against the American Dollar in the medium term ascending channel. Apart from this, a rebound of the rate from the combined support of the 61.8% Fibonacci retracement level of the 2016 high and 2015 low levels at 0.6997 and the monthly R1 at 0.7001 formed additional short term ascending channel. Since the pair
The common European currency continues to trade against the Canadian Dollar simultaneously in the medium term ascending and short term descending channels. The junior channel represents a rebound of the currency exchange rate from the upper trend line of the dominant channel, supported by the monthly R1 at 1.5199. At the present moment, the pair is trying to reach the
The common European currency has recently had a very sharp appreciation against the Sterling, as the currency exchange rate has formed a rising wedge pattern. The pattern has guided the currency pair through the resistances put up by two notable Fibonacci retracement levels, which have only managed to hinder the Euro's surge. The Fibonacci retracement levels are measured by connecting
Recently due to a combined resistance of the 23.60% Fibonacci retracement level at 1.8842 and the upper trend line of a long term ascending channel near the 1.90 mark the Pound has begun to lose value against the New Zealand Dollar. As a result of that a narrow ranged descending channel has formed, which is most likely the representation of
The American Dollar continues to trade against the Russian Ruble in the downtrend. The present pattern formed in the beginning of this year after the exchange rate broke the bottom trend line of the preceding descending channel. Until this point, there were no cases, when the pair failed to reach the opposite boundary of the channel after making a successful
The Australian Dollar is trading against the Canadian Dollar in the short term descending channel, slightly below the monthly S1 at 1.0016 and is trying to reach the bottom edge of the pattern. A rebound most likely is going to occur, as the narrowing fluctuations of the rate point out on formation of the falling wedge. In addition, the pair
The common European currency is trading against the Hong Kong Dollar in the descending triangle with equal lows located at the 8.7047 level. The formation of this figure serves as a confirmation of the end of an uptrend, which lasted for the last two weeks. There is a possibility that the breakout in the downward direction will occur during this
The common European currency recently passed the support of the 38.20% Fibonacci retracement level against the Polish Zloty. Due to that factor a review of the situation is required. First of all the pair remains simultaneously in two descending channels. Secondly, the 38.20% Fibonacci retracement level, which is located at the 4.1882 level and which is measured by connecting the
The South African Rand is appreciating against the Japanese Yen simultaneously in two ascending channel patterns. Although, the currency exchange rate has recently been declining. If the pair proceeds in accordance with the set technical outlook, it is soon about to rebound against the lower trend line of the junior pattern. Afterwards it would surge to confirm properly the upper
The American Dollar is trading against the Polish Zloty simultaneously in the two descending channels. The junior channel represents a rebound of the currency exchange rate from the bottom edge of the dominant channel, which was supported by the monthly S2 at 3.7601. However, narrowing fluctuations of the pair on this trading week suggest that this pattern will not sustain
The British Pound is trading against the Australian Dollar in the short term descending channel. The pattern formed in the result of the currency rate's break through the bottom trend line of the preceding ascending channel after the Pound's appreciation amid the release of data on the construction and services PMI. The traders should watch carefully this pair, as the
The recent breaking of a long term down-trend line on the NZD/USD currency pair has pressed for a review of the technical charting of the pair. First of all it can be observed that the break occurred due to momentum received from a combined support of the 50.00% Fibonacci retracement level of the 2016 high and 2015 low levels at
The Pound is approaching a significant region of support against the Swiss Franc, as the active medium term channel down pattern is guiding the currency exchange rate down to the lower trend line of a dominant pattern. The dominant pattern is a simple ascending channel. However, there is a problem, why that lower trend line might not be reached so