The two-year low set late February proved unsustainable and led to a solid rise over the last couple of months. The pair has now, however, shifted its stance in favour of a bearish development, as indicated by the rising wedge on the hourly time-frame which appears to be mature enough to break rather soon. A dip beneath 1.4914/09 would lead
AUD/USD was working on establishing a large-scale channel down pattern for half of April and the efforts proved successful as the pattern gained several confirmations on the hourly time-frame. The pair is currently on a steep run towards the upper trend-line of the pattern around 0.7542 where it is strengthened by the upper Bollinger Band. We see it as a
EUR/HKD is showing some mixed signals in between various time-frames recently, as it has approached the upper trend-line of the senior channel it has been trading in for the last five months. The cross has created a symmetrical triangle which suggests that the upward motion should continue and break the boundary of the channel around 8.5278. We, however, lean in
A steep bullish motion took over in the last weeks of April as part of the climb GBP/CAD has been working on since January. The motion has now lost amplitude to the upside and posted a rising wedge formation on the hourly chart. The pair is currently testing the bottom trend-line of the pattern at 1.7660 and we will be
After breaking a strong trend-line in April and setting a strong bullish motion in action, GBP/USD consolidated just to post some more gains in a channel up pattern afterwards. The cross has, however, just broken the pattern to the downside and appears to be forming a retracement of the broken area on the hourly chart. We will look for
The New Zealand Dollar is trading simultaneously in two descending channels against the Swiss Franc. The junior pattern is a representation of the pairs bounce off from the upper trend line of the dominant descending channel pattern. The medium term descending channel pattern has already passed the support provided by the 38.20% and 50.00% Fibonacci retracement levels, respectively, at 0.6952
Recently the Australian Dollar broke a medium term descending channel pattern against the New Zealand Dollar. The inertia for the breaking of the pattern was provided initially by the 61.80% Fibonacci retracement level, which is located at the 1.0658 level. The relevant Fibonacci retracement levels are measured by connecting the 2016 high and low levels. As a result a narrow
NZD/JPY continued its strong downtrend that was kicked off by a double top in January, but after a break above the channel that had led it to the current levels, the pair set a falling wedge in motion, suggesting that some more upside pressures are to take over. The wedge formed over this week after the pair opened with a
After the bottom of four years was set at 1.5769, GBP/CAD started a climb towards areas above, and has now created a rising wedge on the hourly chart, indicating that upward momentum has encountered some trouble. The pair is currently testing the upper boundary for the second consecutive time, suggesting that upside risks cannot be completely eliminated as well. The
The silver price is at a vital moment, as it has reached the crossroads of two supporting trend lines. In general, the commodity price has declined in a descending channel pattern, which has reached the lower trend line of a massive scale rising wedge pattern. The metal's price is most likely going to rebound and a new medium term ascending
As a result of recent fundamental risk on sentiment increase in the financial markets the SGD/JPY currency exchange rate has broken a previously active descending channel pattern. As a result an ascending channel pattern has revealed itself. However, the rate is mainly controlled by the Fibonacci retracement levels, which are measured by connecting the 2016 high and 2016 low levels.
USD/TRY is showing some decent bearishness in a channel down pattern which has just led to a step beneath the February low at 3.5704, after several tests of the area. While currently it appears that the pair has indeed plunged beneath the area and might set a solid dip into motion, upside risks cannot be eliminated and a break above
A steep rally followed the second test of 135.64 that was launched April 17, but has now lost some of the momentum and sketched a rising wedge on the hourly chart. GBP/JPY has just tapped at the upper trend-line of the pattern and should, in theory now move on to the bottom bound near 142.58, however, it seems to be
USD/CAD has been making its way away from the low posted on May 2016 and the recent wave up has resulted in the formation of an ascending channel pattern which has not yet showed any signs of weakness. The pair is on a flattish motion towards the bottom trend-line of the pattern, and is most likely to reach it around
The strong upward trend-line that prevailed for GBP/CHF since March, added an upper boundary to form a symmetrical triangle on the hourly scale and leave risks above. The pair is strongly testing the upper part of the pattern and we will look for the line to break in the nearest future and lead the pair north along the senior trend-line.
USD/CNH is trading inside of a long-term channel which shows some risks to the downside despite the junior ascending channel that has emerged on the hourly chart. Stickiness of the bottom boundary which coincides with the senior pattern trend-line also shows growing downside risks. The pair will target the lower bound of the pattern around 6.8850/8900, but it is unclear
Interestingly enough, EUR/PLN did not stay above the senior range support at 4.2569 which can be observed on the weekly chart, but executed a second dip below which led to the formation of a falling wedge. The pair is currently testing the upper trend-line of the pattern and appears to be working on breaking it to soar above and potentially
The latest 350 base point surge of the Greenback against the Loonie is still a contrast to the rest of the markets, as the Buck is losing ground in general. The surge has occurred in an ascending channel due to the pair encountering the support of the 200-day SMA. There are no dominant patterns affecting the pair at the moment,
Recent developments in the AUD/CAD currency exchange rate have pressed for a review of the situation drawn patterns for the pair. As it was forecasted the medium term rising wedge pattern has reached and bounced off the resistance put up by the dominant descending channel pattern. Due to that reason the pair is set to begin the formation of a
The common European currency is trading simultaneously in two ascending channel patterns against the Norwegian Krona. The junior pattern represents the rebound of the currency exchange rate against the lower trend line of the dominant channel. In addition the pair has shown itself to be highly affected by the Fibonacci retracement levels, which can be measured by connecting the 2016
The Pound recently formed a descending channel against the Australian Dollar. The channel has formed as a result of a bounce off from the upper trend line of a dominant pattern. The dominant pattern is an ascending broadening wedge. Most recently the currency exchange rate has reached the upper trend line of the descending channel pattern. Due to that reason
The US Dollar remains in a large scale descending channel against the Turkish Lira. Not long ago the currency exchange rate rebounded against the upper trend line of the descending channel. It occurred due to a fundamental event in the form of the Turkish referendum. As a result the currency exchange rate has formed a yet unconfirmed medium term descending
The Australian Dollar is in a descending wedge against the New Zealand Dollar. The medium sized wedge has formed as a result of the currency exchange rate's passing of the support provided by the previous ascending channel pattern. Most recently the pair has been trading near the 50.00% Fibonacci retracement level, which is located at the 1.0757 level. The pair
Following a slight break below the 2015 low at 8.1519 - the lowest level of all time, HKD/JPY set a new ultimate support at 8.0680 and sketched a channel up pattern on the daily scale to lead it up above the area. The pair was trading mid-pattern but has now neared the upper trend-line by kicking off the week with