The Australian currency still remains against the Japanese Yen simultaneously in three various scale descending channel patterns. However, due to the fact that the currency exchange rate has reached and bounced off the support line of the most dominant channel the pair is set to surge. Most likely in the upcoming weeks a new short and medium term pattern will
The Australian Dollar is trading against the Swiss Franc simultaneously in two descending channel patterns. The junior channel is a representation of the currency exchange rates bounce off from the combined resistance of the 200-period SMA and the upper trend line if the dominant pattern at 0.7670 level. The channel is heading into the support provided by the 23.60% Fibonacci
On March 16 the Australian Dollar changed its direction against the New Zealand Dollar, as the currency exchange rate encountered the upper trend line of a medium term ascending channel pattern. Although it was expected that the only a short term decline will take place, the currency pair formed a new descending channel. By looking at the larger picture it
As a result of a rebound against a support level near the 50.00% Fibonacci retracement level at the 1.3930 level, the US Dollar is surging against the Singapore Dollar in a rising wedge pattern. The wedge is aimed at the combined resistance of the upper trend line of a dominant descending channel pattern and the 38.20% Fibonacci retracement level. Both
The US Dollar against the Norwegian Krona is in a complicated situation, as the currency exchange rate is simultaneously fluctuating in four various scale patterns. However, in general a surge is expected form the Buck against the Krona, and it can be observed occurring. Most recently the currency exchange rate encountered the resistance put up by the 23.60% Fibonacci retracement
The Greenback recently established an ascending channel pattern against the Swedish Krona. The channel represents the break of the upper trend line of a long term descending channel pattern by a medium sized ascending channel. Due to that factor it is assumed that the small scale pattern will remain in force until it reaches the upper trend line of the
The latest developments during the past four trading sessions on the SGD/JPY currency exchange rate have pressured for the need of a review of the rate. The hypothesis of a bounce off from the 200-period SMA fulfilled itself, as the currency exchange rate changed its direction, and the previously active ascending channel pattern has become obsolete. As a result a
The Greenback is depreciating against the Japanese Yen simultaneously in two descending channel patterns. In general, the currency exchange rate is moving downwards in the junior pattern to the lower trend line of the dominant pattern. However, on its way lower the Buck might find support against the Yen, as the 50.00% Fibonacci retracement level is located at the 109.41
After testing the 0.6882 area twice, NZD/USD set it as its target once again and formed a channel down pattern to lead the motion. The pair has tested the upper trend-line last, suggesting that the target has shifted to 0.6960, the lower bound. There are, however, still several demand levels on the way at 0.6969 and 0.6942, respectively. We will
Half-year highs came at a price when EUR/NZD took a smooth dip immediately after test of 1.5478, an area just above the double-tested previous high of 1.5446. The pair did, however, lose the amplitude for highs and formed a rising wedge which it broke a few hours ago, stretching the motion into a red cloud resistance which, along with a
USD/CHF climbed inside the bounds of a channel pattern, but hit two-week highs at 1.0035 where it did not manage to rise above, creating an ascending channel pattern which might break to lead a steeper motion up. Due to the lack of previously confirmed significance of the level, the pair should not have serious trouble to overstep the trend-line, but
Half-year highs came at a price when EUR/NZD took a smooth dip immediately after test of 1.5478, an area just above the double-tested previous high of 1.5446. The pair did, however, lose the amplitude for highs and formed a rising wedge which it broke a few hours ago, stretching the motion into a red cloud resistance which, along with a
The Mexican Peso is continuing its recovery against the US Dollar, as, in the aftermath of a fundamental fall of the USD/MXN currency pair, a descending channel pattern has formed. The channel has guided the rate below the support of the 38.20% Fibonacci retracement level, which is located at the 18.9592 level. The currency exchange rate is set to continue
As a result of the Pound reaching the lower trend line of a long term ascending channel against the Swiss Franc, the currency exchange rate has formed a small scale ascending channel pattern, which can be observed on the hourly chart. Most recently the currency exchange rate reached above the 23.60% Fibonacci retracement level at the 1.2558 level, which is
GBP/AUD looks fairly bearish on the daily chart, suggesting that lows untackled since 2013 might come into the picture rather soon. The pair is currently trading inside of a red cloud and is steadily climbing up towards the northern boundary of the pattern. It will encounter supply at 1.6550/6626 on its way towards 1.6652 where we expect for it to
A falling wedge with a strong upper and weaker lower boundary led USD/RUB south for a couple of weeks or so and managed to show some solid bullish potential with amplitude diminishing on the downside. The pair has been sticking to the upper boundary of the pattern and looks like it might be broken rather soon if not immediately. Monday,
USD/PLN formed a channel up pattern on the hourly chart as part of a senior channel on a larger time-frame to guide the motion to the upper trend-line of it. The pair has just completed a down-wave inside the bounds of the junior channel, and it failed to dip underneath 3.9616, the 20-hour EMA, in order to really tap at
Although the NZD/USD currency pair has been trading in accordance with fundamental events on both sides of the pair in the past few weeks, from a technical perspective there have been some new developments. The currency exchange rate recently hit the resistance of a long term descending channel and bounced off of it after two attempts to break the resistance
The US Dollar against the Swiss Franc traded in a descending channel pattern, which was described by the Dukascopy team previously. That channel was recently broken, as the 38.20% Fibonacci retracement level at the 0.9854 level provided enough strength for the currency exchange rate to break out of the pattern after a 12 hour struggle. Most recently the rate has
It did not look like EUR/NZD was forming a falling wedge on the hourly chart until just recently when the last wave lost amplitude to the upside and three decent confirmations on each side led to an upward breakout. The pair has set a solid ground at 1.5284, the 20-hour EMA and has been adjusting its movements to respect the
The most traded cross took a dip this week, sketching a channel down pattern to guide the motion. With the top it made on the daily chart at 1.0895 on March 27, it appears that EUR/USD is forming a rising wedge on a larger scale. For now, however, we will look for the pair to remain in between the bounds
The Singapore Dollar is surging against the Japanese Yen in an ascending channel pattern. Although the pattern's borders are doubtfully measured, the direction of the currency rate can be forecasted. The pair is heavily affected by the Fibonacci retracement levels, which are measured by connecting the 2016 high and low levels. As recently the pair hit the support provided by
The common European currency is trading against the Swedish Krona in an ascending channel on a medium scale. The medium term channel is a representation of the pair's rebound against the lower trend line of a large scale channel up pattern. However, there is a possibility that changes are about to occur, as the currency exchange rate has reached and
EUR/JPY has been falling since December 2016, but managed to set some corrective steps on the way. A flattish upward sloping channel was switched to a channel down that still lacks some confirmation. The pair has just touched the upper bound of the most recent pattern and has set eye on the lower trend-line with a few hitched on the