The US Dollar is still set to depreciate against the Japanese Yen, never minding the recent rebound of the currency exchange rate. The rebound occurred due to the rate reaching the 38.20% Fibonacci retracement level, which is located at 112.60. However, the reason for a continuation of the decline is that the currency exchange rate still remains in a descending
EUR/PLN abandoned January lows in several attempts to establish a solid bull market, and entered the most recent correction in an ascending channel pattern. The pair is now likely to break the formation to the upside at 4.3766, after the bottom boundary is re-tested and a wave extends worth. In case the bottom trend-line gives in to the pair's weakness,
SGD/JPY broke the descending channel pattern to the upside, suggesting that a rally is up next, just before a small scale retracement is executed. The breakout can be attributed to the pair taking in to the senior channel down pattern which can be better observed on the daily chart. The rate has interestingly set a ground at 79.49 by testing
The yellow metal continues to trade in a medium term ascending channel. Most recently the bullion encountered short term resistance and retreated to the large scale 50.00% Fibonacci retracement level at 1,211.69, where it found support. The Fibonacci retracement levels for the metal are measured by connecting the 2015 December low level with the 2016 August high level. From a
The Aussie continues its surge against the Greenback in accordance with an ascending channel pattern. The channel is guiding the currency exchange rate from one Fibonacci retracement level to another, sometimes making a short stop before continuing the surge. The Fibonacci retracement levels are measured on this pair by connecting the 2016 high level of April 21 and the 2016
A channel turned wedge just broke to the downside in EUR/CAD and appears to now be attempting a retracement of the broken level around 1.3924. The pair is currently trading inside of a red Ichimoku cloud, confirming the corrective nature of the current motion and setting the next target at 1.4145 with more prominent risk later at 1.4114/4066 – an
USD/DKK lost loads of value in a three-day downtrend with extreme steepness, but now appears to be building up some bullish potential or at least signalling that a ranging market is on its way to take over the trend. The pair is currently attempting to overstep the upper boundary at 6.9223 and we will look for the area to break
The latest wave north required some consolidation for GBP/CHF and led to a bullish correction inside of an ascending triangle pattern. The pair has just attempted the upper trend-line of the pattern and failed, meaning that another wave south is likely to take place before the pattern breaks at 1.2447. With most of the relevant-term lagging technical indicators pointing to
Along with a newly established downtrend, a set of technical indicators point south for USD/MXN, confirming the validity of the motion. A channel down pattern led the rate slide in a flattish motion at first, just before an aggressive break to the downside. Additionally, the neckline of a head and shoulders pattern at 21.86 broke on the second attempt, after
USD/CNH had attempted to form a volatile channel down pattern, but rather went through a consolidation phase to enter a channel up pattern. The pair is currently testing the bottom boundary of the pattern at 6.8443 and there is decent potential for it to break below. Supply pressures stem from the repeated test of the lower trend-line after a reach
ZAR/JPY continued to surge after the corrective phase it had entered before, and established a channel up pattern to guide the bullish motion. The bottom boundary that has just been tested held strong and caused a bounce to keep the pattern intact. Immediate supply lies at 8.50 and then 8.52 before attacks at the upper trend-line of 8.53 are launched.
Bearish potential led USD/TRY to sketch a rising wedge to potentially end the ranging market phase. The pair is still trading inside the pattern and is now targeting the bottom trend-line of it to potentially stick to it and then break it. The boundary lies at 3.8039 and is strengthened by the 200-hour SMA with other time frame SMAs also
GBP/NZD has entered a symmetrical triangle pattern that has formed a flattish upper trend-line, causing it to take more of an ascending channel form. Both of the alternative patterns give out the same signals and are likely to the broken to the upside-most likely on the next few candles. We will look for tests of 1.7221 and then 1.7252 which
Following a tap at the three-year lows of 1.5768, GBP/CAD entered a rising wedge to test the upper boundary of the senior channel down pattern that the pair has been following for a year and a half already. The pair has slightly overstepped the upper boundary already and it is most likely that a dive will follow – consistent with
EUR/NZD established a solid downtrend inside the bounds of a channel down pattern which shows no signs of weakness for now. The pair has just exited a cloud resistance area and is now targeting the bottom trend-line at 1.4821 with a few hitches on the way. The pair is likely to lose some momentum at 1.4851, 1.4839 and 1.4829, then
After abandoning the one and a half year highs of 83.47 the pair touched in December, a monthly floor was set at 80.65. It now appears that NZD/JPY is targeting the upper part of the established trading range again, hovering around the middle. A channel up pattern is leading the motion north and the pair now appears to have increased
The Greenback is declining against the Turkish Lira in a medium term descending channel. However, that might soon change. Together with the 23.60% Fibonacci retracement level of 3.7248 the upper trend line of the medium term channel is forming a descending triangle pattern. Simultaneously the currency exchange rate is in an ascending channel pattern, and its lower trend line is
The common European currency continues to decline against the Swedish Krona in two descending channels, while simultaneously being highly affected by Fibonacci retracement levels. The retracement levels are measured by connecting the 2016 high level of November 9 with the 2016 low level of April 21. Most recently the currency exchange rate rebounded against a combined support level of the
AUD/CAD has been trying to abandon the half-year low of 0.9668 by establishing a decent uptrend, which now appears to be unsustainable as the pair has entered a rising wedge. The pattern is expected to break to the downside with a prominent dip and a retracement, followed by a further slide. With the rate currently attacking the upper trend-line of
After complying with the falling wedge on the daily chart, AUD/NZD exited it to the upside, but then immediately put an end to the bullish market with a channel down on the hourly chart. The pair has just executed a retracement of the channel upper trend-line that it has broken out of in the last few hours. While the picture
Silver is surging in simultaneously two ascending channels. However, it is also on a larger scale in a descending channel. Due to that the main thing to find out is, when and how the metal will change its course and begin a medium term decline. First of all, by measuring the Fibonacci retracement levels via connecting the March 31 low
The Pound recently broke out of a long term ascending channel against the Aussie. It occurred in a descending channel pattern, which formed as a result of the rate reaching the large scale pattern's upper trend line and bouncing off of it on January 2. The rate is about to reach the 2016 low level of 1.5682 in accordance with
After sliding from eight-month highs, SGD/JPY entered a channel down pattern, and lost some volume to the upside, forming a junior falling wedge. The wedge is consistent with the expected movement towards the channel upper trend-line around 80.23 and could break anytime soon, given the stickiness of its top boundary. In case the breakout does not happen and the pair
HKD/JPY almost reached for yearly highs in December and January, but set a ceiling at 15.24 instead, falling slightly short of the ultimate high at 15.60. The pair had set a solid trading range during December and January which can now be considered a double top formation with a broken neckline at 14.98. A slide underneath has led inside a