The Greenback failed to break through the resistance put up by the 2016 high level against the Japanese Yen. As a result a decline of the rate began, and a descending channel pattern formed. The channel directed the rate from the 2016 high level of 118.67 to the 23.60% Fibonacci retracement level at 114.04. The Fibonacci retracement levels are measured
The common European currency surges against the Pound in an ascending channel pattern on a medium scale. However, the rate is simultaneously more affected by the Fibonacci retracement levels, which are measured by connecting the pre-Brexit low level with the 2016 high level. At the moment, the pair is on its way from the 38.20% Fibonacci retracement level at 0.8683
A channel pattern led EUR/NZD down, closer to ten-year lows of 1.4042 which were approach once before in 2015. The current down-wave is likely to hitch immediately at the resistance of 1.4887, and set an ultimate target around 1.4493, which is likely to then lead to a short-term bullish outburst shifting the goal to the upper trend-line of the pattern.
Following a break above the upper trend-line of the senior three-month channel, EUR/USD entered a ranging motion and could potentially have sketched a double top formation at 1.0675. Most recent movements indicate a small-scale descending triangle, which is about to be broken – most likely to the downside. The pair is currently on a quite crucial step, which could either
CAD/JPY confirmed a double top at 88.62 from the four hour chart with a descending channel pattern it entered over the last week. Currently on its way to the bottom trend-line at 86.35, the pair is likely to remain in the red zone for now and bounce from the area to comply with the up-wave implied by the pattern. Immediate
The Pound is depreciating against the New Zealand Dollar in a descending channel. The channel is a result of the rate meeting with the upper trend line of a large scale descending channel. At the moment, the rate is set to decline until the 2016 low level of 1.6708, where it is bound to find some support. However, the support
The yellow metal is surging in an ascending channel, as the bullion recently broke out of a long term descending channel. Although, the large channel's upper trend line had not been tested much and was passed after two attempts. Recently the just mentioned trend line provided support to the commodity price, which confirms that gold is set to continue to
CAD/HKD left 2016 lows in an ascending channel pattern, which has now led to tests of 5.9458, the recent high, and then guided a wave south towards the bottom trend-line at 9.8912. The pair is bound from the upside by the weekly and monthly R2, meaning that it will have to build up some more prominent momentum to dash through
AUD/SGD maintained the directional risk on its upside, but changed the slope of the motion by entering a channel up pattern of lesser steepness. The pair is currently launching an attack on the upper trend-line of the pattern, but is likely to spill some flatness into the motion as 1.0723 and 1.0727 steals some momentum on the way. Tests of
While trading in accordance with a medium term descending channel, the Greenback recently hit the lower trend line of a large scale channel up pattern against the Norwegian Krona. As a result the currency exchange rate already found support and began a rebound. This is the exact beginning of a formation of a new northwards aimed medium term pattern. It
The Aussie is about to break out of a short term ascending channel pattern against the Canadian Dollar. The reason for that is that the currency exchange rate recently surged in accordance with the short term channel until it hit a strong resistance cluster. The main two levels of significance in the resistance cluster were the upper trend lines of
Following a slip towards 2016 lows, CAD/JPY went on to an extensive surge that let to attacks at the annual highs at 88.66. The pair is now showing some signs of weakness, which suggests that the soar is unsustainable and could let the pair slide. A double top at the aforementioned area is the main reason to believe that bears
EUR/HKD lost value for two consecutive months inside a descending channel pattern, claiming the upper trend-line a few days ago. The pair is currently consolidating along the 200-hour SMA and bound from the downside by a cloud support which it has been respecting along the motion. With supply pressures stemming from various time-frame SMAs, the pair will likely make its
The Australian Dollar recently formed an ascending channel against the New Zealand Dollar. The new pattern formed as a result of a breakout from a descending triangle to the upside. The rate is set to continue the surge in accordance with this new ascending channel, until a level of significance stops the appreciation of the Australian Dollar. It is most
The common European currency is depreciating against the Polish Zloty in two descending channel patterns. The currency exchange rate recently reached the combined support level of the two channels, which indicates that the medium term channel is about to become obsolete. Although that was expected to occur in the pair's most recent surge, it did not happen, as the rate
USD/DKK had never seen levels as high as in December 2016, when the pair attacked 7.1583 for two consecutive times, failing just after, but keeping the bullish potential in the back of its head. A rising wedge now suggests that the area is not out of reach, meaning that a bullish outburst might come in case of stickiness at the
October came with a leap above all time highs of 0.9839, but also set the pair up for a downfall, which has recently taken the form of a descending channel pattern. NZD/CAD is currently squeezed in between several levels of significance amid attempts to break above a green Ichimoku cloud resistance area. The ultimate target of the current motion
The New Zealand Dollar is at an important moment against the US Dollar. The reasons for that are various. The rate recently reached the lower trend line of a short term ascending channel pattern, which implies an incoming rebound. However, it is more likely that the support line will be passed. That is likely to occur due to the fact
On a short term the US Dollar is in a descending channel against the Japanese Yen. However, simultaneously there are two other active channels, which influence the pair's movements and need to be taken into account. Until the end of this week the rate is set to move lower, as it recently bounced off the upper trend line of the
AUD/CHF exited its recent trading range by stepping beneath 0.7414, causing the motion to enter bearish territory and put an end to the ranging market after attacks at May 2015 highs were made in October. The direction is affirmed by the rising wedge on the hourly chart as well, suggesting that a steep bearish motion might follow a break below
After posting half-year highs in November, EUR/SGD continued slightly red in a flattish motion towards 0.5022. The daily chart suggests that there is a large-scale channel down pattern guiding the movement and that the current hourly channel up is just serving the purpose of leading the pair to the upper boundary. In case the senior pattern holds, 1.5251 will send
In the recent weeks Silver has formed an ascending channel pattern. The pattern is a medium sized pattern, which formed as a result of the bullion rebounding against a large scale pattern's lower trend line. The large scale pattern is a descending channel, in which the commodity price has traded since the start of July. In addition, the metal's price
The situation that can be seen illustrated on the chart at first glance might seem complicated. However, it is rather simple if one understands first that there are three simultaneous channels that influence the Singapore Dollar's movements against the Japanese Yen. On a large scale the rate is in an ascending channel. In addition, the rate previously surged in an
GBP/CHF has been sliding for two years already, recently adding some bounds to the motion and sketching a channel down pattern. The pair is now testing the upper boundary of the formation, meaning that there is little hope that gains will be posted in the nearest future. It might, however, be the case where the steepness of the channel is