Following a break above the symmetrical triangle formation on Friday, EUR/GBP opened with an upside gap and executed a slight dip to show 0.8678 at 5:30 GMT Monday morning. We look for the loss to be limited around 0.8639 (upper Boundary of the broken triangle), where it could complete the rebound it appears to be undergoing. With 0.9674 causing a
The Australian Dollar most recently changed direction and began to depreciate against the Canadian Dollar, and the result of the fall is a channel down pattern. Although, the descending channel is in the borders of a larger scale ascending channel, in which the currency exchange rate has been since May. By looking at the chart in a longer term back,
The Euro most recently has formed a short term channel down pattern against the US Dollar. However, the general situation of the currency exchange rate is much more complicated, as there are simultaneously active three channels and possibly a triangle formed by various channel lines. First of all on a large scale the currency pair is in a channel up
USD/ZAR executed a nearly perfect double bottom formation over the last week or so, shifting the momentum entirely in bulls' favour. A breach of the neckline at 13.7825 resulted in a surge towards supply at 13.9847, and we are looking for it to continue despite the 0.7% dip the pair took yesterday. The rally is likely to experience a hitch
A 2.6% surge resulted in a week-long consolidation inside the bounds of a symmetrical triangle. After breaking the upper trend-line of the triangle, EUR/NZD got carried away in the rebound, dipping below the broken level at 1.5441. We are looking for a rally to come next, setting 1.5475, 1.5500 and 1.5511 as the closest levels to watch, but with risk
The Euro is also surging in a channel up pattern against the Danish Krona, as the currency exchange rate is fluctuating near the pattern's lower trend line. The whole channel is a rebound of the rate after it encountered the 200-period simple moving average and struggled to pass the support from September 2 to the sixth of the same month.
The common European currency is simultaneously in two ascending channel patterns against the Singapore Dollar. First of all is the larger scale pattern, which represents the Euros gradual appreciation against the Singapore Dollar since June 24, when the Brexit vote hit the strength of the Euro. Secondly, on a smaller scale the currency exchange rate has formed another channel up
NZD/CHF broke its consistent uptrend late August just to enter a channel down and reverse successfully. Currently on its way to the upper trend-line of the pattern, NZD/CHF faces 0.7091 and 0.7100 where it will have to battle its way north with further risk at 0.7113. Squeezed in between 55-hour and 200-hour SMAs, the pair is building up some bearish
The flattish channel up USD/SGD established a week ago is about to confirm its strength with an attempt at the upper trend-line at 1.3627. Bullish momentum stemming from the SMA cluster beneath, as well as a BUY signal from the golden cross formation, is likely to remain the main driver of the currency pair, suggesting that if the channel is
The descending wedge pattern AUD/CHF entered early August was broken at 0.7446 just hours ago, suggesting that a rally towards 0.7488 or 0.7531 will be cut off by the broken trend-line pulling the pair back for a rebound around 0.7435. With demand pressures stemming from underlying SMAs elevating the rate to 0.7505 and then 0.7531, the rally could be capped
AUD/NZD entered an ascending channel that still lacks confirmation, but implies that the rate should dip to 1.0510 over the next couple of days. A tap at the level would result in an extension of the overall rally, setting 1.0626/34 as the next conquest, which would then open the way to the 1.0723/39 supply area. In case the pair fails
The immediate outlook on EUR/PLN is bearish. The pair has recently bounced off of a dense supply area at 4.3180/60, which is represented by the multi-week trend-line and 200-period SMA, and the price still has not found a strong support. However, despite the bearish technical indicators, the longer-term risks are skewed to the upside. For one, the rate is approaching
The Turkish Lira has already fought off a half of the losses incurred starting from the beginning of last Friday, which amounted to a little more than two percent. The recent weakness of the emerging currency was mainly due to a credit downgrade, but the effect proved to be short-lived, and EUR/TRY is now trading within a well-defined bearish channel.
A break below the bottom trend-line of the three-month symmetrical triangle provided significant supply pressures to build up bearish momentum that EUR/JPY is about to release when the consolidation of the broken trend-line at 114.23 is executed. Levels 113.66, 113.76 and 114.03/08 are bound to put up a battle on the pair's way up, potentially flattening and prolonging the recovery
The break out of the descending channel last week came as a confirmation of a senior monthly channel up at 1.4636, which lacked evidence before. Decent bullish momentum carries EUR/CAD towards the upper trend-line of the channel, setting 1.4902/08 as the near-term resistance target. Grabbing onto demand pressures that stem from the golden cross formation below, a break above this
The bearish channel in the four-hour chart and the technical indicators imply extension of Sterling's depreciation from 139 yen started at the beginning of September. This is also suggested by the descending triangle emerging in the higher timeframes. However, support at 130 yen still remains intact, meaning we may well see a rally in the near term. If the red
GBP/AUD keeps trading within the channel we identified last Thursday after the pair pierced through a notable level of 1.7270. The latest bearish wave inside the pattern did not reach the lower trendline, however, signalling a potential reversal. Nevertheless, the longer-term technical indicators are mostly pointing downwards, suggesting the resistance at 1.70 is likely to stand its ground. Our current
The descending triangle formed over the last three months has led GBP/NZD to lose volatility to an extent that might imply that the pattern is mature enough to break over late September or early October. The bearish stance taken by the pair threatens to close below the weekly Pivot Point which could, in turn, imply that there will be no
The falling wedge formed over the last three months might have put an end to any doubts of the yearly channel, which became topical when the rate failed to complete its way towards the upper trend-line at 0.7767. We look for the pair to make its way through demand areas at 0.7366, 0.7340 and 0.7297, bounce from the wedge boundary
Outlook on EUR/AUD is strongly bearish. The currency pair has just broken through a support trendline that has been keeping bullish momentum intact since mid-2012. Moreover, the downside risks are further increased by a descending triangle that has been forming for the last 12 months, although the lower bound of the pattern at 1.4550 is still intact. Demand there is
Since the last time we spoke of EUR/GBP, the currency pair confirmed the lower bound of the emerging channel. This, alongside favourable technical indicators, especially in the four-hour time-frame where six out of eight studies are giving ‘buy' signals, reinforce a bullish outlook on the European currency. However, we should be wary of resistances the price is approaching, as they
AUD/NZD carries strong bullish momentum since September 20, when the currency pair confirmed a breach of the Aug 8 - Sep 16 trendline. The 200-hour SMA has recently fallen victim to the pair's bullishness as well, implying that the rally may well extend up to 1.0750 (July and August highs), as there seem to be no significant resistances nearby. At
The Aussie is surging against the Singapore Dollar simultaneously in two channel up patterns. The relation between the two channels is that the smaller channel is the larger scale pattern's rebound against its lower trend line in the middle of September. At the moment, the currency exchange rate has already passed the only notable resistance level at 1.0352, which could
The Canadian Dollar is in a descending channel pattern against the Japanese Yen, as the currency exchange rate is trading near the channel's resistance line. The most recent rates encounter with the channel's upper trend line is the fourth confirmation of the pattern's trend lines. On a larger scale the currency pair is trading in a descending triangle pattern, and