For the past three months AUD/CHF has been failing to adhere to a specific tendency for a prolonged period of time. During this period the market did not remain either bullish or bearish for more than half a month.However, since mid-February the Australian Dollar has been generally underperforming relative to the Swiss Franc, resulting in formation of the downward-sloping channel.
Gold has been steadily appreciating against the greenback since December 31. Therefore, a 214-bar long channel up pattern formed on a 4H chart is indicating a strength of the upside movement. Moreover, the outlook for the pair is bullish, taking into account that almost 66% of opened positions are long, while aggregate technical indicators on a 4H and daily chart
Even though a descending triangle pattern was already penetrated, the pair still presents a great opportunity fro traders, as throwbacks are considered to be more attractive than breakouts. After reaching this year's high at 1.6823 on February 17 the pair began moving sideways, however, a move back to this level is expected, as more than 60% of pending orders
Since the very beginning of the year, the Canadian Dollar has been losing ground against the Swiss Franc; in mid-February the decline became more distinct and the pair was trapped by two downward sloping lines. Now CAD/CHF is trading above the 50-hour SMA at 0.7957 that lies near the upper boundary of the 272-bar long channel down pattern. Despite a
USD/TRY attained a record-high of 2.3909 late January that prompted the Turkish central bank to intervene to contain depreciation of the national currency. After that, the pair followed a pronounced downside trend for some time; however, the pair halted a drop in mid-February and commenced a formation of the channel up pattern. At the moment, USD/TRY is succumbing to the selling
The U.S. Dollar has been depreciating against the Japanese Yen since February 25 when the pair started to shape a broadening falling wedge pattern. Now the pattern is 93-bar long and has average quality but high magnitude. Up to now the pair has not shown any willingness to exit the range bounded by two diverging lines. Currently, USD/JPY is moving
A gradual retreat from more than a five-year high of 11.3952 impelled USD/ZAR to embark upon formation of a double bottom pattern. The pattern was broken through several hours earlier when the pair breached the neck-line at 10.8762 that represented a formidable resistance, especially given that it was propped up by the 200-hour SMA sitting at 10.8550. However, a rally
The EUR/GBP has been highly volatile since the beginning of the pattern. Just recently the pair rocketed to the upper boundary on the back of stronger CPI data from Europe, while at the moment of writing, the pair was trading below the 200-hour SMA. Moreover, the outlook for the pair is bearish, as majority of technical indicators are sending ‘sell'
A 224-bar long double top pattern was formed on January 2 and after reaching a high of 1.1224, the pair started moving sideways. Despite Friday's strong movement to the downside that pushed the pair below the 200-period SMA, the outlook is bullish. There are several reasons behind such a suggestion, including technicals on a daily and weekly chart, while 61%
Similarly to the situation observed in CAD/CHF, for USD/NOK there are also two viable development options. Either the currency pair passes through the supply concentrated around the down-trend resistance line located at 6.0330, thereby confirming the falling wedge; or the exchange rate retreats from the current trading levels, as suggested by the daily technical indicators. Then the U.S. Dollar will
Since mid-February CAD/CHF has been descending. This resulted in emergence of a bearish pattern on the hourly chart. Accordingly, the loonie is expected to respect the down-trend resistance line near 0.80 and head south.However, there are two possibilities that are likely to lead to significantly different scenarios. In the first one, the price stops the decline next to the most
Nearly a year ago GBP/AUD bottomed out at 1.4370 and commenced a strong recovery. A more than 100-bar long channel up is the result of the second wave of this rally.According to the upward-sloping pattern, in the nearest future the exchange rate is highly unlikely to fall beneath the up-trend support line at 1.8321, which is reinforced by the monthly
The descending triangle pattern shaped by USD/NOK started on January 23, several days before the pair hit a four-year of 6.3134. Being a bearish formation, the channel was constantly pushing the pair lower to its support line at 6.0210 that was broken on February 28 when the pair approached the apex. Currently the pair is vacillating below the triangle support,
Since early November the single currency has been indefatigably rising against the Canadian Dollar. The latest part of the rally has been taking place within the area bounded by two parallel upward sloping lines that pushed the pair towards a four-year high of 1.5398 in last trading session of February. Now the pair is trading near the lower trend-line that
After a short retreat from a five-year high of 1.6823 hit in mid-February, GBP/USD started to advance again, forming a 92-bar long bullish tunnel. While trading within the channel, the pair has almost erased all earlier losses and now is heading towards the recent high. However, market players are not univocal, with a half of them being bullish and a
AUD/USD did not manage to recover all losses after it slid to a four-year low of 0.8659 in the second part of January. Having touched this low, the pair followed an upside trend; however, the rally was short-lived and already on February 18 the currency couple entered a bearish channel, within which it has been locked for the last 175
In the bigger picture it may seem that XAU/USD is trading within the boundaries of the rising wedge, but more locally the instrument is fluctuating between two parallel downward-sloping trend-lines.And while the upper boundary is creating resistance at 1,330.70, the lower one, if reached, is likely to trigger a rally from 1,310.00. For the latter scenario to materialise, however, the
After a bearish correction that took place early February came to an end, the U.S. Dollar resumed appreciation relative to the Russian Rouble. As a result, the currency pair formed a channel up pattern. However, it must be noted that both trend-lines are still not reliable, being that the market respected them only on a few occasions. Nevertheless, they create
Since early February, EUR/NOK has been in a pronounced down-trend; however, only on February 20 the pair embarked on a formation of a descending triangle pattern. Currently, the pair is unremittingly nearing the apex, with trend-lines converging in a few days, on March 3. Given the overall bearish tendency as well as technical data suggesting a decline in the hours
A stab to a five-year high of 1.8671 unexpectedly failed to result in a massive sell-off of GBP/CAD. The pair indeed retreated slightly from the peak but shortly after the British Pound started a new winning streak against the Canadian Dollar. At the moment, the pair is vacillating close to the upper trend-line of the channel up pattern, within which
GBP/JPY has been trading sideways since it broke through a 134-bar long ascending triangle on February 25. The pair was capable of withstanding heavy downside pressure thanks to the 200-bar SMA that is meandering at 169.67. At the same time, the upswing of the pair also was restricted as the 50-bar SMA at 170.51 was preventing any attempts to advance.
A rebound of EUR/GBP from a two-year low of 0.8158 was halted on February 24 when a steep channel down pattern originated. Since then, the Euro has been losing ground against the Pound and almost erased earlier gains. Now the pair is retreating from the 50-hour SMA at 0.8216 that has recently prevented a climb to the upper boundary of the
Gold has been appreciating against the greenback since the beginning of the year and on February 13 the XAU/USD pair has formed a rising wedge pattern that is usually formed on a bullish market. The pair is currently trading around pattern's support and a 200-hour SMA that are likely to hold pair's depreciation in the nearest future. Moreover, market sentiment
A 176-bar long triangle was formed by CAD/JPY on a 4H chart. The pattern, however, is moving to its apex as both trend lines will converge on March 3, while the pair is already trading below the lower boundary. At the moment of writing almost 66% of traders were holding short positions, supporting the case of pair's depreciation. Moreover,