After reaching a low around 0.94 on January 2 the AUD/CAD began moving to the north. Moreover, this Friday, the pair breached an important level at parity and soared above a weekly R2 at 1.0075. Further outlook is also bullish, as technicals on a 4H chart are sending ‘buy' signals. Moreover, 56% of opened positions are long. During this week
After a prolonged bullish run in the first half of February the trading range of the Cable started to narrow as if it was limited by two converging lines. However, given that the currency pair has already reached the apex of the pattern, the next few days are likely to be quite volatile, since a break-out will not keep itself
The market has been bullish since the summer of 2013. There has been a risk that the currency pair will change the trend during the last few days of January, but the 200-period SMA was enough to prevent further deterioration of the situation and preserve the overall upward tendency.As a result, NZD/CAD is forming a channel up pattern with the
EUR/SEK exhausted its potential during a rally to a three-month high of 9.0119. After peaking at this high, the pair has been declining and entered a falling wedge pattern late February; now the pattern is 120-bar long. At the moment, the currency couple is trading near the upper boundary of the pattern; however, it may be too early to expect the
The yellow metal has been following a distinct upswing since late December when it dived under $1,200 per ounce. At the moment, the climb is developing within the limits of the 154-bar long channel up pattern. On March 3, XAU/USD managed to near a four-month high of 1,355.21 as bulls were predominating amid turmoil in Ukraine and negative jobs market
Having approached a five-year high of 1.6823, GBP/USD retreated slightly and was trading almost flat during three weeks ended March 4 when the pair embarked upon formation of the broadening wedge pattern. The pair has been bounded by gradually diverging lines for 58 hours and is likely to remain locked in this trading range given bullishness on the market-almost 54%
Since August the British Pound has been on the rise against the Canadian Dollar. We have observed several bullish formations shaped by the pair alongside its advance and one of them, double top pattern, is active at the moment. The pattern with a peak at a five-year high of 1.8675 is 105-bar long and has average quality and magnitude. Now
As a result of a precipitous decline seen in January, CAD/HKD had fallen from 7.32 down to 6.92. However, the currency pair proved to be unable to extend the decline beyond the latter point. Then, after 20 days, the price had once again attempted to break this support, but turned out to be unsuccessful.Accordingly, now we are presented two distinct
This year has been noticeably bullish for AUD/CAD so far. The currency pair has already covered six and a half figures and is well-positioned to carry on with the advancement. For the most part this is justified by the channel up pattern that has been developing since Jan 23. In more detail, while a more reliable upper boundary of the
While against the U.S. Dollar the single currency has been appreciating since July, it has been moving sideways against the Kiwi even longer. It was not a surprise that the pair formed a descending triangle on a 4H chart that is likely to be completed soon. Keeping in mind that the outlook is bearish in 64% of the time and
In a longer-term the most traded currency pair is trading between two Fibonacci retracements– at 1.3894 and 1.3456. In a shorter-term, however, the pair is moving in boundaries of a rising wedge pattern that was formed on January 24. The pair will affected by vital fundamental data from the United States and Europe this week, while traders believe the pair
The Euro has been exceptionally strong against the Japanese Yen recently. Late December the pair hit the highest level since at least 2009 of above 145 and after a short and mild decline the pair again got an impetus for a climb. At the moment, EUR/JPY is bounded by trend-lines of a 163-bar long ascending triangle and is likely to
The single currency has been losing its value compared to the Norwegian Krone since the pair neared a three-year high of 8.5473 on February 4. The beginning of spring failed to bring any noticeable changes in the pair's moves, except from an increased pace of depreciation that followed a formation of a falling wedge pattern on February 28. Now the
The downswing has been prevailing in USD/NOK moves since early February when the pair touched a five-year high of 6.3146. Alongside its decline, the pair started to form a descending triangle pattern during the last trading session of February and now is likely to breach one of its boundaries given than it will approach the apex later in the day.
The New Zealand Dollar has been mostly in the up-trend since it dropped to a six-month low against its U.S. peer early February. One of the bullish formations shaped by the pair is an ascending triangle pattern that was started on February 26 and was breached two days earlier, on March 3. Despite the fact the breakout has already occurred,
USD/ZAR has recently topped out at 11.40 and since then has been trading in the down-trend. Based on this, we may assume that in the nearest future the exchange rate will not surge above the falling resistance line at 10.90. Even if this level does give in to the buying pressure, there will also be the weekly R1 and the
Following a dip down to the level of 90 during the first days of March, bulls have finally taken control of AUD/JPY and forced the currency pair to erase most of the recent losses.However, while the up-trend support line does appear to be rather reliable, the upper boundary of the emerging pattern has not yet been confirmed on many occasions.
Last month the rally of AUD/USD was halted at 0.9080. Since then the Australian Dollar has been generally depreciating relative to its U.S. counterpart, even the long-term moving average was unable to help the currency pair to preserve the upward momentum. At the moment, however, the Aussie is on the rise. Still, the recovery is likely to come to an
The rally started on Feb 28 failed to surpass the resistance represented by the 200-hour SMA. As a result, EUR/NZD started to decline, but at the same time was respecting two parallel downward-sloping trend-lines.Accordingly, as implied by the channel down pattern, the currency pair is unlikely to rise beyond the daily pivot point at 1.6394. Instead we expect the single
Starting from Feb 19, when the 200-hour SMA failed to keep the currency pair afloat, the Canadian Dollar has been gradually ceding ground. And while in the near-term, as implied by the hourly technical indicators, the exchange rate may somewhat recover, CAD/JPY is highly unlikely to ascend beyond the resistance at 92.30. This supply area is mainly created by the
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