After forming a double bottom pattern, AUD/USD decided to form another pattern, and this time it is a rectangle pattern. The reason it can be worth describing is that the price is approaching the support line, while just around 20 pips below traders can find almost a 3-year low. According to aggregate technical indicators, the pair is likely to breach
Euro-zloti is signalling recovery of the pair. This is main underlying assumption of Double Bottom pattern (pair fails to reach new low and gradually returns to the previous levels). At the moment it is trading at the pattern's resistance, therefore we could expect some bearishness, most likely in the form of price correction. However, as short and medium term technicals
Euro-aussie has been narrowing its trading range since the middle of May by 300 pips in 100 bar period. At the moment it is trading 9 bars from the pattern's apex which is located at 1.3660. in addition, we can observe an increase in the trading volume in the length of the pattern. It is slightly lower in the recent
Even though there are merely 30 bars now composing the bullish channel on an hourly chart of EUR/NZD, it may still prove to be topical in the near term, considering that the market has been respecting the trend-lines forming it.The support is thus likely to be found at 1.6586, there the pair will also find the daily pivot point and
After reaching a high of 100.45 USD/JPY was subject to a strong bearish impulse that pushed the price down to a low of 97.63. There the currency pair started a surge that has eventually hit a ceiling at 98.40. As a result, the price has formed two valleys that could potentially be a part of the double bottom pattern. However,
It seems that a rally started more than 20 days ago is now overextended and requires a correction in order for the bullish momentum to regain strength. While technical indicators are largely mixed (1H and 4H time-frames), the price continues to advance, but at the same time is little by little reducing the width of fluctuations, namely forming a rising
During the past 100 trading hours AUD/CAD price has been following two parallel falling trend-lines, meaning that it has formed a channel down pattern. However, while the lower boundary, currently at 0.9287, seems to be fairly reliable, being that it was tested on several occasions, the upper boundary may not be showing the most likely turning points in the future,
Euro-aussie cross has been appreciating rather steeply since the start of April. Having this in mind, the fact that the pair is trading at the higher boundaries of daily and weekly pivots does not come as much of a surprise and only technical levels that could give some orientation are monthly pivots. At the moment it is at the pattern's
Gold has been appreciating steadily since the end of June, however, it seems it might have reach a tip point for the time being. Last rebound from the pattern's boundaries left the pair trading in relatively narrow 3900 pip range for the past 7 days. Although medium term technicals give positive outlook on the pair it is worth pointing out
Previously we were convinced by several factors that USD/NOK would remain bearish and was therefore poised for a decline. As it turned out, the falling resistance line failed to contain the surge and allowed the price to mount over the 200-hour SMA as well. Now the price is likely to face the resistances at 5.9556 (daily R1), 5.9729 (daily R2)
Yesterday we were discussing the rising wedge EUR/NOK is still forming. In the shorter term there is a different pattern emerging—an ascending triangle. Although its length is merely 40 bars, both the resistance at 7.8789 and the up-trend line were consistently confirmed by the most recent price action.Concerning the breakout, it is likely that in the short run the currency
We continue to observe development of the bullish channel on a EUR/USD chart. The currency pair, as expected, respected the rising resistance line and is currently headed towards the lower boundary of the corridor at 1.3233. This in turn is supposed to initiate a rally that should encounter and eventually overcome obstacles at 1.3266 and 1.3292. And even though the
Soon after breaching the 200-hour SMA from below (Jul 10) the Cable started gradually decreasing the trading range. As a result, the currency pair formed a 240 bars long rising wedge on an hourly chart, although we are already about to witness violation of the lower edge of the pattern. This scenario is not implied only by the set-up itself,
Another Triangle pattern today can be observed in the gold/greenback pair. Pair apex is at 1325.38 on 1st of August, 18:00 which is a substantial distance for any profile traders not to feel cornered and ignite any major moves. Short and medium term technicals give neutral outlook which only supports the idea that the pair remain bounded by the pattern.
Cross of the US and Singapore dollars has been gradually narrowing its trading range (50 pips in 100 bar period) and formed a Triangle pattern. Currently pair is trading around 100 bars from the pattern's apex, which is at 1.2684, of 2nd of August 17:00 GMT. It is a sufficient distance for the traders not ignite any major rallies/sell offs
Greenback-yen cross has been appreciating for quite some time making the formation of a Channel Up pattern highly expected. Recent pullback raises few questions about the continuity of the pattern. However, it is worth pointing out that major level at 100 JPY and Fibonacci retracements (September, 2012, till May, 2013, move) are playing significant role in this—the most recent bounce
For more than 200 hours already the single European currency has been appreciating relatively to the U.S. Dollar, thereby forming a channel up. Still, we must note that the boundaries are not perfectly parallel—the upper trend-line is slightly less sloped than the lower one, meaning there is a slim chance this being a rising wedge, but we favour the former
Even though there are not many signs that NZD/CAD is in the bullish channel, there are two rising lines that could potentially guide the price further up. The upper trend-line is currently at 0.8348. At the moment it is acting as the resistance and should push the price downwards, towards the lower up-trend at 0.82, where the currency pair is
For the past 170 hours USD/NOK has been forming a triangle pattern, which is now close to being breached, since the apex is nearby. However, toughness of the upper boundary of the formation is significantly higher than toughness of the lower edge, being that the former was in force twice as long, it was also respected by the market far
After bottoming out at 7.7659 EUR/NOK started trading within two converging trend-lines that now appear to be the edges of the rising wedge, a pattern that implies a strong sell-off in the nearest future, especially since the price has nearly reached the apex of the figure.However, the rising wedge has not been formed at the end of the long-term up-trend,
A rare double top pattern was formed by CHF/JPY 247 hours ago, and there is a possibility the pattern will be completed soon, as the price is approaching the support line. In case this level is breached, the pair will be followed by lower prices and we will see a hike in trading volume. However, in case of a pullback,
During the last 129 bars the single currency has been depreciating against the Swedish Krone. The pair started to head to the south after touching 8.90 on June 24, more than a month ago. In a shorter term pair's outlook would be bullish, taking into account aggregate technical indicators on 4H chart and the number of opened positions, as they
It seems that pair is undergoing minor bullish correction after depreciating for quite some time (since October, 2012, in the long term perspective and since mid of June, 2013, in the short term perspective). Significant role in the pattern's is played by the Fibonacci retracements of the mentioned sell off from the mid till the end of June. The main
Pair is posing for a possible sell off. It is one of the underlying assumptions behind the Double Top pattern—pair fails to reach new (relative) high and gradually returns to the previous trading levels. However, taking in to the account that second top as formed some 15 bars ago and short and medium term technicals on aggregate point at appreciation