Trade Pattern-Ideas

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Wed, 13 May 2015 07:02:04 GMT

EUR/NOK 4H Chart: Channel Down

The Euro has been consistently underperforming the Norwegian Krone lately. Accordingly, EUR/NOK has formed a bearish channel, and the bias therefore is negative, especially since the currency pair is now trading right beneath the resistance trend-line. However, we should note that the upside risks are increasing, being that the price remains unable to break support at 8.3252. Once the April

Tue, 12 May 2015 13:02:04 GMT

GBP/USD 4H Chart: Channel Up

US Dollar's weakness is also reflected by the Cable, which has been in the up-trend in the past five weeks. The GBP/USD currency pair bottomed out below 1.46 on April 13, and since then it has covered more than ten figures, by creating the well-pronounced bullish channel. At the same time, the pair will face a strong supply zone in

Tue, 12 May 2015 12:51:05 GMT

EUR/USD 1H Chart: Broadening Rising Wedge

The common European currency continues to outperform its peer from the United States for a third consecutive week. Alongside, the trading range of the pair has been widening since April 28, meaning that we are currently dealing with the broadening rising wedge. The Euro has just recently bounced off the lower boundary of the pattern, and is looking for growth

Tue, 12 May 2015 06:51:05 GMT

EUR/JPY 1H Chart: Channel Up

There is a bullish channel emerging on the hourly chart of EUR/JPY. Once the currency pair overcomes tough resistance at 134.40, the path towards the recent high at 135.70 will be more or less free. And while the near-term indicators do not support the bullish scenario, most of the daily studies are in fact pointing north.Meanwhile, the key support is

Tue, 12 May 2015 06:18:17 GMT

GBP/NZD 1H Chart: Channel Up

Although at the moment the Sterling is being sold off against the US Dollar, this is considered to be a downward correction. The bearish momentum is supposed to run out of steam around 2.1076, where the daily PP merges with an up-trend. The rally from there should then extend up to 2.16.On the other hand, if the trend-line at 2.1076

Mon, 11 May 2015 13:34:04 GMT

EUR/NOK 4H Chart: Triple Bottom

A rare triple bottom pattern emerged on the 4H chart of the EUR/NOK currency pair. Moreover, the pattern's boundaries have not been violated yet, meaning that the pair is trading both above all three valleys, but below the neck-line at 8.54. This week, it seems that the common currency is heading upwards, by trading around 8.4370 at the moment. Despite

Mon, 11 May 2015 13:23:04 GMT

AUD/USD 1H Chart: Triangle

Despite continuously testing the lower boundary of the triangle pattern on Monday, the AUD/USD currency pair is likely to rebound in the near-term, while additional stimulus should be provided by the daily S1 at 0.7876. The bullish case is supported by 71% of SWFX market participants and daily technical indicators. However, there are downside risks at present as well. Both

Mon, 11 May 2015 07:27:04 GMT

USD/NOK 4H Chart: Channel Down

The outlook is bearish on USD/NOK, both in the short and long terms. Being that the currency pair has been trading between two parallel trend-lines since the beginning of April, the price is expected to move away from 7.56 towards 7.13, where it is supposed to meet the lower boundary of the channel. However, we may expect the bears to

Mon, 11 May 2015 06:55:06 GMT

EUR/NZD 4H Chart: Channel Up

While last week EUR/NZD seemed to be forming a rising wedge, a confirmation of the up-trend at 1.50 means there is still a good chance for the bullish channel to emerge. However, resistance at 1.52 is still intact, and most technical studies are bearish. Accordingly, if the supply area at 1.52 is overcome, the Euro should be aiming for 1.55,

Mon, 11 May 2015 06:44:34 GMT

CAD/CHF 1D Chart: Double Top

Following a strong rally during the first three months of this year CAD/CHF has formed two distinct tops, being unable to advance beyond 0.7950. Accordingly, the focus is now on the neck-line at 0.76, a breach of which will likely entail a seven-figure decline, namely down to the January low at 0.69. Moreover, most technical indicators are currently pointing south,

Fri, 08 May 2015 15:29:04 GMT

EUR/USD 4H Chart: Channel Up

EUR/USD continues to trade between two rising trend-lines, after using support at 1.05 as a springboard. However, there are signs that the bullish momentum has already been exhausted, and we should be wary of a break-out to the downside. The latest rally was supposed to reach the upper trend-line by extending to 1.15, but the advancement stopped earlier, near the

Fri, 08 May 2015 14:23:36 GMT

GBP/USD 4H Chart: Channel Up

Since the last time we looked at the Cable, the currency pair confirmed the trend-line and then attacked the previous high (1.55). However, so far the Sterling is unsuccessful at updating this peak. Still, most of the technical indicators, especially on the four-hour and daily charts, are pointing upwards, and none of the major supports were broken, meaning the price

Fri, 08 May 2015 05:48:41 GMT

EUR/CHF 4H Chart: Channel Down

Being unable to climb above 1.05, EUR/CHF is now in the process of forming a bearish channel. Over the next few days the exchange rate should aim for 1.0260, while being capped by the upper boundary of the pattern, which is currently at 1.0370.In the longer-term perspective, when and if the currency pair approaches 1.0240, the upside risks will dominate

Fri, 08 May 2015 05:48:31 GMT

AUD/JPY 4H Chart: Channel Up

Having encountered strong buying interest near 90.30, AUD/JPY has been trading in an up-trend since the beginning of April. However, right now the currency pair is facing a formidable resistance level at 96.00, which is not letting the Australian Dollar to appreciate further. If this barrier is finally overcome, the next target will be 97.58, namely the upper edge of

Thu, 07 May 2015 12:29:04 GMT

USD/DKK 4H Chart: Channel Down

The USD/DKK currency cross has created a very similar channel down pattern, compared with CAD/CHF pair. Moreover, the development stage inside pattern's boundaries looks quite similar as well. However, for the US Dollar to decline as low as pattern's support, it will have to breach a more important demand area at first, which is represented by the weekly S1 at

Thu, 07 May 2015 12:18:04 GMT

CAD/CHF 1H Chart: Channel Down

A sharp downward movement of the Canadian Dollar against the Swiss Franc, which took place during the past two trading days, is likely to be stopped by the pattern's resistance in the nearest future. Still, this currency pair will only reach the lower trend-line in case of a successful penetration of the daily S2 at 0.7518. After approaching the boundary,

Thu, 07 May 2015 06:06:52 GMT

EUR/NZD 4H Chart: Rising Wedge

The latest rally of EUR/NZD appears to be overstretched and unsustainable. First, the currency pair has been trading between two rising but at the same time converging trend-lines. Second, there is no agreement among the technical indicators. There is still a possibility of a rally up to 1.54, but a combination of the up-trend and weekly and monthly R2 levels

Thu, 07 May 2015 06:06:44 GMT

EUR/USD 4H Chart: Channel Up

The outlook on EUR/USD is bullish, being that the currency pair has recently found solid support at 1.05 and has formed an upward-sloping channel. However, at the moment the Euro is facing significant downside risks. In order to confirm its intentions to move farther north, the price must eventually close above 1.15. The initial test of this resistance is likely

Wed, 06 May 2015 14:32:04 GMT

EUR/HKD 4H Chart: Channel Up

Following short term weakness of the Euro versus the Hong Kong Dollar, this currency pair is starting to regain its bullish momentum, paving the way towards the upper boundary of the channel up pattern. It is worth pointing out that the majority of weekly and monthly technical levels are located outside the pattern's trend-lines, meaning that all moves of the

Wed, 06 May 2015 14:21:05 GMT

GBP/USD 1H Chart: Channel Up

The constant up-trend of the Cable has persisted since April 13, when the pair bottomed out below the 1.46 mark. Since then, the British currency managed to gain as many as 940 pips against the Dollar, when the price hit a considerable resistance at 1.55. The following correction sent GBP/USD down to 1.51 in just a few days. Despite that,

Wed, 06 May 2015 06:51:05 GMT

USD/PLN 4H Chart: Falling Wedge

Yesterday we noted that USD/PLN might be forming a channel. Looking at the bigger picture, it does seem that there might be actually a falling wedge pattern emerging on the chart. What will decide which pattern is going to develop further is a test of the support at 3.37. If it holds and triggers a rally beyond 3.61, then we

Wed, 06 May 2015 06:26:04 GMT

USD/CAD 4H Chart: Channel Down

Considering the recent behaviour of USD/CAD, the currency pair is likely forming a bearish channel, even though the upper edge of the pattern is yet to be confirmed. Right now the US Dollar is supposed to move upwards, but the gains should be limited by the falling trend-line at 1.2250, which is reinforced by the weekly R1 and monthly PP

Tue, 05 May 2015 14:51:04 GMT

USD/DKK 4H Chart: Channel Down

Taking into account the fact that USD/DKK's trading range has been widening throughout last four weeks, there is possibility that this pattern will eventually change to the broadening wedge one. Moreover, broader trading space inside the pattern makes it more difficult to the pair to reach its boundaries. However, the pair is currently driving towards monthly PP at 6.7940, which

Tue, 05 May 2015 14:40:08 GMT

CAD/JPY 1H Chart: Rising Wedge

While the Loonie has been edging higher against the Yen since April 15, this currency pair managed to form a rising wedge pattern on the one-hour chart. Just recently, the pair's bulls received a considerable impetus from both 55 and 100-hour SMAs, currently located just above 99. This allowed the pair to surge up to the weekly R1 at 99.76.

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