EUR/JPY formed a double top pattern, moving within which the pair managed to hit more than a two-year high for two times. After attaining this peak for the second time, the currency couple reversed its trend and moved to the south to breach the pattern's support thus speeding up the bearish breakout. Currently, the EUR/JPY is trying to rebound, approaching
Despite stronger-than-expected data from the U.K., the Pound has not been performing very well. Moreover, British Pound is sold in 63% of the cases. Since October 23 the pair has been fluctuating in a 150 pips range, however, aggregate technical indicators on 4H and weekly charts are sending "buy" signals, suggesting bulls will be able to push the pair in
During the last five trading days Aussie fell 0.31%, while Kiwi advanced 0.45% versus other major currencies. The Aussie– Kiwi cross is still trading in channel up pattern's boundaries, however, it is approaching a key level around 1.14. A move below it would put 1.1375 on the map, and according to technicals on a 4H chart, the short term scenario
Having hit a four-month high on October 22, AUD/JPY reversed its trend to the south, shaping a channel down pattern that started two days after the peak was reached. The pattern is relatively short, only 91-bar long; however, there are no cues suggesting that the pair may attempt to breach the pattern soon, meaning that the trend may appear enduring
The U.S. Dollar was depreciating against the Russian Rubble until it touched more than a one-month low on October 23; this mark was low enough to mollify selling pressure and help the pair to start sharp advance and form a channel up pattern. At the moment, the currency couple is trading above its 50-hour SMA and seems to be not
Now it seems worth looking at the channel down pattern formed by AUD/USD once again as the pair is approaching the upper limit of the pattern that may result in a breakout before long. According to the SWFX data, market participants also support the idea that the pair may advance soon, being bullish in almost 60% of cases. At the
EUR/SEK is trying to consolidate below the lower boundary of a 126-bar long rising wedge pattern that started on October 24, suggesting that on-going weakness is highly possible in hours to come as a bearish breakout from the rising wedge usually leads to accelerating decline of the market instrument. Meanwhile, market players are not certain about the pair's prospects,
The cable is moving in double top pattern's boundaries since late August, and it seems a formation of a rectangle is possible, as the pair is fluctuating somewhere in the middle of a trading range. Though technical indicators are not univocal and sending three different signals on three different timeframes, market sentiment is clearly marked, as 66% of traders are
Earlier this week we have described a double top pattern formed by NZD/CHF, and suggested the short term outlook is bearish. Despite strong bearish sentiment, the pair bounced back from the support line and currently trading at 0.75, slightly above the weekly pivot. Concerns the support line would be breached have eased and moreover, according to MACD, the pair would
EUR/CAD has been moving higher for more than six months; however, a sharp appreciation started only on October 21 when the pair climbed above its 50 and 200-hour SMAs and commenced formation of the ascending triangle. The currency couple once hit the upper boundary of the pattern thus reaching the highest level since February 2010. However, it failed to extend
The single currency was resilient to recent slew of mixed data and continued its climb against the British Pound. On October 17, the currency pair started formation of the rising wedge pattern that took the pair to a two-month high reached on October 29. However, the jump proved to be too arduous for the Euro and the Eurozone currency came
The U.S. Dollar has gained inspiration to advance against its Canadian counterpart in mid-October after it hit a one-month low. Since then, the pair has been advancing, vacillating between two gradually converging upward-sloping lines. At the moment, USD/CAD seems not to lose its spree after unsuccessful attempt to break through the upper limit of the rising wedge pattern as the
AUD/NZD was gradually depreciating between March and September. In the end of September strong selling pressure that prevented the pair from climbing ebbed and the currency couple managed to pare previous losses by forming a channel up pattern. AUD/NZD has touched the pattern boundaries for four times already, boosting the magnitude to 81%. Currently, the pair is trading slightly above
Despite upbeat fundamental data from the U.K., the Pound is loosing ground against the Swiss Franc and since October 1 the pair has been channelling down. At the moment of writing the pair has been fluctuating around 1.441, just 62 pips above pattern's support. According to market sentiment (64.62% bearish) and technical indicators on a daily chart, the pair is
Since Friday the greenback strengthened against the Turkish Lira, and the pair breached the 200-bar SMA and is trading close to pattern's resistance. Even though, currently the pair is trading below the 200-bar SMA, technical indicators on 4H and weekly charts are sending "buy" signals, suggesting an upside breakout. Furthermore, trading volume is decreasing, reinforcing a view of the upcoming
On October 17, 50-hour SMA dived beneath 200-hour SMA suggesting an on-going weakness of the pair. Indeed, the currency couple has been retreating until October 23 when selling pressure abated and helped USD/NOK to start formation of the channel up pattern. Currently, the pair is trading between its 200-and 50-hour SMA, with 200-hour SMA meandering above the pair. If both
A 222-bar long descending triangle pattern formed by GBP/JPY started in mid-October now may be broken through as the British Pound approached close to the upper limit of the pattern. Proximity of the triangle apex as well as bullish traders' sentiment (64.40% of market participants bet on the appreciation of the pair) also suggests that the breakout is possible in
A retreat from a recent high hit on October 22 appeared to be short-lived as EUR/JPY resumed its bullish trend after it touched a one-week low the next day and shortly after the currency couple shaped a rising wedge pattern. Now the pattern is only 82-bar long and the pair does not show intention to breach any of the pattern's
The British Pound appreciated sharply against the U.S. Dollar after it touched more than a two-year low in July; however, the formation of the double top pattern started only in the end of August when the currency couple sped up the pace of its advance. Recently GBP/USD has peaked twice at ten-month high of 1.6264 and now the pair commenced
One of the most traded currency couples is trading in a 570 pips range since July, however, currently the range is narrowing and is just 160 pips, raising concerns the triangle pattern is moving to its apex. While short-term technicals are sending "buy" signals, bulls will face strong resistance at 98.159, represented by a 200-bar SMA and daily resistance. In
After hitting 154.06 on July 24, GBP/JPY has formed a channel up pattern, which is on the brink of a breakout. The pair is currently changing hands at 157.38, just 36 pips above the support line. However, from the upside the pair is bounded by a 200-bar SMA at 157.75. Hence a move of just 30-40 pips in any direction
The U.S. Dollar has been depreciating against the Japanese Yen since the U.S. currency hit a ten-day high against the Yen on October 17; the decline has lasted for 149 hours and is likely to last even longer as the U.S. does not show any willingness to either jump above the upper boundary of the channel down pattern or give
A jump to more than a five-month high on October 22 enfeebled the pair and expedited a sharp retreat that has been lasting for more than 72 hours already. Although the Kiwi started to fall against its U.S. counterpart on October 22, the channel down pattern started only on October 23 when the pair dived below its 200-hour SMA. The
A 73-bar long channel up pattern has been formed by USD/ZAR since October 23. The pair started appreciation when it hit a one-month low a day before the formation of the pattern commenced. Now the pair seems to have gained impetus for enduring upside after a recent jump above its short and long-term SMAs. A golden cross that occurred on