Having reached a three-week peak on October 17, HKD/JPY faced strong selling pressure and was forced to reverse its trend to the south thus forming a channel down pattern, vacillating within which the pair hit a three-week low last Friday. Currently, the currency couple is trading closer to the upper boundary of the pattern, being both unable to surpass the
Since August 23 the Pound has been appreciating against the loonie, and currently the pair is rapidly approaching a resistance line of a channel up pattern at a strong psychological level of 1.70. Furthermore, aggregate technical indicators on a 4H chart are supporting the case of a move towards pattern's resistance line. However, the first stop for the long traders
A 224-bar long double top with almost maximum percentage of quality and magnitude is moving to its apex, as already on Friday bears pushed the pair below the support line. Nevertheless, since then the pair has been fluctuating around the same level, raising concerns the price may bounce back from the support line, meaning the formation of a rectangle pattern.
Pair has been trading in a 810 pip range since the end of January, 2013. At the moment it is moving towards the pattern's support and at the moment it is trading slightly above the 100 and 200-day SMAs. It seems that weekly PP is putting some pressure on the pair at the moment as well. Pair has been trading
A three-week high reached in the last day of September was a starting point of a gradual retreat performed by USD/TRY during two weeks. After that, the downside pressure abated and the pair appreciated slightly, forming a rising wedge pattern. Market players bet on further advance of the pair, being bullish in 86.67% of cases. To confirm this, USD/TRY
The Euro started to climb against Turkish Lira since it touched almost a one-month low in min-October; however, the formation of the channel up pattern started only on October 22. At the moment, the pair seems to lose its spree as it is trading below the lower boundary of the pattern and only 50-hour SMA is preventing a further slide.
Having reached almost a two-month high on September 6, the single currency followed a bearish trend against Polish Zloty. In the end of September, the formation of the double bottom pattern started; the currency pair firstly fell to a five-month low, then recovered to the pattern's resistance and after that performed similar movements but with smaller amplitude. Now the pair
Since the beginning of October, EUR/GBP has been trading sideways, swinging between small gains and losses. On October 17, the currency couple started to shape a channel up pattern; however, the pattern boundaries are not steep and the advance of the pair is mild. At the moment, EUR/GBP is vacillating close to daily pivot point, sitting at 0.8530. According to
The greenback is losing ground versus other currencies amid fiscal and political uncertainties in the country and it has formed a channel down pattern against the Swedish Krona. Despite a recent false breakout, the pair is still channelling downwards, and according to indicators on a weekly chart, the tendency will persist in a long term. Even though indicators on a
USD/TRY has been fluctuating in a 1600 pips range since early August, when the pair has formed a triangle pattern. However, the pattern is moving to its apex as both trend lines will converge on November 7, hence not later than in two weeks the pair is likely to be highly volatile. It is hard to predict a direction of
The Swiss Franc has been advancing against the Japanese Yen for more than week; the pair has formed a channel up pattern, moving in the corridor of two upward sloping lines and touching these bounds four times, meaning that the magnitude is relatively high. Recently, the currency couple peaked at more than a two-year high of 109.74 but failed to
Having jumped above its 200-hour SMA, USD/SGD fell off in vigour and dropped below the long-term SMA that has acted as a formidable resistance since then. The U.S. Dollar continued to depreciate against its Singapore's counterpart after crossing the SMA and recently the pair has hit more than a half-year low of 1.2344. Currently, the currency couple is vacillating at
A short rising wedge pattern, only 63-bar long, has been formed by USD/CAD since October 22. After touching a one-month low of 1.0273, the U.S. Dollar gained momentum against the Loonie, rallying to 1.0436 on October 24; fast pace of appreciation is also reflected in the steepness of the pattern's boundaries. However, the jump seems to weaken the U.S. Dollar
EUR/NZD has been moving higher since it hit almost a half-year low in mid-October. However, the formation of the rising wedge pattern started only in October 21 when the currency couple considerably sped up the pace of its appreciation. At the moment, the single currency is attempting to gain footing against the New Zealand Dollar at six-week high of 1.6627.
The British Pound is strengthening against the Japanese Yen since July and it seems the trend will persist in the nearest future. At the moment of writing the pair was bounded by a 200-bar SMA from the upside, while pattern's support is posing difficulties for bears to push the pair lower. Technical indicators, however, are mixed, and pointing at a
The Pound has been appreciating against the Loonie since August and at currently the pair is trading around the highest level since February 2009. Aggregate technical indicators are sending either neutral or "buy" signals, however, they are not univocal, hence we can turn to the market sentiment, which is strongly bearish, as 75% of traders are holding short positions. Furthermore,
XAU/USD has formed a rising wedge pattern on the hourly chart on October 8 and it seems the pattern is moving to its apex. Both trend lines will converge on October 31, hence only a week left before the pair breaks through any of the trend line. However, technical indicators on three different timeframes are neutral and do not give
A stab to almost a one-month high on October 17 enfeebled the pair and USD/JPY commenced a bearish trend that took it to a three-week low reached on October 23. The deep selloff appeared to slightly fortify the currency couple that managed to bounce off the recent low to trade near its four-hour pivot point at 97.33. Traders bet on
Ascending triangle is a bullish pattern that forms when the pair reaches similar highs and several successively higher lows. The breakout of the pattern usually leads to a bullish movement of the pair. In case of EUR/SEK, the breakout occurred close to the triangle apex, but the pair instead of breaching the up-trend resistance, successfully targeted the lower line of
The channel down pattern formed by USD/NOK started on October 14 when the pair dived below its 200-hour SMA. After that, the USD/NOK faced an accelerating decline, attaining a two-week low, the level which provoked an upside towards the upper line of the pattern. Market players expect the currency couple to reverse its trend to the south again, being bearish
On October 15, USD/CHF started its sharp depreciation, being trapped between two downward sloping lines. The pair plummeted to the lowest level since November 2011 several hours ago and now remains close to this level. In case the currency couple continues to succumb to heavy selling pressure it may re-approach the lower boundary of the pattern and may even try
USD/SEK has hit both support and resistance lines for 4 times, hence the channel down pattern has 100% magnitude. Since August 20 the pair has been channelling down in a 3200 pips range. At the moment of writing the pair stood at 6.385, almost 600 pips below the 200-bar SMA. Even though technical indicators are not univocal, 71.62% of all
Since Monday the pair moved higher and bounced back from pattern's support. We were not certain on outlook then and suggested two possible scenarios. Nevertheless, the trading range is narrowing rapidly and the last two bars are almost 55 bars long– the difference between both trend lines. Furthermore, current level is higher than the previous high of 0.85. The fact
A rise to a two-month high in the beginning of September was a starting point of a gradual retreat of EUR/PLN. However, the formation of the channel down pattern started only on October 8 when the pair accelerated the speed of its decline. Market sentiment is strongly bearish on the pair, with 92.31% of all orders being placed to sell