It was expected for a long time, and the Greenback has finally ended its surge against the Canadian Dollar. The currency exchange rate has rebounded against the combined resistance cluster of long term ascending channel patterns. As a result the medium term ascending channel has been broken. However, the most interesting part is the new descending channel, which recently passed
Recently the US Dollar finished its medium term move in a large scale ascending channel against the Chinese Yuan. As a result of the just described events, a rather short term ascending channel has formed, which represents the currency exchange rate's rebound. It is most likely that the channel up pattern represents the first move in the borders of a
April showed a strong upward motion for GBP/CAD, causing doubt of whether the movement is sustainable for a continuation. While the pair has established a channel up pattern on the hourly chart, there are some clouds in sight. The pair has not managed to set a decent up-wave into action and has hit 1.7767 twice, creating what could turn into
After posting a top in March, AUD/NZD worked on taking the motion lower, but was not always successful as strong up-waves accompanied the movement. The current slip might also be one of those to induce an upward motion on the hourly time-frame, as a falling wedge signals bullish potential. The pair has just tested the bottom boundary of the pattern
As the US Dollar traded in the large scale borders of a descending channel pattern against the Japanese Yen, a short term ascending channel was formed. The channel guided the rate on its final path to the upper trend line of the long term descending channel. Due to that factor the channel up pattern is set to be broken and
The Pound is surging against the Aussie on daily chart simultaneously in two ascending channel patterns. The junior, narrow range ascending channel is a representation of the rate's rebound against the large scale pattern's lower trend line. The currency exchange rate is heading for the upper trend line of the dominant channel, as it faces no resistance on its way
The Swedish Krona appears to be attempting to reverse the trend in its favour on the daily time-frame, at first in the form of an unconfirmed head and shoulders that failed on the second shoulder; and secondly – in the most recent rising wedge that has built up bearish potential to kick off the downfall after all. The pair has
Silver had been trading very consistently inside the bounds of a channel down pattern up until recently when it started sketching some interesting developments on the hourly chart. The pair has now set a ground at 16.27 and attempted a double bottom, but failed to break the neck-line. We now have two scenarios regarding the failure – firstly, a descending
A senior channel down pattern led USD/PLN away from the 4.2795 high it had set in December 2016, and is now targeting the bottom boundary of the pattern in a small-scale descending channel. The rate has just reached the bottom of the latest pattern and we will now look for it to bounce off 3.8143 and set another upwave
As a result of rebounding after meeting with the support put up by the 50.00% Fibonacci retracement level, which is located at the 1.3933 level, the US Dollar has formed an ascending channel pattern against the Singapore Dollar. The pair is heading, in accordance with the pattern, to the 38.20% Fibonacci retracement level, which is located at the 1.4079 level.
The Australian Dollar is depreciating against the New Zealand Dollar in a descending channel pattern. The channel down is aimed at the 38.20% Fibonacci retracement level, which is located at the 1.0654 level. It is most likely that that level will be a critical one. However, the channel has already passed the support put up by the 50.00% Fibonacci retracement
USD/DKK was working on establishing a short-term descending channel for the last two weeks. However, this attempt almost failed, as the rate was gradually narrowing down and, thus, transforming into symmetrical triangle. Nevertheless, in the middle of the previous trading day the pair managed to break through the bottom trend-line of the triangle near the 6.8016 level and, afterwards, bounced
The Canadian Dollar is trading against the Hong Kong Dollar in the mid-term descending channel, which has formed after the currency pair made the way though the bottom line of the preceding ascending channel. This trading week showed that fluctuations of the rate are becoming more narrow, which means that in the near future a falling wedge may be formed.
The Australian Dollar is trading against the Swiss Franc simultaneously in two descending channel patterns. However, the situation is about to change, as the junior pattern has reached the lower trend line of the dominant descending pattern. Due to that reason a rebound, followed by the formation of a new junior pattern, is to be expected. It is highly possible
The common European currency is appreciating against the Australian Dollar in a short term ascending channel pattern. The short term pattern has a very thigh range, which is an indicator of an upcoming break of the pattern. However, in the meantime the currency exchange rate is fluctuating in the borders of a larger, dominant ascending channel. The short term pattern
The common European currency continues to trade against the Hong Kong Dollar in the long-term ascending channel, which has not yet showed any signs of weakness. During last week, the pair has been fluctuating between the upper trend-line around 8.5079 and the weekly Pivot Point at 8.4717, trying to resume its downward movement to the 200-day SMA located at the
The common European currency is trading against the Norwegian Krone in a short-term ascending channel. The pattern has formed as a result of the currency pair breaking through the bottom trend-line of the senior upward channel near the 9.3400 level. It is likely that the pattern will remain until the end of this trading week and then gradually transform into
The US Dollar is depreciating against the Turkish Lira in a rather strange way. The reason for that is the fact that, after the bounce off from the upper trend line of the long term descending channel, no new medium term pattern has formed. Instead a downwards aimed supporting trend line persists. The trend line keeps the currency exchange from
The US Dollar continues to trade against the Canadian Dollar in the already twice reviewed ascending channel pattern. However, once more new developments have pressed for an updated analysis. First of all the upper trend line of the medium scale ascending channel pattern has been reached, and more than enough clues indicate that a reversal is about to occur. However,
EUR/USD is sending mixed signals in between several time-frames, as a channel up pattern appears to be emerging on the daily one, but the hourly chart shows lack of downward pressures that would lead to a bounce off the upper trend-line around 1.0942. The pair has set a symmetrical triangle and has failed to abandon the upper line, suggesting that
After EUR/CHF sketched an alleged head and shoulders on the daily chart to put an end to the downtrend in March, the pair set a steep motion into action just to hit 1.0869, test it twice and shift risks to the downside with a double top formation. The pair is now approaching the support level at 1.0803 but will
The Euro is depreciating against the Polish Currency in a long term descending channel pattern. Simultaneously the currency exchange rate is being heavily impacted by the strength of the Fibonacci retracement levels, which are measured via connecting the 2015 low and 2016 high levels. The currency pair is approaching the 38.20% Fibonacci retracement level, which is located at the 4.1886
The common European currency remains in a medium term ascending channel against the Russian Ruble. The channel has formed as a result of the currency pair rebounding against the lower trend line of a dominant descending channel pattern. During the move a larger medium term pattern was broken. Due to that it is assumed that the now active junior pattern
GBP/NZD confirmed the double bottom it has set at an all-time low of 1.6772 with a strong break above the neck-line located at 1.7982, and has been rising ever since. The pair has now posted two red candles after five green ones, suggesting that while the uptrend is still intact, a wave south is now taking place. Support lies below