EUR/USD is fluctuating around 1.335 during the last two trading days as markets are focused on the key FOMC meeting, which can determine pair's development for the next weeks. However, based on the technical analysis the short term outlook is bearish, while in a longer term, the pair is likely to appreciate. The main reasons behind such a predictions are
A descending triangle pattern often leads to the bearish breakout. However, EUR/TRY does not show willingness to validate this opinion or meet traders' expectations, who sell the pair in 87.50% of cases. Now EUR/TRY is faltering not far away from the triangle's apex close to the upper-boundary of the pattern and slightly below four-hour resistance at 2.6798. If the
AUD/USD has been facing a strong buying pressure since it crossed its 50- and 200-hour SMAs on September 2. However, a formation of the rising wedge pattern started only on September 5, when the pair experienced a short-term weakness and traded under 50-hour SMA during several hours. Now the currency pair is trying to regain zeal after it retreated from
Having plunged to almost a two-month low of 10.1646, EUR/HKD received a boost and started to shape a channel up pattern that allowed the pair to attain almost a one-month high of 10.3791 on September 16. A rise to this level enfeebled the pair that retreated to its 50-hour SMA at 10.3527. Now the pair is trading above its daily
The pair has been fluctuating between two upward-sloping, gradually converging lines since September 9. During this period, AUD/CAD managed to touch a one-week low of 0.9529 on September 12 and a two-month high on of 0.9688 on September 13. At the moment, the currency couple is struggling at the lower line of the pattern, a tumble below which will provoke
On September 10 many traders were suggesting GBP/CAD is likely to complete a double top pattern by penetrating pattern's support line. However, as it often happens, the price bounced back from this level and now the pair has formed a rectangle pattern, which is not expected to last long. The main reason behind such a suggestion is that aggregate technical
A 238-bar long channel up was formed by GBP/NZD on July 9 and it seems that pattern is moving to its apex, as bulls are pushing the pair below the support line. Even though, usually, this move is interpreted as a "sell" signals, in this particular case the pair is likely to continue depreciating. At the moment of writing 56%
Pair has been trading in a 2500 pip range since the middle of July. At the moment is approaching pattern's support. Short and medium term technicals suggest that the pair should slow down in the nearest future and bounce from the it in the nearest future. Long term technicals, however, give strong neutral outlook, which could be interpreted as pairs
Aussie-yen cross is recovering after the April to August fall from 105 to 87 JPY. Although it is not the first attempt to recover some of the losses, it is the longest and most noticeable for sure. For the past few days pair has been moving along the pattern's support. Taking in to account the aggregate readings from short and
A triple top pattern usually depicts the three unsuccessful attempts of the pair to consolidate at similar high levels, often leading to a plunge of the currency couple. After three consecutive stabs to a region of 0.8685/711, the AUD/CHF now is gradually retreating, moving closer to the pattern's support that if overcome may put a heavy selling pressure on the
A sharp advancement in the mid-August resulted in an accelerating depreciation of USD/CAD; the currency pair tumbled from six-week high of 1.0569 topped on August 23 to the lowest level in more than a month of 1.0282 hit this Monday. Surprisingly, the sharp decline created an impetus for a jump of the pair that is attempting to consolidate above
EUR/JPY started autumn on the high note, jumping from almost a two-week low of 129.31 hit on August 30 to more than a four-month high of 133.37 touched on September 11. However, now the pair seems to lose its spree, as it approached the lower-boundary of the pattern and is not willing to bounce off this region. At the same
The most traded currency pair reached almost a two-month low of 1.3105 in the beginning of September, when the formation of the channel up pattern started. One week later, the shared currency commenced to appreciate against its U.S. counterpart, hitting almost a one-month high of 1.3386 in mid-September. Currently EUR/USD is vacillating slightly above its 50-hour SMA at 1.3327, and
Pair has been narrowing it's trading range sine the first week of September, which is when the pattern was formed. It narrowed from 440 pips then to 45 pips recently. Pair is trading in the last decimal (of the pattern's length) which indicates increased probability of a breakout. Speaking about that, it seems slightly more likely that we will see
USD/TRY has been in a noticeable uptrend since the middle of august. Pattern at hand should be perceived as a bearish correction since pattern's high marks all time high for the pair. As a consequence a market sentiment should be playing a significant role in this all. Speaking about market sentiment, it is noticeable bearish at the moment—75% of all
After peaking at 10.515 on August 28, the greenback began its depreciation against the Turkish Lira. Even though 73% of all opened positions are short, the pair is not likely to penetrate the support line soon. Meanwhile, aggregate technical indicators on a weekly chart are suggesting the movement to the north, hence the medium and long term outlook is bullish.
A 75-bar long descending triangle formed by EUR/TRY is approaching its apex as both trend lines will converge on September 23. At the moment of writing the pair was testing a strong support line at 2.6583 and in case it is breached, the next stop is a 200-bar SMA, which is 180 pips lower. This idea is supported by strong
Main presumption behind the Double Top pattern is that pair fails to reach new (relative) high and gradually returns to the trading levels prior to the pattern. However, due to the few reasons it is highly likely we will see a little bit different view this time. First of all, pair is already trading slightly below the pattern's support, but
Despite breaking out from the descending triangle pattern on September 13, USD/HKD did not manage to consolidate above the upper-limit of the pattern and dived below it to trade near 50-hour SMA at 7.7534. The pair is expected is to appreciate in the days to come, given that traders are bullish on the currency couple in 83.33% of cases. To
CHF/JPY has been gradually appreciating since August 15, when the pair started to shape a channel up pattern. On September 11, the currency couple hit a five-month high of 107.59 that alleviated a buying pressure and forced the pair to descend to the four-hour pivot point at 107.00. Market players are strongly bullish on the pair, with 85.71% of all
After tumbling to a one-month low of 127.97 on August 11, the currency couple commenced to form a channel up pattern that took the pair to a four-month high of 133.41 touched on September 10. Having reached this high, EUR/JPY retreated slightly to trade at its daily pivot point at 132.15 sitting right above the 50-bar SMA. The pair
A rise to a one-month high of 1.2415 on September 11 incited a sharp depreciation of the pair that has been vacillating between two downward-sloping lines thus forming a channel down pattern. After bouncing off a one-week low of 1.2341 on September 13, EUR/CHF neared its daily support region at 1.2351, and traders expect the pair to advance further (61%
Pair has stabilized after a sharp appreciation form 8th to 28th of August and ahs been trading in approximately 800 pip range since then. Pattern's quality is just slightly above the average due to the marginal increase in trading range when forming second top and second bottom. Despite that, pair seems to be developing in the ranks of the pattern'
Pair has been in a noticeable uptrend since the last week of August and pattern at hand could be easily perceived as a some sort of bearish correction. Especial attention should be taken when the pair approaches daily S1/20-day SMA since that was the level of the recent bounce and there is always a chance that the pattern might not