A long, but narrow channel down was formed by EUR/PLN on a hourly chart on September 9. Even though the pair has been depreciating for more than 85 hours, further downside movement is expected. There are several reasons behind it. First of all, market sentiment is strongly bearish– 72%, suggesting traders are expecting further depreciation. Moreover, the majority of aggregate
Similarly to USD/JPY, EUR/JPY has formed a rising wedge pattern and both pairs are trading close to pattern's support line. A couple of days earlier, the pair touched this level at 131.70, represented by not only a lower trend line, but also by a 200-hour SMA. Therefore, a downside penetration of the pattern is unlikely. Meanwhile, the majority of technical
A formation of the rising wedge pattern started on August 23, when a stab to a three-week high of 12.7847 provoked a decline to a one-week low of 12.4851 hit on August 28. After that, the pair mainly followed a bullish trend, approaching a two-month of 12.9743, the mark that spurred a decline to the current level of 12.8865. Now
EUR/CHF has been gradually climbing since August 23, forming a rising wedge pattern. Currently, the currency couple is struggling to get a foothold above its 50-hour SMA, a jump above which will incite an increase to the four-hour resistance at 1.2383. After that, the pair may try to surpass its daily resistance at 1.2411 and approach the pattern's resistance at
A drop under its 200-hour SMA to almost a two-week low of 150.54 on August 28, goaded the pair to start a sharp appreciation to hit more than a four-year high of 158.56 on September 11. However, GBP/JPY failed to sustain fast pace of its advancement and retreated slightly from the level of 158.56 to falter near the daily pivot
Having touched the lowest level since October 2008 on July 14, AUD/NZD commenced an upward trend, climbing above its 50-and 200-bar SMA to almost a two-month high of 1.1665. After approaching the two-month high, the pair fell off in vigour and tumbled close to the pattern's support at 1.1354. Market players believe that the pair is not likely to continue
Tensions in Syria are easing, while traders are looking forward any hints of a possible QE tapering later thins month. Amid these factors the Yen gained against the U.S. Dollar, recovering from a seven-week low. At the moment of writing the pair was traded at the level of 99.41– pattern's support, and even taking into account recent bearishness of the
A 61-bar long Double Top was formed by AUD/CHF on a 4H chart and it seems the pair is moving to a key level of 0.8585, represented by pattern's support. It is only 25 pips left before a possible breakout can occur. However, aggregate technical indicators do not give a clear "buy" or "sell" signal. However, in case of a
On August 30, a golden cross was observable on the USD/JPY one-hour chart that was a start to the channel up pattern. At the moment, short-and long-term SMAs are meandering above USD/JPY that is struggling to remain above its four-hour support at 97.37 (four-hour S1). The pair is not likely to fall under this important support zone and may reverse
USD/HKD surpassed its short-and long-term SMAs on September 5 and started a gradual retreat, fluctuating in a narrow corridor of two downward-sloping lines. On September 10, 50-hour SMA fell below 200-hour SMA creating a death cross that resulted in the pair's decline to almost a two-week low of 7.7540. After hitting this low, USD/HKD slightly advanced to trade close to
The channel down pattern formed by EUR/DKK pushed the pair below its short-and long-term SMAs to trade near the four-hour support line at 7.4584. Despite signs that a further decline is highly possible, traders are optimistic about the pair. The SWFX data shows 60% of market participants are bullish on EUR/DKK. To confirm the bullish outlook, the currency couple has
The triangle pattern started on August 15, when the pair reached almost a one-month high of 0.9085. The pair had been bouncing off the pattern's boundaries until it finally broke through the lower limit of the pattern on September 11 that is likely to be a starting point for an accelerating depreciation of the currency couple. The pair is trading
Pair is posing for a major, approximately 250 pip, depreciation. This is the main presumption behind the Double Top pattern's—pair fails to reach new (relative) high and gradually returns to the previous trading levels. At the moment pair is just on it's way on trailing lower after forming a second top. Bounce formed by the last few candles is dues
After a period of depreciation that started on March 14, AUD/NZD seems to start recovering, as during the last month it has gained more than 300 pips. At the moment of writing the pair was approaching the lower trend, and as always it would be interpreted as a "buy" signal. Moreover, indicators on 4H and daily charts are pointing at
Even though EUR/CHF is not trading around pattern's apex or there are no sings of a possible breakout, this trade pattern idea can be attractive to trade. The main reasons behind this suggestions are the market sentiment (69% bullish) and aggregate technical indicators that are sending "buy" signals on 4H and daily charts. However, we can expect a slight retracement
USD/CHF started to form a channel up pattern on August 22, when the pair dived under its 200-hour SMA to approach a one-week low on August 27. After that, USD/CHF gained momentum for appreciation and topped almost a two-month high of 0.9456, a stab to which created a strong selling pressure on the pair. Currently, the currency couple is trading
After crossing its 200-hour SMA, CAD/CHF commenced a sharp upward movement that sent the currency couple to almost one-month high of 0.9066. Having reached this peak, the pair retreated to the level of 0.8976 (pattern's support), bounced off this mark to return to the almost one-month high, but again failed to consolidate at this level. At the moment, the pair
A rise to more than a four-month high of 0.8796 on July 31 was a starting point of a channel down pattern that took the pair to a four-month low of 0.8405; however, the pair was unwilling to fall further and bounced off this low to trade close to 20-bar SMA at 0.8430. To confirm the bearish outlook on the
Having hit a one-week low of 1.8989 on July 26, GBP/NZD started a bullish trend, faltering between two upward-sloping boundaries. Currently, the currency couple is vacillating below its 200-bar SMA close to the level of 1.9591 (daily PP). Technical indicators and traders' outlook are sending contradictory signals, as technical indicators are calling for a depreciation of the pair in the
While many market participants are considering gold is an uptrend against the greenback, the pair has lost more than 70$ since August 28. At the moment of writing, the pair was traded at 1364, just 12$ above the pattern's support. However, it seems that it is unlikely the pair will tumble to this level, as indicators on 4H chart are
After staying flat for some time, AUD/JPY currency couple soared to 93.317, advancing more than 160 pips during the week so far. Regarding the possible outlook, the uptrend is likely to persist. At least in the short term, as market sentiment is strongly bullish (73%). However, technical indicators on three different timeframes are neutral, suggesting a sideways movement. Nevertheless, there
Pattern marks the start of a bearish trend after a 10th of July to 20th of August rally. Pattern's quality is just slightly above the average due to the rather volatile nature of the pair. However, at the same time this offers substantial opportunities to trade on momentum and/or volatility. Medium term technicals indicate that the pair has propensity to
Pair is posing for a significant depreciation. It is the main presumption behind the Double Top patterns - pair fails to consolidate at the new (recent peak is the all time high already) and gradually returns to the pervious trading levels. Current bounce should be seen only as a mild bullish correction due to the cluster of significant technical
A sharp appreciation of the pair has been observable since USD/TRY successfully attempted to surpass the 200-hour SMA on August 13; the pair skyrocketed from 1.9292, the level close to which the currency couple commenced to form a pattern on August 9, to the peak of 2.0841, at least a five-year high. However, the pair lost its spree after soaring