With the end of November also the pair's up-trend came to an end and it started to decline. By doing that the pair was pushed into a 95-bar long falling wedge pattern. At the moment, the Aussie is testing the upper trend-line of the pattern and the monthly S1 at 98.44. Moreover, the pair has fallen below the high importance level
Last time the USD/CAD currency pair touched the lower boundary of the present pattern in the second half of November. From that point of time the pair has been constantly gaining strong value and covered around 300 pips to the upside. At the moment it is approaching a tough supply zone, represented by weekly and monthly R1, which would like
As forecasted yesterday, the pattern's resistance of the AUD/USD currency pair managed to push the cross to the south, as it is still strengthened by daily R1 and 200-hour SMA. Therefore, since the beginning on Thursday the pair is losing value, and we assume it to continue depreciating. Both short and long-term technical indicators are sending bearish signals for the
The Pound started to outperform the Australian Dollar on third week of November and ever since then it has not looked by. Even more, it has formed a rising wedge pattern. We do not expect to see a big change in the scenario; although, the 1.90 level remains the target. Nevertheless, the technical studies, namely the 4H and daily ones, are
Recently the pair reached November high at 2.2810; however, afterwards it started falling and by doing that it formed a descending triangle pattern. US Dollar is trading around the upper trend-line and is nearing the apex of the triangle. There is a bigger down-side potential, since the pair has reached November's resistance. Moreover, the hourly technical indicators are pointing to
The Euro/Turkish lira currency cross is still trading in the boundaries of the double bottom pattern, while nearing the pattern's resistance. However, to reach this level around 2.83, the pair has to cross a number of important obstacles on its way, including the weekly R2 and R3, as well as the monthly R1. These levels together are likely to push
The present broadening falling wedge pattern has started emerging on November 26, even though the pair has already been losing value since mid-November when it reached the monthly high. Concerning the most recent development, the pair is heading in the direction of the upper trend-line and we consider it will be reached soon. The only obstacle ahead is represented by
A period of consolidation has come to a logical end; however, in this period the pair also formed a 64-bar long triangle pattern. The pair has already depreciated below the triangle's support level and is underpinned by the weekly and daily S1 at 0.8464. The short-term technical studies (4H); however, suggest that the pair is likely to continue its decline. If
The pair's bulls have managed to push the pair into a rising wedge pattern, as the buying pressure has accelerated during the latest weeks. The pattern trading range is relatively narrow; therefore, we would not expect it to be long living. For most of the time the pair is hovering around the lower boundary of the pattern or even below it
Unlike the previous currency pair, the EUR/USD cross is only approaching the pattern's upper trend-line and will be ready to test it soon. Not taking into account the present boundaries of the current bearish channel, the Euro has been in the long-term decline versus the Greenback. Therefore, we would not expect the continuation of the upside movement. Moreover, the upper
At the moment the NZD/CAD currency pair is testing strength of the pattern's resistance, which is located at 0.8808 and reinforced by the 100-hour SMA three pips above this level. However, it seems that bulls are preparing for the eventual breach this resistance. First of all, the pair has been hovering around this level for some period of time and
After the pair consolidated around 1.27 mark during October, it has regained its bullishness. Moreover, the pair has been pushed into a broadening rising wedge pattern. The pair has reached the highest trading levels since the beginning of 2011. According to technical indicators, the pair has reached its top or at least is near it. At the same time a drop
Starting from the second part of November the EUR/GBP cross has been falling in value. Now, more recently it started to form a bearish channel. During last couple of trading days the currency pair has been fluctuating around the 100-period SMA, which currently is at 0.7878. Although, the pair cannot surpass the level, thus most likely it will continue its slide.
Being well-supported by 6.33/6.27 area throughout 2013 and the first quarter of 2014, USD/SEK managed to reach and subsequently surpass the 2012 highs. However, there are signs the currency pair may be closing in to its top. Firstly, there is a high-quality rising wedge pattern emerging on the daily chart, suggesting there might be a reversal. Secondly, there is a
Following the attempt to cross the pattern's resistance, which turned to be unsuccessful, the single European currency started a period of consolidation against the Norwegian krona. It seems that at the moment the pair is making further steps to lose value and approach the lower trend-line in the next couple of days. The only major demand area is represented by
Even though initially the Australian currency managed to bounce from the lower boundary of the channel down pattern and gained some value, the bearish pressure continued to persist and is still pushing the pair down. At the moment AUD/CAD is hovering back around the lower trend-line. As assumed by four-hour technical indicators, the pair is likely to breach this important support
This falling wedge pattern started to form already at the middle of September, when the Pound restarted its down-trend that initially started on July. Soon the pair will face the daily and weekly S1s at 1.5541/18 that could potentially halt the decline. However, if it fails to hold the pair's bears then most likely the 1.54 mark will be reached. This
The selling pressure that has dragged the pair considerably lower compared to a period few weeks ago has also helped to form a falling wedge pattern. The EUR/USD cross is hovering around the lower trend-line of the pattern; moreover, it has dipped below the 1.23 mark. To our mind the Euro is likely to extend its underperformance relative to the US
In the end of November, the EUR/CAD currency pair reached one of the highest monthly points at 1.4269 and started a period of consolidation. Since then it has already lost around 200 pips and is ready to decline even more. The next major support line for the bears is located at 1.3986, represented by the weekly and daily S1. This
The long-lasting appreciation of the US dollar against the Russian rouble led to formation of the wedge pattern on hourly chart, meaning that the trading range is narrowing all the time. At the moment the pair is still located around the lower trend-line, while getting ready to gain more value. If the pair decides to rise in the nearest future,
At the beginning of November the GBP/CAD cross almost reached the 1.83 mark; however, it failed to breach it and trailed lower; meanwhile, forming a bearish channel. Recently, the pair reached upper boundary of the pattern and it is still hovering near it, showing signs of bullishness. However, the strong resistance that is offered by the monthly PP and 200-period SMA
After a correction towards the 145.50 level, the pair regained its bullish momentum that had lost for a moment. The advance has also been outlined by a formation of 183-bar long broadening rising wedge pattern. At the moment, the Euro bulls have pushed the pair near the weekly R1 and upper trend-line of the pattern at 148.62/75. The 4H and daily
The Australian currency in its cross with Japanese yen has formed a rare and very qualitative triple bottom pattern, which began emerging on November 21. The pair is still trading inside its boundaries, but that next couple of hours are likely to determine the future development. The pattern will be considered as confirmed, in case it jumps above the trend-line
The USD/CAD currency pair has just reached the point inside the triangle pattern, where it should decide, in which direction to develop next. For the time being it is testing the lower trend-line of the figure, which is also strengthened by the weekly pivot point at 1.1363. It is possible that the break-out will happen to the south; however, we