The Greenback is depreciating against the Japanese Yen simultaneously in two descending channel patterns. In general, the currency exchange rate is moving downwards in the junior pattern to the lower trend line of the dominant pattern. However, on its way lower the Buck might find support against the Yen, as the 50.00% Fibonacci retracement level is located at the 109.41
After testing the 0.6882 area twice, NZD/USD set it as its target once again and formed a channel down pattern to lead the motion. The pair has tested the upper trend-line last, suggesting that the target has shifted to 0.6960, the lower bound. There are, however, still several demand levels on the way at 0.6969 and 0.6942, respectively. We will
Half-year highs came at a price when EUR/NZD took a smooth dip immediately after test of 1.5478, an area just above the double-tested previous high of 1.5446. The pair did, however, lose the amplitude for highs and formed a rising wedge which it broke a few hours ago, stretching the motion into a red cloud resistance which, along with a
USD/CHF climbed inside the bounds of a channel pattern, but hit two-week highs at 1.0035 where it did not manage to rise above, creating an ascending channel pattern which might break to lead a steeper motion up. Due to the lack of previously confirmed significance of the level, the pair should not have serious trouble to overstep the trend-line, but
Half-year highs came at a price when EUR/NZD took a smooth dip immediately after test of 1.5478, an area just above the double-tested previous high of 1.5446. The pair did, however, lose the amplitude for highs and formed a rising wedge which it broke a few hours ago, stretching the motion into a red cloud resistance which, along with a
The Mexican Peso is continuing its recovery against the US Dollar, as, in the aftermath of a fundamental fall of the USD/MXN currency pair, a descending channel pattern has formed. The channel has guided the rate below the support of the 38.20% Fibonacci retracement level, which is located at the 18.9592 level. The currency exchange rate is set to continue
As a result of the Pound reaching the lower trend line of a long term ascending channel against the Swiss Franc, the currency exchange rate has formed a small scale ascending channel pattern, which can be observed on the hourly chart. Most recently the currency exchange rate reached above the 23.60% Fibonacci retracement level at the 1.2558 level, which is
GBP/AUD looks fairly bearish on the daily chart, suggesting that lows untackled since 2013 might come into the picture rather soon. The pair is currently trading inside of a red cloud and is steadily climbing up towards the northern boundary of the pattern. It will encounter supply at 1.6550/6626 on its way towards 1.6652 where we expect for it to
A falling wedge with a strong upper and weaker lower boundary led USD/RUB south for a couple of weeks or so and managed to show some solid bullish potential with amplitude diminishing on the downside. The pair has been sticking to the upper boundary of the pattern and looks like it might be broken rather soon if not immediately. Monday,
USD/PLN formed a channel up pattern on the hourly chart as part of a senior channel on a larger time-frame to guide the motion to the upper trend-line of it. The pair has just completed a down-wave inside the bounds of the junior channel, and it failed to dip underneath 3.9616, the 20-hour EMA, in order to really tap at
Although the NZD/USD currency pair has been trading in accordance with fundamental events on both sides of the pair in the past few weeks, from a technical perspective there have been some new developments. The currency exchange rate recently hit the resistance of a long term descending channel and bounced off of it after two attempts to break the resistance
The US Dollar against the Swiss Franc traded in a descending channel pattern, which was described by the Dukascopy team previously. That channel was recently broken, as the 38.20% Fibonacci retracement level at the 0.9854 level provided enough strength for the currency exchange rate to break out of the pattern after a 12 hour struggle. Most recently the rate has
It did not look like EUR/NZD was forming a falling wedge on the hourly chart until just recently when the last wave lost amplitude to the upside and three decent confirmations on each side led to an upward breakout. The pair has set a solid ground at 1.5284, the 20-hour EMA and has been adjusting its movements to respect the
The most traded cross took a dip this week, sketching a channel down pattern to guide the motion. With the top it made on the daily chart at 1.0895 on March 27, it appears that EUR/USD is forming a rising wedge on a larger scale. For now, however, we will look for the pair to remain in between the bounds
The Singapore Dollar is surging against the Japanese Yen in an ascending channel pattern. Although the pattern's borders are doubtfully measured, the direction of the currency rate can be forecasted. The pair is heavily affected by the Fibonacci retracement levels, which are measured by connecting the 2016 high and low levels. As recently the pair hit the support provided by
The common European currency is trading against the Swedish Krona in an ascending channel on a medium scale. The medium term channel is a representation of the pair's rebound against the lower trend line of a large scale channel up pattern. However, there is a possibility that changes are about to occur, as the currency exchange rate has reached and
EUR/JPY has been falling since December 2016, but managed to set some corrective steps on the way. A flattish upward sloping channel was switched to a channel down that still lacks some confirmation. The pair has just touched the upper bound of the most recent pattern and has set eye on the lower trend-line with a few hitched on the
AUD/USD set two rising wedges on two time-frames – the daily and the hourly one. The pair has just broken the bottom boundary of the short-term pattern and could now be making its way down towards the senior wedge bottom trend-line around 0.7603. Currently squeezed in between two areas of significance, namely 0.7659 and 0.7650, the rate is likely to
The common European currency trades against the New Zealand Dollar in an ascending channel pattern for the medium term. However, on a larger scale the pair has also formed another channel up pattern. The rate recently bounced off the upper trend line of the dominant channel. Due to that reason a breaking of the medium scale channel is to be
Although the title states that the US Dollar is in an ascending channel against the Chinese Yuan, the pattern has already been broken. It has been broken due to the influence of a larger pattern. On a larger scale the currency exchange rate is fluctuating in a descending triangle pattern. The channel is just a representation of the latest surge
After USD/SGD broke the neckline of a head and shoulders formation and confirmed the downtrend by sketching a bearish channel on the daily chart, another one emerged on the hourly chart to serve the purpose of leading the pair to the lower trend-line at 1.3925. The rate has already completed the motion and slightly broken the channel to the upside,
A descending channel led USD/PLN away from two-month highs of 4.0965 and has stuck around since, suggesting that bears are likely to extend the gains if the current tests of the upper boundary are unsuccessful. There is, however, quite a chance that the pair might break out of the pattern immediately and we will look for it to start a
The two neighboring currencies, the Australian Dollar and the New Zealand Dollar have recently changed the course of their exchange rate. The Ausie is no longer trading an ascending channel pattern against the Kiwi, as the recent channel down pattern managed to break free of the dominant trend. The rate is most likely going to reach the 50.00% Fibonacci retracement
As a result of a breakout from a long term descending channel pattern, the Pound has been scoring gains in an ascending channel pattern against the Australian Dollar. At the moment of analysing it looks like the currency exchange rate is set to surge up to the 23.60% Fibonacci retracement level, which is providing resistance at the 1.6781 level. It