USD/CNH had attempted to form a volatile channel down pattern, but rather went through a consolidation phase to enter a channel up pattern. The pair is currently testing the bottom boundary of the pattern at 6.8443 and there is decent potential for it to break below. Supply pressures stem from the repeated test of the lower trend-line after a reach
ZAR/JPY continued to surge after the corrective phase it had entered before, and established a channel up pattern to guide the bullish motion. The bottom boundary that has just been tested held strong and caused a bounce to keep the pattern intact. Immediate supply lies at 8.50 and then 8.52 before attacks at the upper trend-line of 8.53 are launched.
Bearish potential led USD/TRY to sketch a rising wedge to potentially end the ranging market phase. The pair is still trading inside the pattern and is now targeting the bottom trend-line of it to potentially stick to it and then break it. The boundary lies at 3.8039 and is strengthened by the 200-hour SMA with other time frame SMAs also
GBP/NZD has entered a symmetrical triangle pattern that has formed a flattish upper trend-line, causing it to take more of an ascending channel form. Both of the alternative patterns give out the same signals and are likely to the broken to the upside-most likely on the next few candles. We will look for tests of 1.7221 and then 1.7252 which
Following a tap at the three-year lows of 1.5768, GBP/CAD entered a rising wedge to test the upper boundary of the senior channel down pattern that the pair has been following for a year and a half already. The pair has slightly overstepped the upper boundary already and it is most likely that a dive will follow – consistent with
EUR/NZD established a solid downtrend inside the bounds of a channel down pattern which shows no signs of weakness for now. The pair has just exited a cloud resistance area and is now targeting the bottom trend-line at 1.4821 with a few hitches on the way. The pair is likely to lose some momentum at 1.4851, 1.4839 and 1.4829, then
After abandoning the one and a half year highs of 83.47 the pair touched in December, a monthly floor was set at 80.65. It now appears that NZD/JPY is targeting the upper part of the established trading range again, hovering around the middle. A channel up pattern is leading the motion north and the pair now appears to have increased
The Greenback is declining against the Turkish Lira in a medium term descending channel. However, that might soon change. Together with the 23.60% Fibonacci retracement level of 3.7248 the upper trend line of the medium term channel is forming a descending triangle pattern. Simultaneously the currency exchange rate is in an ascending channel pattern, and its lower trend line is
The common European currency continues to decline against the Swedish Krona in two descending channels, while simultaneously being highly affected by Fibonacci retracement levels. The retracement levels are measured by connecting the 2016 high level of November 9 with the 2016 low level of April 21. Most recently the currency exchange rate rebounded against a combined support level of the
AUD/CAD has been trying to abandon the half-year low of 0.9668 by establishing a decent uptrend, which now appears to be unsustainable as the pair has entered a rising wedge. The pattern is expected to break to the downside with a prominent dip and a retracement, followed by a further slide. With the rate currently attacking the upper trend-line of
After complying with the falling wedge on the daily chart, AUD/NZD exited it to the upside, but then immediately put an end to the bullish market with a channel down on the hourly chart. The pair has just executed a retracement of the channel upper trend-line that it has broken out of in the last few hours. While the picture
Silver is surging in simultaneously two ascending channels. However, it is also on a larger scale in a descending channel. Due to that the main thing to find out is, when and how the metal will change its course and begin a medium term decline. First of all, by measuring the Fibonacci retracement levels via connecting the March 31 low
The Pound recently broke out of a long term ascending channel against the Aussie. It occurred in a descending channel pattern, which formed as a result of the rate reaching the large scale pattern's upper trend line and bouncing off of it on January 2. The rate is about to reach the 2016 low level of 1.5682 in accordance with
After sliding from eight-month highs, SGD/JPY entered a channel down pattern, and lost some volume to the upside, forming a junior falling wedge. The wedge is consistent with the expected movement towards the channel upper trend-line around 80.23 and could break anytime soon, given the stickiness of its top boundary. In case the breakout does not happen and the pair
HKD/JPY almost reached for yearly highs in December and January, but set a ceiling at 15.24 instead, falling slightly short of the ultimate high at 15.60. The pair had set a solid trading range during December and January which can now be considered a double top formation with a broken neckline at 14.98. A slide underneath has led inside a
The Greenback failed to break through the resistance put up by the 2016 high level against the Japanese Yen. As a result a decline of the rate began, and a descending channel pattern formed. The channel directed the rate from the 2016 high level of 118.67 to the 23.60% Fibonacci retracement level at 114.04. The Fibonacci retracement levels are measured
The common European currency surges against the Pound in an ascending channel pattern on a medium scale. However, the rate is simultaneously more affected by the Fibonacci retracement levels, which are measured by connecting the pre-Brexit low level with the 2016 high level. At the moment, the pair is on its way from the 38.20% Fibonacci retracement level at 0.8683
A channel pattern led EUR/NZD down, closer to ten-year lows of 1.4042 which were approach once before in 2015. The current down-wave is likely to hitch immediately at the resistance of 1.4887, and set an ultimate target around 1.4493, which is likely to then lead to a short-term bullish outburst shifting the goal to the upper trend-line of the pattern.
Following a break above the upper trend-line of the senior three-month channel, EUR/USD entered a ranging motion and could potentially have sketched a double top formation at 1.0675. Most recent movements indicate a small-scale descending triangle, which is about to be broken – most likely to the downside. The pair is currently on a quite crucial step, which could either
CAD/JPY confirmed a double top at 88.62 from the four hour chart with a descending channel pattern it entered over the last week. Currently on its way to the bottom trend-line at 86.35, the pair is likely to remain in the red zone for now and bounce from the area to comply with the up-wave implied by the pattern. Immediate
The Pound is depreciating against the New Zealand Dollar in a descending channel. The channel is a result of the rate meeting with the upper trend line of a large scale descending channel. At the moment, the rate is set to decline until the 2016 low level of 1.6708, where it is bound to find some support. However, the support
The yellow metal is surging in an ascending channel, as the bullion recently broke out of a long term descending channel. Although, the large channel's upper trend line had not been tested much and was passed after two attempts. Recently the just mentioned trend line provided support to the commodity price, which confirms that gold is set to continue to
CAD/HKD left 2016 lows in an ascending channel pattern, which has now led to tests of 5.9458, the recent high, and then guided a wave south towards the bottom trend-line at 9.8912. The pair is bound from the upside by the weekly and monthly R2, meaning that it will have to build up some more prominent momentum to dash through
AUD/SGD maintained the directional risk on its upside, but changed the slope of the motion by entering a channel up pattern of lesser steepness. The pair is currently launching an attack on the upper trend-line of the pattern, but is likely to spill some flatness into the motion as 1.0723 and 1.0727 steals some momentum on the way. Tests of