As GBP/AUD proved to be unable to advance beyond 1.8830 early March, it started forming a bearish channel. However, lately the currency pair has been undergoing a bullish correction after bouncing off the lower boundary of the pattern. Still, the overall bias towards the Sterling is rather negative, especially considering that at the moment the currency pair is closing in
Since mid-March, the Euro has been losing ground against most of its counterparts and the Polish Zloty was not an exception. After EUR/PLN touched a six-week high of 4.2506 on March 13, the pair started a retreat that eventually led to a formation of the channel down pattern. At the moment, the pair is trading slightly below its 50-hour SMA meandering
The direction of another Euro cross, EUR/NZD, also demonstrates the single currency's weakness. After the commencement of the bearish correction on March 12, the pair started to shape a downward-sloping tunnel, which sent it to a one-year low of 1.5772 hit in the last trading sessions of March. The beginning of April brought some relief, with the Euro paring loses
A stab to a five-year high of 1.1279 provoked a decline of the U.S. Dollar against the neighbouring country's currency. The drop was halted only at a three-week low of 1.1002, the lowest mark of the 98-bar long double bottom pattern. Now the pair is gradually nearing the neck-line at 1.1078 and may reach it before long given absence of any
A jump to a two-year high of 1.3966 seems to have exhausted the potential of the most traded currency pair. After a rise to this high, EUR/USD entered a bearish formation, falling wedge, that despite having average quality has high magnitude and is over 300-bar long. Currently, the pair is locked between 50-and 200-hour SMAs, with the 200-hour SMA at 1.3785
Initially, USD/SEK appeared to be trading in a bullish channel. However, as it turns out in a longer-term perspective, there is a strong case for the rising wedge to emerge. This would pose a significant risk for the latest rally (developing since mid-March), as the formation usually portends a reversal.The near-term downside risks are also substantial, being that right now
Since late January EUR/CAD has been consistently trading within the boundaries of the bullish channel. The pattern assumes resistance at 1.5650 and support at 1.5147; the latter level has just been confirmed by the market.Now the currency pair is heading towards 1.5291, which consists of the weekly pivot point and 200-period SMA and needs to be overcome to open a
Last time we were looking at HKD/JPY, it was forming a channel up. However, after a bullish run during November and December, every consecutive high was lower than its predecessor. Nevertheless, the currency pair still retains a bullish potential, being that it is well-supported by 13. There the horizontal line implied by the descending triangle merges with various studies, including
Judging by the last 200 hours, NZD/CAD has been forming a symmetrical triangle lately. However, there is a decent amount of blank space the price has not filled. This decreases the quality and reliability of the pattern. Still, there is a high probability that the support at 0.9570 and the resistance at 0.9617 will have a notable influence on development
There is a good chance for a bullish channel to emerge on the hourly chart of GBP/JPY. And even though at the moment the length of the potential up-trend lines is fairly short, as it does not exceed 50 bars, both boundaries of the pattern have been respected by the market already on several occasions.Accordingly, the sell-off of the British
The kiwi has received a strong bullish bias from New Zealand's fundamentals. On the back of positive data the NZD/USD has moved closer to its historically highest level at 0.8840. However, before reaching this level, the pair will have to penetrate the upper trend line of the channel up, which is located at 0.8731. While MACD is suggesting the market
A 180-bar long channel down was formed by CHF/JPY on a 1H chart. After a steep decline on February 13, the pair stabilized somehow, however, later continued its depreciation. This Friday the pair penetrated the lower trend line, however, bulls managed to push the pair back to pattern's boundaries and above the weekly S1 and daily PP. Nevertheless, technical indicators
Although at first there were good reasons to believe that AUD/CHF is going to continue respecting two parallel rising trend-line, eventually the rally turned out to be unsustainable. Still, the pattern may be used to estimate potential targets after a break-out. The first one is likely to be the weekly R2 level at 0.8148, but the exchange rate could drop
Already for more than 200 hours the Australian Dollar has been strengthening relative to the Japanese Yen. This has led to emergence of a high-quality bullish channel. And apart from the pattern implying further appreciation of the Aussie, most of the four-hour technical indicators and as many as 64% of traders are supporting extension of the current rally.However, the up-move
Starting from Mar 18 USD/SEK has been in an up-trend, which later on developed into an upward-sloping channel. And even though on Mar 20 the currency pair did escape the boundaries of the pattern for a brief moment, eventually the break-out proved to be false and the price continued to respect the parallel rising trend-lines thereafter. Consequently, the bias towards
There is a bullish channel emerging on the hourly chart of AUD/NZD, as the Aussie has been generally outperforming its New Zealand counterpart for the past 150 hours. According to the pattern, the currency pair should be supported by 1.0649 (rising resistance line and 200- hour SMA) and then head towards 1.0778, where it is supposed to meet the upper
Even though wages do not have an apex point where both trend lines converge, they also represent a great opportunity for traders to make substantial profits in a short period of time. The trading range on GBP/CAD is narrowing rapidly and soon the pair will be forced to break either the upper of the lower trend line. In this particular
A rare triple bottom pattern was formed by CAD/JPY on the last day of 2013. After crossing pattern's resistance on January 23, the pair began moving sideways, fluctuating in a 320-pip move. Nevertheless, on March 6 bulls pushed the pair above the upper trend line, while just recently the pair refreshed this year's low. At the moment of writing the
Two months ago GBP/NZD made an attempt to rally, but the advancement was halted at 2.0437 and the pair came under selling pressure. And even though the currency paired tried to stabilise near 1.97, the bears continued to push the price lower; and the decline may be classified as a bearish channel. This will be confirmed if the Sterling manages
As CHF/JPY has failed to cross the 200-hour SMA earlier this week, the Swiss Franc started to slide. However, at the same time the trading range was narrowing, which in turn has led to emergence of a potential falling wedge. Right now the pattern implies support provided by 114.84 and resistance provided by 115.30, which is currently reinforced by the
Perhaps it is too early to claim that GBP/AUD is trading in a bearish channel, but there is a good chance for this become true. In order to confirm this assumption GBP/AUD needs to recover in the nearest future from the support at 1.7857 up to 1.8147, where in turn the hypothetical down-trend resistance line merges with the 200-hour SMA.
Since early March the single European currency has been outperforming the Norwegian Krone, hinting at a possibility that EUR/CAD could be trading within the boundaries of the bullish channel. However, while the lower trend-line did prove to be important for the market, the upper trend-line remains a wild card, having only a few confirmations during the last 300 hours. But
We are more or less convinced that the lower up-trend line (in green) is a reliable support, whereas there are concerns with respect to the upper boundary (in red) of the potential bullish channel. Accordingly, while there is a good chance that the New Zealand Dollar is going to leave the vicinity of the weekly pivot point at 0.8561, there
Since May 7, when GBP/USD was trading in proximity to 1.68, the Great Britain Pound has been generally ceding ground relative to the U.S. Dollar. As a result, there is a downward-sloping channel emerging on the hourly chart of GBP/USD that implies further extension of the dip.Given that recently the currency pair has completed a bullish correction, the Sterling is